US Consumer Watchdog Warns About AI’s Impact on Financial System

The top US consumer watchdog is warning that the unchecked use of artificial intelligence tools by financial firms will have pernicious impacts on the housing market and beyond.

Rohit Chopra, who leads the Consumer Financial Protection Bureau, said Tuesday that his agency is focused on how the proliferation of AI affects ordinary Americans. He said that the technology could dramatically change many corners of finance.

Rohit Chopra, director of the Consumer Financial Protection Bureau

Photographer: Ting Shen/Bloomberg

“It creates a situation where if we don’t use the laws we have on the books today effectively, we will see a faster uptick in fraud, we will see more exclusion and ...