Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.

The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.

The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.

Pagaya Investments, which purchases loans from MPL platforms using AI-driven technology, is sponsoring a $423.9 million transaction, according to a ratings agency presale report.

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”

San Francisco-based Theorem is marketing its first-ever securitization of online, unsecured consumer loans culled from the LendingClub origination platform using machine-learning technology.

With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.

Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders.

The custody bank has deployed more than 300 bots and is using artificial intelligence throughout the organization.

Banks and lenders have made inroads in analytics and automation with machine-learning technology. Will asset management follow suit?

It should offer some form of guidance to spur innovation, a former official with the bureau says.

Freddie Mac's test of artificial intelligence to make lending decisions could be a significant turning point in broadening the use of the technology.

Freddie Mac's efforts to improve underwriting could include the use of a technology firm's artificial intelligence-driven consumer-risk modeling software that can expand access to credit, according to the Wall Street Journal.

Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.

As lawmakers meet this week to discuss artificial intelligence, they should work with regulators to create universal and workable definitions.

The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.

The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.

The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.

The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials.