NEW YORK—As concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation’s financial watchdog says it’s working to ensure that companies follow the law when they’re using AI.
Already, automated systems and algorithms help determine credit ratings, loan terms, bank account fees, and other aspects of our financial lives. AI also affects hiring, housing, and working conditions.
Ben Winters, Senior Counsel for the Electronic Privacy Information Center, said a joint statement on enforcement released by federal agencies last month was a positive first step.
“There’s this narrative that AI is entirely unregulated, which is not really true,” he said. “They’re saying, ‘Just because you use AI to make a decision, that doesn’t mean you’re exempt from responsibility regarding the impacts of that decision. This is our opinion on this. We’re watching.’”…