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<ul><li>The Foreign Contribution (Regulation) Bill will restrict the use of foreign funds in Indian not-for-profit organizations. </li><li>The bill also makes the use of Aadhar compulsory for organizations receiving foreign funds.</li><li>The move is being seen as a huge blow to India’s non-governmental organizations and not-for-profit organizations, who often operate with foreign funds/donations. </li></ul>The Indian government has moved to amend the Foreign Contribution (Regulation) Bill, 2020, during the monsoon session of the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">parliament</keyword>. The FCRA will restrict the use of foreign funds in Indian not for profit organizations. On Monday, the lower house of the parliament passed the bill, which also makes the use of Aadhar compulsory for organizations receiving foreign funds. What are the proposed changes under the FCRA? The bill tabled by Minister of State of Home Nityanand Rai on behalf of Home Minister Amit Shah aims to restrict the use of foreign funds in charitable organizations. The amendment proposes: <ul><li> To include "public servants" in the prohibited category </li><li>To reduce the administrative expenses through foreign funds by an organisation to 20% from the earlier 50%. </li><li>Organisations can receive the foreign funds in a bank account designated as the ‘FCRA account’ only in a branch of the State Bank of India, New Delhi</li><li>Organisations will now have to register for renewal of licenses every six months and can also be subject to government scrutiny then.</li><li>To prohibit transfer of grants received under FCRA to any other organisation</li><li>Seeks to make Aadhar mandatory for registrations</li></ul> "FCRA is a national internal security law...This amendment is necessary for Atma Nirbhar Bharat. This bill is not to suppress anyone but to control those who try to suppress the people of the country. We only take action against any organisation under the rule when they do not follow the law,” said Rai. <keyword id="6397455" type="UNKNOWN" weightage="20" keywordseo="ngos">NGOs</keyword> voice their dissent over the amendments in <keyword id="401098" type="ORGANIZATION" weightage="20" keywordseo="FCRA-Bill">FCRA bill</keyword> The move is being seen as a huge blow to India’s non-governmental organizations and not-for-profit organizations, who often operate with foreign funds/donations. The CEO of Oxfam India, a major nonprofit group, took to Twitter to voice his dissent. <div type="twitter" handle="AmitabhBehar" handlename="Amitabh Behar" image="http://pbs.twimg.com/profile_images/1153208906497159168/Z6SIVFKr_normal.jpg" favoritecount="317" retweetcount="133" status="Devastating blow. Red carpet welcome for foreign investments for businesses but stifling and squeezing the nonprofi… https://t.co/eH9NUEsN2T" createdat="1600599021000" id="1307633188924207106"></div> Another national association of Indian voluntary development organizations – Voluntary Action Network India (VANI), too released a statement opposing the bill. “The new FCRA Bill throttles the spirit of cooperation that had been ushered in earlier this year by the positive role played by development organizations in mitigating the lockdown and COVID-19 pandemic by virtually making it impossible for NGOs to function,” said VANI’s statement. The organization also said that the bill “assumes that all NGOs receiving foreign grants are guilty, unless proved otherwise.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-gmm-pfaudler-sbi-ril-hdfc-bank-ioc-idbi-and-more/articleshow/78248420.cms">Top stock movers — GMM Pfaudler, SBI, RIL, HDFC Bank, IOC, IDBI and more</a> <a href="https://www.businessinsider.in/stock-market/news/angel-broking-600-crore-ipo-opens-today-heres-what-works-for-it-and-what-doesnt/articleshow/78248335.cms">Angel Broking ₹600 crore IPO opens today: Here’s what works for it and what doesn’t</a>

India’s non-profits are fuming as the government tightens the leash on foreign contributions

