Harris announces new actions to tackle racial bias in home appraisals  ...Middle East

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Harris announces new actions to tackle racial bias in home appraisals 
source : The Hill ( Middle East ) () 30
Vice President Harris on Thursday announced a new rule to require financial institutions ensure that their home appraisal algorithms are not contributing to racial bias in home valuations. The rule, subject to a 60 day public comment period, aims to establish quality control standards to help ensure accuracy and fairness for Automated Valuation Models (AVM), the algorithmic models used to assess the value of homes.  AVMs would have to adopt policies and safeguards to protect from data manipulation, avoid conflict of interest, and conduct random sample testing. Harris also announced actions to expand the ability of consumers appealing what they suspect to be a bias valuation. Agen

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