While Pagaya searches for a permanent successor, the company has named deputy CFO Evangelos Perros as interim CFO. Perros himself was named as deputy CFO in September 2023.

The company missed revenue projections, and it's trying to tap other funding strategies amid a "difficult lending environment."

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

In a data breach at OpenAI, some ChatGPT users were able to see other users' financial data. In other cases, users have invoked their dead grandmothers to access information that should have been sealed off.

The unsecured loans are generated on marketplace lending platforms using proprietary technology that use artificial intelligence and machine learning software.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

The chatbot, powered by OpenAI Inc.'s GPT-4 language model, is an attempt to simplify work flows for traders who often navigate a complex market where liquidity is increasingly waning

Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

Pagaya Investments US looks to sponsor $675 million in asset-backed securities collateralized by marketplace loans, expanding its experience in AI-underwritten debt.

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.