The <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> on Wednesday passed a Bill sans opposition making Aadhaar mandatory for registration of organisations receiving foreign funds, and also to give the government powers to stop utilisation of foreign funds by an organisation through a "summary enquiry". The Foreign Contribution (Regulation) Amendment Bill, 2020, which seeks an amendment to the Foreign Contribution (Regulation) Act, 2010, proposes to include "public servants" in the prohibited category and decrease administrative expenses through foreign funds by an organisation to 20 per cent from 50 per cent earlier. "The Bill ensures that the <keyword id="6366591" type="UNKNOWN" weightage="20" keywordseo="NGO">NGO</keyword> has to open mandatory an account in the SBI FCRA branch to receive funds and then one more account to another bank of choice, for this they don't have to travel to Delhi but the nearest SBI account will facilitate the opening of account in New Delhi," said Minister of State of Home Nityanand Rai. It has also sought to prohibit any transfer of foreign contribution to any other association or person. Amendment of section 17 of the Act has sought to provide that every person who has been granted a certificate or prior permission under section 12 shall receive foreign contribution only in an account designated as 'FCRA Account'. There was a need to streamline the provisions of the earlier Act by strengthening the compliance mechanism, enhancing transparency and accountability in the receipt and utilisation of foreign contribution worth thousands of crores of rupees every year and facilitating genuine non-governmental organisations or associations who are working for the welfare of the society. He gave an example of the amendment made in 2010 when administrative expenses were reduced to 50 per cent, then also a demand was made to reduce it up to 10 per cent. He said P. Chidambaram had then mentioned that 10,000 crore of the foreign contribution is not even audited. The Minister said the Foreign Contribution (Regulation) Act, 2010 was enacted to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest. Criminal investigations also had to be initiated against dozens of such non-governmental organisations which indulged in outright misappropriation or mis-utilisation of foreign contribution, he said. Seeking to amend clause (c) of sub-section (1) of section 3 of the Act, the government has proposed to include "public servants" within its ambit, to provide that no foreign contribution shall be accepted by them. Earlier, it was restricted to Legislators, election candidates, journalists, print and broadcast media, judges, government servants or employees of any corporation or any other body controlled or owned by the government.

Rajya Sabha passes the FCRA bill which restricts use of foreign funds in NGOs

<ul><li><keyword id="63199" type="ORGANIZATION" weightage="20" keywordseo="amnesty">Amnesty</keyword> said that the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> froze its bank accounts on September 10, 2020.</li><li> The organization has laid off its entire staff in India and has said that it is a result of the “incessant witch-hunt of human rights organizations by the Government of India”.</li><li>The crackdown on Amnesty comes at a time when the Indian government passed the Foreign Contribution (Regulation) Amendment Bill, which restricts the use of foreign funds by not-for-profit organizations. </li></ul>Global human rights organization <keyword id="104489" type="ORGANIZATION" weightage="20" keywordseo="Amnesty-International">Amnesty International</keyword> is shutting down its India operations and has called out the Indian government’s ‘repressive’ policies. The organization has laid off its entire staff in India and has said that it is a result of “incessant witch-hunt of human rights organizations by the Government of India over unfounded and motivated allegations”. Amnesty said that its bank accounts have been frozen by the Indian government on 10 September 2020. “The continuing crackdown on Amnesty International India over the last two years and the complete freezing of bank accounts is not accidental. The constant harassment by government agencies including the Enforcement Directorate is a result of our unequivocal calls for transparency in the government, more recently for accountability of the Delhi police and the Government of India regarding the grave human rights violations in Delhi riots and Jammu &amp; Kashmir. For a movement that has done nothing but raise its voices against injustice, this latest attack is akin to freezing dissent,” said Avinash Kumar, Executive Director of Amnesty International India. The crackdown on Amnesty comes at a time when the Indian government passed the Foreign Contribution (Regulation) Amendment Bill, which restricts the use of foreign funds by not for profit organizations. What’s <keyword id="307144" type="ORGANIZATION" weightage="20" keywordseo="FCRA">FCRA</keyword>? The Indian government had recently passed the Foreign Contribution (Regulation) Amendment Bill, 2020, during the monsoon session of the parliament. The FCRA will restrict the use of foreign funds in Indian not for profit organizations. The amendment proposed: <ul><li> To include "public servants" in the prohibited category </li><li>To reduce the administrative expenses through foreign funds by an organisation to 20% from the earlier 50%. </li><li>Organisations can receive the foreign funds in a bank account designated as the ‘FCRA account’ only in a branch of the State Bank of India, New Delhi</li><li>Organisations will now have to register for renewal of licenses every six months and can also be subject to government scrutiny then.</li><li>To prohibit transfer of grants received under FCRA to any other organisation</li><li>Seeks to make Aadhar mandatory for registrations</li></ul>Amnesty fights back However, Amnesty is contesting the use of foreign funds in the organisation. “For human rights work in India, it operates through a distinct model of raising funds domestically. More than four million Indians have supported Amnesty International India’s work in the last eight years and around 100,000 Indians have made financial contributions,” said the official statement of the company.

