FSIC Housing Task Force Op-ed – The Biden Housing Plan is a Good Start, Here’s How to Improve It

Potential homeowners in the U.S. are facing a myriad of challenges. From rising inflation to rising interest rates, the process has perhaps never been more challenging, especially for those going through it for the first time. And with the average 30-year rate increasing to 5.27 percent, more homeowners than usual are priced out of refinancing.

Many first-time home buyers also must deal with a number of egregious fees, due to zoning issues or as a result of employment verification services like The Work Number, which has raised its prices 31 percent over the last several years.

FSIC and HLF Op-ed – Consumers and Small Businesses Suffer From Unfair Swipe Fees

By: Mario Lopez
Posted: Jun 25, 2022 12:01 AM
Published on Townhall.com

Consumer spending drives the U.S. economy.  Historically, American consumers have pushed us into economic expansions and pulled us out of economic doldrums.

But what if we told you that one of the basic tools the American consumer uses for everyday purchases is rigged against us all and hurts the economy, with low-income Americans and small businesses taking the biggest hit?

FSIC Housing Task Force Blog Post – CFPB Warning to Banks, Credit Unions, and Fintech on Potential Misuse of Artificial Intelligence (AI) Should not Discourage the Proper Use of Technology

Recently, the director of the CFPB, Rohit Chopra, publically warned banks that depending too much on Artificial Intelligence (AI) and algorithmic lending during the mortgage application approval process might lead to fair lending violations.  He contends that all AI-based algorithms have built-in bias and will always have some bias.  Our question to the CFPB is, why haven’t they made the same warning to traditional lenders (banks) whose approval processes result in alarming levels of documented bias against disadvantaged and minority borrowers?