May 13, 2022, Kevin B. Kimble, Esq., Founder and CEO, FSIC, and Brady J. Buckner, President, FSIC interview with Thaddeus Dawson, CRA designated member with he National Society of Real Estate Appraisers. In this episode outlines the historical and current effects of systematic racism on property valuation and how it has impacted the long term wealth building prospects for communities of color. This is an FSIC Housing Task Force Project.
The film details the history of the Industrial Workers of the World — a radical union whose members are also known as Wobblies — and their inclusive fight to organize “unskilled” workers, secure fair wages and enshrine the eight-hour workday in the early 20th century before they were targeted and repressed by the FBI during World War I.
Today HLF released a analysis examining the cross-subsidy effect of the interchange fees, often called ‘swipe fees’ that retailers make to payment card networks for processing consumer purchases.
This paper examines the benefits of facial recognition technology, the danger of inaccuracies and human error, and the need for inclusion in the tech marketplace. While there is some evidence that FRT has benefited underserved communities, the bias built into these systems must be reduced for communities of color to realize their full advantages.
According to Kevin B. Kimble, Esq., Founder and CEO of FSIC, “As FRT becomes more and more prevalent in people’s lives in the U.S., it is important that disadvantaged communities enjoy the benefits of this technology and not feel the brunt of its disadvantages.”
The Artificial Intelligence (AI) and the emerging technology revolution have brought many incredible advances. From natural language processing to facial recognition technology to semantic analytics, there are many things to admire and appreciate. Because modern facial recognition technology (FRT) cannot exist without AI, much of the discussion in this area revolves around the accuracy of the AI component.
But, as with all things, there are cautionary issues to be taken into account. One of the most pressing issues is that of racial equity and diversity. Over the last few years, the US has become ever more aware of its problems with systemic racism and economic disparity. This awareness has spilled over into discussions about the regulations of the technology industry.
Today, the American Innovation and Opportunity Fund (AIOF), in conjunction with pharmacy benefit manager (PBM) EmsanaRx, announced a new initiative to help combat health disparities. Aimed at empowering communities of color and other underserved Americans to access and use the health care resources available in the U.S., this initiative comprises community leaders, academics and corporate leaders committed to this cause.
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?