Amnesty International shuts down its India operations citing ‘constant harassment’ from the Indian government

NEW DELHI: Billionaire <keyword id="45830" type="PERSON" weightage="100" keywordseo="Bill-Gates">Bill Gates</keyword> on Thursday called on the BJP government to take unpopular steps to accelerate growth, while pushing for an increase in the country’s healthcare spend. 
 “For the overall economy to grow, India needs to do unpopular things — do things that are good for the country. What good is a mandate if you can’t do unpopular things,” said the founder of <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword> and the Bill and <keyword id="142497" type="ORGANIZATION" weightage="100" keywordseo="Melinda-Gates-Foundation">Melinda Gates Foundation</keyword>, who is in India this week. 
 
On healthcare spending, Gates said, “A few things are still unclear…when push comes to shove, health budgets will need to go up. It will be interesting to see if that goes up.” 
 His wife and co-founder of the eponymous Foundation, <keyword id="131379" type="PERSON" weightage="60" keywordseo="Melinda-Gates">Melinda Gates</keyword>, said, “We are enthused with the <keyword id="6360789" type="ORGANIZATION" weightage="80" keywordseo="Modi-Government">Modi government</keyword>. They will roll out four new key vaccines across India and that is huge. Nearly 1.4 million children die every year and this rollout will help a lot to bring down disease and improve health.” 
 In an indirect reference to the government’s <keyword id="6392137" type="UNKNOWN" weightage="80" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> scheme, which aims at financial inclusion, Bill Gates said, “It’s good that more people have bank accounts, but quality of those accounts also needs to improve.” 
 The Foundation was created in 2001 and started work in India in 2003. It is the world’s largest foundation with an endowment of around $40 billion. Since it started work in India, the foundation has spent $1 billion on projects including HIV/AIDS prevention, polio eradication, tuberculosis, educating couples on family planning and sanitation. The power couple was in conversation with author <keyword id="6390428" type="PERSON" weightage="80" keywordseo="Chetan-Bhagat">Chetan Bhagat</keyword>. 
 When asked about the <keyword id="44734" type="ORGANIZATION" weightage="60" keywordseo="Indian-Government">Indian government</keyword> targeting NGOs, Gates said, “It does not hurt us, but the FCRA (Foreign Contribution Regulation Act) approval process is long.” 
 
On being asked what made Gates opt for philanthropy and not start another company after Microsoft, Gates said: “In terms of a new path, Microsoft had a huge impact. Philanthropy also has a huge impact, but in a different dimension. We saw that a lot of the diseases were neglected by governments. And lot of the rich world didn’t have those diseases. Here we saw very unique opportunity to intervene.” 
 
Gates said the generation that begins a business doesn’t believe in dynasty, but once fortune is passed down in a dynastic manner, it’s hard to stop.” That’s like thinking the best way to get Olympic teams is to get grandchildren of winners sixty years ago to play — it doesn’t work that way. Fortunately, the trend now is in favour of philanthropy,” he said.

