Subject Guides
Weapons of Math Destruction, Common Read 2022
This guide is intended to help faculty and students engage with the 2022 Common Read book, Weapons of Math Destruction.
Special thanks to Vicky Ludas Orlofsky and Courtney Walsh of Stevens Institute of Technology for the foundation for this guide.
AI in Lending
AI in Lending
Federal Awareness and Potential Regulations
- Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial IntelligenceNational Credit Union Administration
March 2021
The NCUA was one of 5 government agencies seeking public comments on "Financial Institutions' Use of Artificial Intelligence, including Machine Learning", also including the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau. - Request for Information: Financial Institutions' Use of Artificial Intelligence, including Machine Learning (Regulations.gov)Read the public comments here! From March to July 2021, 41 companies, nonprofits, credit unions, advocacy groups, and individuals submitted comments and responses to the questions posted by the agencies' request for information. You can read their responses here and hear for yourself how these groups and individuals see the issue of AI in lending.
AI in Lending: Pro and Con
- AI Can Make Bank Loans More FairHarvard Business Review
November, 2020 - Consumer-lending discrimination in the FinTech EraJournal of Financial Economics
November, 2019
Bartlett, R., Morse, A., Stanton, R., & Wallace, N. (2021). Consumer-lending discrimination in the fintech era. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2021.05.047
Credit Reports
Credit Reports and Scores
“People with savings, of course, can keep their credit intact during tough times. Those living from paycheck to paycheck are far more vulnerable. Consequently, a sterling credit rating is not just a proxy for responsibility and smart decisions. It is also a proxy for wealth. And wealth is highly correlated with race.” (p. 149)
Your Credit
The Consumer Finance Protection Bureau (CFPB) was created following the 2008 banking crisis to give consumers more power against financial institutions, including the complicated topic of credit. While credit scores are typically understood to come from the three companies - TransUnion, Equifax, and Experian - there are multiple other reports collected about you and you are entitled to view them all. You are also able to submit a complaint with the CFPB should you notice an error on any of your reports.
- Credit Reports and Scores (Consumer Financial Protection Bureau)Information and resources about your credit reports, where to find them, and how to submit a complaint if you spot an error.
Credit Education
- Credit Reports - have you checked yours lately? (5E Navigator, Fed of Richmond)"Why do credit reports exist? Where can I find my credit report? What should I do if I encounter an error on my credit report? The first issue of 5E Navigator directs readers to their credit report and provides a road map for resolving credit report errors. It also explains the economics underlying credit reports and the function they serve in helping credit markets function more effectively."
- Credit Cred Online Course for Consumers (St Louis Fed)Build your credit cred!
"In this course, you'll learn about different types of credit and the costs associated with using credit." - Credit Discrimination (CFPB)"Responsible borrowers use credit to go to college, open businesses, and buy homes. American consumers should have the opportunity to use credit to build a better future for themselves and their loved ones. Credit discrimination prevents people from having access to these opportunities, and can make credit more expensive."
What it is and how to spot it.
Credit Cards
- Credit Cards: Know Before You Owe (CFPB)Includes a database of credit card complaints filed by consumers; a searchable collection of credit card agreements; and a survey of credit card plans that can be sorted by APR and other features. Know before you owe!
(Consumer Financial Protection Bureau)
Glossary
- Financial Terms Glossary (Consumer Financial Protection Bureau)
The CFPB's list of financial terms and what they mean.
