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Report by American Banker found AI is being used to streamline compliance, loan processing and underwriting
CDFIs originated $67 billion and sold in the region of $14 billion in loans for the year 2022
Jobless claims on Thursday cleared 231,000 for the week, a 9-month high
US economy is forecasted to grow by 2.6% in 2024
The regulation aims to ensure leaders of financial institutions do not take on excessive risk
Many providers charge complex and costly maintenance and exit fees
More than half of banks lost between $5 million and $25 million to AI-based crime last year
The regulator found servicers charging illegal junk fees and violating loss mitigation rules
Study found the number of CFOs prioritizing cutting costs in finance function rose from 38% to 44%
The report could have been worse as some feared even higher inflation reports
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