Take Unpopular Measures To Accelerate Growth: Bill Gates To BJP Government

<ul class="summary-list"><li>Since the start of the pandemic, Americans have been able to access free weekly credit reports.</li><li>Consumers were previously entitled to one annual credit report from each of the three major bureaus.</li></ul>During the earliest days of the coronavirus pandemic in April 2020, the three major credit bureaus — Equifax, Experian, and TransUnion — <a href="https://www.experianplc.com/media/latest-news/2020/equifax-experian-and-transunion-announce-free-weekly-credit-reports-to-help-americans-in-response-to-covid-19/" target="_blank" rel="noopener">announced</a> that they would offer free weekly credit reports in response to the public health emergency.Before 2020, consumers were legally entitled to one free yearly credit report from each of the three bureaus at <a href="https://www.annualcreditreport.com/" target="_blank" rel="noopener">annualcreditreport.com</a>, but the pandemic-related change was extended through 2021 and 2022, and has also been extended through December 2023.However, with President Joe Biden <a href="https://www.wsj.com/articles/biden-to-end-covid-19-emergency-declarations-on-may-11-white-house-says-11675120593" target="_blank" rel="noopener">set to end</a> the COVID-19 national and public health emergencies in May, the future of free weekly reports remains up in the air.Why is it so important for consumers to continue having such a resource? And what can be done to keep free weekly reports for consumers in a post-pandemic world?<h2>Even with weekly reports, nearly a half million consumer complaints</h2>In the wake of the pandemic, the availability of weekly credit reports has aided Americans in monitoring their credit histories, but the three credit bureaus are still the subject of complaints from many consumers.The Consumer Financial Protection Bureau (CFPB), the US government agency created in 2010 to protect consumers against financial malfeasance, stated in a January 2023 <a href="https://files.consumerfinance.gov/f/documents/cfpb_fcra-611-e_report_2023-01.pdf">report</a> that from October 2021 to September 2022, it had sent over 488,000 consumer complaints to the three major credit bureaus."Even when consumers are successful in having their complaint addressed, complaints call into question the underlying data contained in consumers' credit reports," the report read. "Through the CFPB's complaint process, the CFPB frequently encounters consumers who attempt to have inaccurate information corrected only to have different outcomes at each of the NCRAs [nationwide consumer reporting agencies] or the wrong information changed."The CFPB report did identify improvements that were made by the credit reporting agencies, namely that most consumers have begun to receive substantive responses after addressing complaints, while there has also been a sharp increase in "more tailored complaint responses" and higher rates of relief to individual complaints.But many consumers have continued to register their grievances with the CFPB.Ed Mierzwinski, the senior director of the federal consumer program at the US Public Interest Research Group, a consumer advocacy organization, told Insider that the big three credit bureaus are "the No. 1 complaint at the Consumer Financial Protection Bureau.""What are the complaints? 'They made a mistake and they didn't listen to me when I said to fix it.' So the credit bureaus are in a big fight with the consumer bureau over this issue," he said.<h2>Credit reports are a relatively recent phenomenon with an enormous amount of power</h2>In 1970, the Fair Credit Reporting Act (FCRA) was passed, putting into place legislation intended to advance the accuracy and privacy of personal information contained in the files of credit reporting agencies.Over the next 30 years, advances in technology, notably the exponential growth of the internet in the 1990s, prompted policymakers to consider additional changes to the existing law. Consumer groups and many lawmakers were also alarmed by the difficulties that consumers faced in finding errors in their respective credit reports, along with the growing issue of identity theft, which was becoming increasingly prevalent in the digital age.<div type="image" title="Biden" height="683" width="1024" msid="97825777" hostid="261" sizebytes="27782"></div>In December 2003, the Fair and Accurate Credit Transactions Act (FACTA) was signed into law by then-President George W. Bush as an amendment to the FCRA, affording Americans a free yearly credit report from the three major bureaus through the aforementioned Annual Credit Report website. The act also sought to tackle the proliferation of identity theft, which in 2002 had cost US lenders at least $1 billion, <a href="https://www.nbcnews.com/id/wbna3078480" target="_blank" rel="noopener">according to NBC News</a>.Navigating the credit reporting system in the United States requires skill and often a good deal of patience. Applying for a credit card? Your score better be in great shape, or you could get a higher interest rate. If you're shopping for a mortgage, an excellent score could land you a lower interest rate for a home, while even a good score with one negative mark on your report can lead to rejection. Many consumers have had inaccurate information posted on their reports, unknowingly dragging down their scores before being forced to file disputes that can take weeks to resolve.In the years leading up to the pandemic, identity theft had not only become more prevalent, but many consumers still had issues navigating the credit reporting system, a problem made worse by the limitation of getting just one free annual report from each of the three major credit bureaus.<h2>Lots of people want to completely overhaul the flawed and costly system</h2>In 2020, the House of Representatives, at the time controlled by Democrats, passed both the <a href="https://www.congress.gov/bill/116th-congress/house-bill/3621/text" target="_blank" rel="noopener">Comprehensive Credit Act of 2020</a> and the <a href="https://www.congress.gov/bill/116th-congress/house-bill/5332">Protecting Your Credit Score Act of 2020</a>.The Comprehensive Credit Act, sponsored by Rep. Ayanna Pressley of Massachusetts, would have established an appeals process for credit report disputes, offered free credit reports and scores to consumers disputing items on their respective reports, and expedited the process for withdrawing information about debt that was paid off, among other reforms. Meanwhile, the Protecting Your Score Act, introduced by Rep. Josh Gottheimer of New Jersey, would have created a central online portal giving Americans free credit scores and implemented a credit reporting ombudsman at the CFPB, among other measures.<div type="image" title="Consumer Finanial Protection Bureau" height="2656" width="3992" msid="97825781" hostid="261" sizebytes="563956"></div>But the bills were never taken up by the Senate, which at the time was run by then-Majority Leader Mitch McConnell of Kentucky.In May 2021, attorney Chi Chi Wu of the National Consumer Law Center appeared before the House Financial Services Committee, where she <a href="https://www.nclc.org/wp-content/uploads/2022/08/Testimony_HFSC_OI_credit_reporting.pdf" target="_blank" rel="noopener">floated</a> moving away from the three-credit-bureau system and putting into place a public credit registry."While public agencies are far from perfect, at least they would not have profit-making as their top priority," Wu told the committee. "They would be responsive to public pressure and government oversight." Democratic Rep. Maxine Waters of California, who chaired the panel at the time, said during the hearing that a public credit reporting agency "would be a major upgrade over today's broken, biased credit reporting system."Consumer advocates stress that not only should credit reports be easily accessible but that Americans should be able to scrutinize the information contained in credit reports."The marginal costs of them sending you these reports is virtually nothing," Mierzwinski told Insider."You should have the right to audit information that a company is selling without your consent to make sure that it's true. That's why credit reports should always be free," he added.

