CFPB: “Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations”
Standards will help protect homebuyers and owners during the valuation process| Feb. 23, 2022
View the full article on CFPB’s website
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.
“It is tempting to think that machines crunching numbers can take bias out of the equation, but they can’t,” said CFPB Director Rohit Chopra. “This initiative is one of many steps we are taking to ensure that in-person and algorithmic appraisals are fairer and more accurate.”