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Fintech Upstart Says It Received SEC Subpoena on AI Model, Loans [BNN Bloomberg (Canada)]

Ares Management Corporation Class A (ARES)  More Company Research Source: BNN Bloomberg
Last ares management corporation class a earnings: 2/13 06:00 am Check Earnings Report
US:NYSE Investor Relations: ares-ir.com
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 [Read more]

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Fintech Upstart Says It Received SEC Subpoena on AI Model, Loans [BNN Bloomberg (Canada)]

Ares Management Corporation Class A  (ARES) 
Last ares management corporation class a earnings: 2/13 06:00 am Check Earnings Report
US:NYSE Investor Relations: ares-ir.com
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 [Read more]

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EVENT TIME:
ARES
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Price Change
Price Change %
Volume Shares
Max Up
Max Down
Volume Ratio
%
Don't Miss Out On The Next BIG Stock Move
Performance comparison Updated
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
LAST PRICE AT
NEWS EVENT
SINCE EVENT
Multi-day stock performance from the time of the news release
LAST PRICE
VWAP
High:
MAX UP
High:
Low:
MAX DOWN
Low:
%
POST NEWS RANGE
%
PRICE CHANGE

PRICE CHANGE PERCENTAGE


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%

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%

VOLUME (SHARES)
TICKS

AVG SHARES PER TRADE

EVENT DAY
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PERFORMANCE SINCE EVENT
TIME AND VELOCITY ANALYSIS