The pandemic ushered in free weekly credit reports for Americans. Unless the government acts soon, that's over.

<keyword id="6355187" type="COMPANY" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> on Monday passed a bill to amend the <keyword id="958548" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Contribution">Foreign Contribution</keyword> (<keyword id="163506" type="ORGANIZATION" weightage="20" keywordseo="regulation">Regulation</keyword>) Act that seeks to make it mandatory for office bearers of any NGO to provide their Aadhaar numbers at the time of registration and also bring various other changes. Amid concerns raised by various opposition members about the The Foreign Contribution (Regulation) Amendment Bill, 2020, minister of state for <keyword id="8715916" type="COMPANY" weightage="20" keywordseo="home-nityanand-rai">home Nityanand Rai</keyword> said the legislation was not against any religion or NGO. The bill was passed after a discussion in the lower house. Replying to the discussion on the bill, the minister asserted that the bill was necessary for an Aatmanirbhar Bharat (self-reliant India) and that it will also help in curbing misuse of foreign funds. Among other provisions, the bill proposes to enable the Centre to allow a NGO or association to surrender its FCRA certificate. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">Indian Army may call on the double hump camel to help patrol the India-China border</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a>

Lok Sabha passes amendments to Foreign Contribution (Regulation) Act — makes Aadhaar mandatory for foreign contribution towards NGOs

