Hi, I’m Adam DeSanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. MBA sent a letter to the Federal Trade Commission last week urging changes to its proposed policy statement on artificial intelligence and deceptive practices. While we support the broader goal of President Trump’s executive order to establish a consistent national framework for AI, there is concern that the FTC’s proposal could create a compliance double bind for financial institutions. The policy statement suggests that steering AI outputs towards certain objectives, including to comply with state laws, could potentially be considered deceptive under Section five of the FTC Act. We are asking the FTC to clarify that legitimate legal and compliance requirements, including privacy and security protections, fraud prevention, safety measures, and other quality controls cannot be considered deceptive simply because they affect AI outputs. The bottom line, financial institutions need clear, consistent rules that allow them to use AI responsibly while complying with applicable laws and protecting consumers, and be able to continue engaging the FTC and keep members informed as this policy develops. That’s it for this week. Thank you for listening.
Adam DeSanctis, VP, Communications at Mortgage Bankers Association
As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely regarded as an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA’s social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA’s research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA’s organizational public affairs plan, media relations and member communications support for mPower, MBA’s Opens Doors Foundation and MBA’s Diversity, Equity, and Inclusion programs.