The Consumer Financial Protection Bureau approved a new rule aimed at governing current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.
AI technology is susceptible to biases that can impact its output, especially in crucial processes like appraisals, necessitating stricter quality control standards.
The rule focuses on automated valuation models (AVMs), addressing concerns about the equitable application of home appraisals with the increasing use of AI.
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