The Consumer Financial Protection Bureau (CFPB) is investigating how AI and algorithmic decision-making tools can be used to discriminate against consumers in banking. Director Rohit Chopra said AI software could result in digital redlining and "robo discrimination" in lending, More: - AI contains inherent biases that could lead to credit determinations that discriminate against people, Chopra said.
- The CFPB is now exploring how lenders use these tools, potentially paving the way for new enforcement measures of AI in banking,
- One major issue being explored is the use of alternative data in AI that isn't normally used in the underwriting process.
- Critics worry that the data isn't always accurate and could exclude potential applicants.
Zoom-out: - The update comes after the CFPB, DOJ, and Office of the Comptroller of Currency announced a joint effort to combat redlining, which is when banks discriminate against minorities and neighborhoods.
- The effort will target both algorithmic and older forms of redlining by lenders, Chopra said.
- In a 2021 report, Federal Reserve economists documented how AI systems used in mortgage underwriting produced higher denial rates for borrowers who are minorities.
BUSINESS INSIDER 
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 Two members of Google's Ethical AI research group have left the company to work for Timnit Gebru's newly launched research institute supporting responsible AI. Gebru launched the Distributed Artificial Intelligence Research Institute, or DAIR, a year after her controversial exit from Google, where she co-led the Ethical AI team. More: - The Googlers who left to join Gebru include senior researcher Alex Hanna and software engineer Dylan Baker.
- In a Medium post announcing her resignation, Hanna criticized Google's "toxic problems" and the lack of diversity at the company and in tech overall.
- She noted that before hiring Gebru, Google Research had never before recruited a Black woman as a research scientist.
About DAIR: - Hanna was hired as DAIR's director of research, and Baker is a researcher at the institute.
- DAIR describes itself as "an independent, community-rooted institute" that's working to "counter Big Tech's pervasive influence on the research, development, and deployment of AI."
- The nonprofit will publish studies, engage with people, and propose solutions to issues like climate change and food insecurity, according to Gebru.
- She plans to hire more AI talent, with a focus on researchers from Africa. DAIR's first research fellow is South Africa-based Raesetje Sefala.
Background: - Gebru maintains that Google fired her in 2020 after chose not to retract or take her name off a Google research paper.
- That paper discussed the risks of large AI models, which Google and its AI subsidiary DeepMind have developed over the years.
- Gebru has also spoken out against Google's treatment of Black and female employees and the lack of diversity in its ranks.
- In a response, Google said it's expanding its own work on responsible AI and is committed to building a business "where people of different views, backgrounds and experiences can do their best work and show up for one another."
BLOOMBERG
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Machine-learning engineer is the fourth fastest-growing job in the U.S., according to LinkedIn's 2022 Jobs on the Rise report. The salary range is $72,600 to $170,000, with San Francisco, Seattle, and Los Angeles listed as the top places to find a job. More: - The most common skills for an ML engineer are deep learning, TensorFlow, and natural language processing, according to LinkedIn.
- The median years of required experience are four.
- The current gender distribution for the role is 22.3% female and 77.7% male.
- Nearly 20% of the available jobs in the field are remote.
Zoom-out: - Insider spoke with the AI lab DeepMind about what it takes to get a job in ML:
- Strong software engineering skills are a requirement but not enough on their own.
- Technical capabilities and excellence are what DeepMind favors above all.
- The job attracts people from "all academic backgrounds." Applicants require at least some programming experience, but certain skills can be taught.
- Given the shortage of deep learning specialists, employees in similar industries should have an easy time landing internships and entry-level roles.
BUSINESS INSIDER
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Proponents of AI in hiring say the technology could actually remove bias during the recruiting process, according to the WSJ. The use of AI to screen candidates has grown as the technology evolves and companies seek to supercharge their recruiting during the labor shortage. More: - While AI has faced scrutiny for its potential to discriminate in hiring, supporters argue that human managers are also capable of bias but can't be audited as an AI system can.
- They argue that AI can process more interviews in the same time period as a human. It also doesn't take breaks or "mental shortcuts" that could unfairly eliminate applicants, according to proponents.
- Meanwhile, AI could help companies find more candidates that are well-suited for a position but don't have the typical requirements.
