On Tuesday, July 23, 2024, at 9:00 a.m. Central, the House Committee on Financial Services will hold a hearing titled “AI Innovation Explored: Insights Into AI Applications in Financial Services and Housing.”
Beginning in 2022, the public began to experience how artificial intelligence (AI) could not only change the lives of individuals, but could revolutionize every aspect of the economy. The most recent development in AI technology that has captured the public’s attention is “Generative AI” or Gen AI.
The House Committee on Financial Services considered how the financial services and housing industries, as well as government agencies, used AI to more effectively do their jobs, and how individuals across America and around the world both interacted with and experienced AI in their financial lives. However, the emergence of Gen AI and the massive investments being made require the Committee to consider the benefits, risks, and consequences of AI. This includes examining the existing statutory and regulatory framework to determine whether it is sufficient to safeguard financial and housing markets.
In response to this development, in January 2024, Chair Patrick McHenry and Ranking Member Maxine Waters established the bipartisan AI Working Group (Working Group), comprised of 12 Members, include Reps. McHenry, French Hill, Young Kim, Mike Flood, Zach Nunn, and Erin Houchin. The Democratic Members include Reps. Waters, Stephen F. Lynch, Sylvia Garcia, Ayanna Pressley, Sean Casten, and Brittany Pettersen. The Working Group conducted six roundtable discussions focused on AI usage across the financial services industry, including the range of benefits and risks the technology poses, and the hurdles that must be overcome to adopting the technology.
During “AI Innovation Explored: Insights Into AI Applications in Financial Services and Housing,” a panel of experts will share their insight into the topic and detail the pros and cons of AI usage in today’s financial services and housing marketplace. Invited speakers include:
- John Zecca, EVP, Global Chief Legal, Risk and Regulatory Officer, NASDAQ
- Ondrej Linda, Director of Personalization AI, Zillow
- Elizabeth Osborne, COO, Great Lakes Credit Union
- Frederick Reynolds, Deputy General Counsel for Regulatory Legal and Chief Compliance Officer, FIS Global
- Vijay Karunamurthy, CTO, Scale AI
- Lisa Rice, President and CEO, National Fair Housing Alliance (NFHA)
Meet the speakers
As EVP, Global Chief Legal, Risk and Regulatory Officer for NASDAQ, Zecca is responsible for providing legal counsel to senior management and for overseeing the quality of legal services across the global organization. Zecca is also responsible for developing, reviewing, and maintaining Nasdaq’s global risk program, as well as market regulation and the Office of Corporate Secretary. His career spans market regulation, corporate law, corporate governance, and market structure. He previously served as Nasdaq’s General Counsel North America and Chief Regulatory Officer, responsible for Nasdaq’s corporate law, intellectual property and regulatory teams that maintain fair, orderly markets and protect investors. Prior to joining NASDAQ in 2001, John served as legal counsel to a commissioner of the Securities and Exchange Commission (SEC) and practiced corporate securities law at both Hogan Lovells and Kaye Scholer. Before that role, he served as a law clerk for the Honorable John H. Pratt of the U.S. District Court for the District of Columbia.
Linda, has been working with Zillow for six years and currently leads the Discovery AI team focused on recommending relevant homes to Zillow’s customers, sending them relevant notifications as well as understanding our users’ intent and preferences. Over the past three years, he has also been supporting broader Ethical AI efforts at Zillow, understanding the impact that AI models have on customers and ensuring their fairness. Prior to joining Zillow, he spent six years at Expedia, working as a Data Scientist on Natural Language Processing and Information Retrieval, as well as managing the Data Science team for the Hotwire brand. He received his Ph.D. in Computer Science-Machine Learning from the University of Idaho in 2012, as well as a Masters in Computer Graphics from Czech Technical University.
Osborne, current COO of Great Lakes Credit Union, began her financial career at State Street Corporation as a Business Analyst, then progressed to a Project Manager. She next moved to Belmont Savings Bank as the VP and Director of Strategic Projects. In this position, she helped develop and manage strategic business planning initiatives and processes. She worked her way up to CIO, where she played an integral part in managing all aspects of the bank’s IT environment and functioned as the primary point of contact for key vendor partnerships. When Belmont Savings Bank merged with People’s United Bank in 2019, Osborne stepped into the role of Enterprise Program Manager. This position allowed her to work toward aligning technology and operational initiatives within the bank. While at People’s United Bank, Osborne oversaw business integration for two acquisitions. In her role as COO, Osborne plays a critical role in the digital transformation of the credit union and its vision of offering best-in-class service within any channel the member chooses.
Reynolds is Deputy General Counsel for Regulatory Legal and Chief Compliance Officer at FIS Global. FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology that underpins the world’s financial system. The FIS team is dedicated to advancing the way the world pays, banks, and invests, by helping clients confidently run, grow, and protect their businesses. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500 and the Standard & Poor’s 500 Index.
Karunamurthy, is the current CTO for Scale AI, an AI company that provides data labeling, data curation, and reinforcement learning from human feedback (RLHF).
As President and CEO of NFHA, Rice leads the Alliance’s efforts to advance fair housing principles, preserve and broaden fair housing protections, and expand equal housing opportunities for millions of Americans. NFHA is the trade association for over 170 fair housing and justice-centered organizations and individuals throughout the U.S. and its territories, and is the nation’s only national civil rights agency solely dedicated to eliminating all forms of housing discrimination. Rice played a significant role in crafting sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and in establishing the Office of Fair Lending within the Consumer Financial Protection Bureau. She also helped lead the investigation and resolution of precedent-setting fair housing cases which have resulted in providing remedies for millions of people, as well as the elimination of systemic discriminatory practices involving lending, insurance, rental, and zoning matters. She has received numerous honors and awards including the National Housing Conference’s Housing Visionary Award and was named as one of Time’s 2024 Closers. Ms. Rice also serves on various Boards and Advisory Councils.
Click here for more information or to register for “AI Innovation Explored: Insights Into AI Applications in Financial Services and Housing.”
Also in The Week Ahead
- MBA’s Monthly Loan Monitoring Survey (LMS) (Monday)
- NAR June Existing-Home Sales Report (Tuesday)
- Fannie Mae’s Refinance Application-Level Index (RALI) (Tuesday)
- HUD/Census Bureau New Residential Sales Report (Wednesday)
- MBA Weekly Applications Survey (Wednesday)
- Brookings Institute: The Changing Landscape of Economic Opportunity by Race and Class in America: New Data and Policy Implications (Wednesday)
- Realtor.com Weekly Housing Market Recap (Wednesday)
- House Financial Services Committee: Housing Solutions: Cutting Through Government Red Tape (Wednesday)
- Freddie Mac Primary Mortgage Market Survey (Thursday)
- U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report (Thursday)
The post The Week Ahead: AI and Its Impact on Housing first appeared on The MortgagePoint.
