Over the last few months, US and European regulators have signaled that they may start cracking down on one of the biggest ethical problems with artificial intelligence: the potential for algorithms to perpetuate discrimination.
The US Federal Trade Commission warned that companies using biased algorithms may run afoul of consumer protection laws like the Fair Credit Reporting Act. The Federal Reserve, the Consumer Financial Protection Bureau, and other American financial regulators asked for public comments on how banks are using AI. The EU released new rules governing the use of AI for decisions ranging from hiring to lending to law enforcement, all of which are areas ripe for bias.
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