Regulators take aim at AI to protect consumers and workers

By CORA LEWIS
Associated Press

NEW YORK (AP) — 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 using AI. Already, automated systems and algorithms help determine credit ratings, loan terms, deposit account fees, and other aspects of our financial lives. The Consumer Finance Protection Bureau says it will hold companies responsible for using the technology in ways that comply with existing regulation. Representatives from several federal agencies say they’re directing resources and staff to take aim at new tech and identify negative ways it could affect consumers’ lives.