state Attorneys General

Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general.

Banks have recently come under fire from federal and state regulators and prosecutors.  In late 2013, the Justice Department launched “Operation Choke Point,” an initiative that is scrutinizing banks to crack down on lucrative relationships they have with predatory lenders and unscrupulous online merchants.  The Justice Department is investigating whether some banks, because of significant