Zoom-out: - In October, the U.S. Equal Employment Opportunity Commission (EEOC) launched an initiative to make sure AI-based hiring tools comply with civil rights laws. It has yet to release those results.
- Meanwhile, the New York City Council approved a bill in November that requires companies developing AI hiring software to do annual audits to make sure their tech doesn't discriminate.
- Startups in the space appear to be raising record funding. Last month, AI talent search engine SeekOut announced its unicorn status following a $115M investment round. It uses machine learning and natural language to develop profiles of potential employees.
- HireEZ, an AI-powered global talent platform based in Mountain View, California, just raised a $26M round led by Conductive Ventures.
THE WALL STREET JOURNAL
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 A message from AXONIUS The software as a service (SaaS) model was a major paradigm shift in the history of IT — and has since become a go-to for many organizations. After all, SaaS models offer unquestionable benefits, like increased flexibility, accessibility, and cost savings. But as SaaS adoption continues to skyrocket, it's creating more complexity for IT and security teams. Tasks like gaining visibility into SaaS apps, monitoring spending, managing configuration, and licensing can feel complicated. Impossible, even. In this new white paper, Axonius explains why a modern, comprehensive approach to SaaS management — one that challenges what we think we know about the process — can help. Download "Navigating the Complexity of SaaS Management" and learn: - The top SaaS challenges — including shadow SaaS and SaaS spend — and how it impacts IT and security teams
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Germany's government is funding research that explores how AI can improve the flow of traffic using smart traffic lights. Project researchers trained a machine-learning algorithm based on data from a real intersection. In computer simulations, the AI system could improve traffic flow by as much as 15%. More: - The self-learning algorithm is now controlling traffic lights at an intersection in the city of Lemgo, Germany.
- Based on the results, researchers could alter the algorithm to perform even better.
- It's being led by research teams at the Fraunhofer Institute for Optronics, System Technologies, and Image Exploitation IOSB.
- The effort is part of the larger KI4LSA and KI4PED projects, funded by the German Federal Ministry of Transport and Digital Infrastructure.
- The projects will also explore how to lower wait time at intersections and optimize the time for pedestrians to cross the street.
NEW ATLAS
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🍋 FRESH FUNDING 🍋 - Pecan AI (Ramat Gan, Israel), analytics platform for BI analysts and business users: $66M C led by Insight Partners, participation from GV, S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures, et al.
- Annotell (Sweden), software to assess the performance of autonomous systems’ perception capabilities: $24M A from Metaplanet, NordicNinja.
- Krista Software (Dallas, Texas), AI-led intelligent automation platform: $15M led by Grotech Ventures, participation from Rally Ventures, iGrafx.
- Sensi.ai (Tel Aviv, Israel), AI-powered virtual care management platform: $14M A led by Entrée Capital, participation from Flint Capital, Homeward Ventures, Almeda Ventures, Operator Partners, et al.
- Talkmap (Dallas, Texas), AI-powered conversational intelligence for call centers: $8M A led by Stage1 Ventures.
For the latest on AI startup funding and more in the VC community, subscribe to our newsletter Inside Venture Capital.
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QUICK HITS: - For Completeness of Vision and Ability to Execute, the Gartner Magic Quadrant named Adobe a Leader among 17 vendors — See why here.*
- LeapMind announced a new AI processing model that improves image quality on edge devices.
- Brazilian artist Hidreley Leli Diao used AI software to create photorealistic portraits of cartoon characters.
- AI neurocomputing platform and chip designer Rain Neuromorphics secured a $25M Series A funding round led by Prosperity 7 Ventures.
- Codoxo, a healthcare AI solutions provider, closed a $20M oversubscribed Series B from QED Investors and others.
- Your money matters. Let's make more of it. Stocks are great, but there are many more options now. That's why we've been reading the Alts newsletter.*
*This is sponsored content.
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 |  | Beth is an Inside Analyst and a former public policy/investigative reporter. She has covered AI, VR, technology, and e-commerce for Inside. When she's not busy writing, she's hiking in Arizona's desert, playing pickleball, or trying out new Mexican food recipes. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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