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Committee refers bill on automated decision tools in lending after debate over human review and fraud safeguards
Summary
S.8115, to restrict automated decision tools in lending by state‑chartered institutions and require options for human review and error correction, was referred to Internet and Technology after extended discussion on scope and protections.
The Senate Banks Committee referred S.8115, sponsored by Sen. Sanders, to the Internet and Technology Committee after extended debate over how automated decision tools (ADTs) should be used in lending.
The bill would amend the banking law relating to the use of automated decision tools to make lending decisions. Committee members and counsel discussed who…
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