AI is already impacting mortgage lending and how credit scoring is calculated, US Representative Maxine Waters said as she introduced a new bill in Congress.
Top lawmakers in the United States have introduced a bill that would require federal regulators to conduct studies on how artificial intelligence impacts the financial services and housing industries.
Congresswoman Maxine Waters introduced a bill directing several federal financial regulators to study the present and potential benefits and risks of AI in the two industries, which was co-sponsored by House Financial Services Committee Chair Patrick McHenry.
The pair have also supported each other in a resolution acknowledging the increasing use of AI in the finance and housing markets, according to a Dec. 2. statement from the House Financial Services Committee.
