EPIC Urges Coalition of Financial Agencies To Establish Data Protection Rules and Avoid Dangerous Safe Harbors for Finance AI
Within responses to the Comptroller of the Currency, Federal Book, Federal Deposit Insurance Company, Consumer Financial Protection Agency, and the National Credit Marriage Administration (Financial Agencies), LEGENDARY highlighted concerns with precision and bias of AI systems used by financial stars. EPIC urged the companies to promulgate rules restricting data collection, sharing, plus use, as well as require strenuous impact assessments in order to boost transparency and accountability. LEGENDARY argued that “ The particular adoption of AI simply by financial actors should not be dealt with as inevitable, and the organizations are uniquely posed to safeguard consumers through data selection and use limits, confirming and accountability requirements, plus bans on certain discriminatory or untested uses associated with AI. ” EPIC offers urged both the White House and Congress to prioritize human legal rights over AI adoption and it has recommended the OECD Concepts and the Universal Guidelines for Synthetic Intelligence because baseline frameworks for controlling AI and mitigating algorithmic harms.