Fintech Upstart Says It Received SEC Subpoena on AI Model, Loans [BNN Bloomberg (Canada)]
Ares Management Corporation Class A (ARES)
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Source: BNN Bloomberg
Upstart, which uses AI for underwriting, said it is cooperating with the Securities and Exchange Commission after having received the subpoena on Nov. 17. The company is “unable to predict the outcome of this matter,” Upstart said in a securities filing. A spokesperson said the company didn't have any further comment. The SEC is one of multiple agencies scrutinizing companies' use of AI, having proposed restrictions last year. Other financial regulators have been examining AI in underwriting because potential biases or otherwise faulty criteria could lead to bad outcomes, while agencies including the Federal Trade Commission are looking into non-financial companies, Bloomberg previously reported. Upstart's disclosure was part of its quarterly earnings report, which showed that 90% of its unsecured loans were fully automated. “For Upstart and our lending partners, it means there's no human in the loop whatsoever to process and complete the loan application,” Upstart CEO Dave G
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