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ZestFinanceDouglas Merrill, CEO of AI firm ZestFinance.</div></div></div><ul class="summary-list"><li>Douglas Merrill is the former Google chief information officer, and current CEO of ZestFinance, a financial services AI software firm.</li><li>Speaking to Business Insider, the 49-year-old explained why he thinks AI should be regulated, and who should be responsible for the regulation.</li><li>Merrill outlined four steps for keeping AI bias in check, at the same time as promoting the technology and protecting consumers.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit BusinessInsider.com for more stories.</a></li></ul>As some of the biggest tech companies in the world grapple with the ethics of artificial intelligence, it can often feel like it is difficult to find people with specific, actionable proposals for regulating the technology.But one person who has strong views on how AI should be kept in check is Douglas Merrill, the former Google chief information officer, and current CEO of ZestFinance, a financial services AI software firm.Merrill's company has partnerships with firms like Microsoft to bring greater transparency to AI models, and he says that regulation is needed to promote the technology while also protecting consumers.Read more: <a href="https://www.businessinsider.com/nick-bostrom-ai-greater-threat-to-human-existence-than-climate-change-2019-4?r=US&amp;IR=T">AI is a greater threat to human existence that climate change, says the Oxford professor endorsed by Bill Gates</a>"We have to know when and where it's safe to use AI," Merrill says. "We need tools to check bias in the data we feed to our AI models, and tools that explain the decisions being made inside those 'black boxes.'"AI can only do what you tell it to do, and think only what you tell it to think. If a system produces biased or unfair results, that's more often the fault of human error or training the AI models on incorrect or biased data."In an interview with Business Insider, Merrill set out four "actionable tips" for regulating AI:<h2>1) Track the data being fed to an AI</h2>Merrill says companies must keep track of the data they are analysing and feeding into their AI models. "Consumers should also have the right to say 'that data is false,' and upon being told the data is false, companies should just throw it away," he explains.<h2>2) Explain the decisions an AI makes</h2>"You should have to describe to customers why your AI model made the decision it just made, using the data the consumers just gave you rights to," Merrill says.He says this could riff on the US Fair Credit Reporting Act, which was drawn up more than 40 years ago to protect fairness, accuracy, and privacy in credit reporting."FCRA was written in the 1970s, when it was a very different world, but the notion that you have to describe the decisions you made is the same," Merrill adds. <h2>3) Be as transparent as possible</h2>"You have to convince your consumers that you're doing everything you possibly can to open a window onto the processes of your AI models," he says."This is hard to do, but not impossible, and not all data need be revealed. I think this is where the big tech companies fall down. I don't think very many people believe that they are attempting to show most of their hand."<h2>4) Give consumers a way to complain</h2>"It's important for companies to have some different skin in the game, and for consumers to have some different levers to push. It could be legal recourse. It could be transactional recourse. You pick your poison," Merrill explains."But there's got to be some way for consumers to get recourse in the event that the AI model's misused [their data]. I think a path to recourse is starkly missing today, as you can see every time there's an information security breach."Big tech companies are visibly wrestling with the issues provoked by AI. In April for example, Google's AI ethics board was <a href="https://www.businessinsider.com/google-cancels-ai-ethics-board-2019-4?r=US&amp;IR=T">controversially shut down a week after being founded</a>, while in October last year, Amazon <a href="https://www.reuters.com/article/us-amazon-com-jobs-automation-insight/amazon-scraps-secret-ai-recruiting-tool-that-showed-bias-against-women-idUSKCN1MK08G">scrapped a secret AI recruitment tool that exhibited bias against women</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image">APGoogle CEO Sundar Pichai.</div></div></div>Merrill does not think these companies are well placed to design regulation for themselves - simply because they have their own commercial imperatives."It's rare for incumbents to be able to understand or envision how regulation should work," he says. "That's because they're essentially trapped in the innovator's dilemma up front, which is that it's hard to tell yourself a story of how regulation's going to make you more money."<h2>Whose job is it to regulate AI?</h2>So who does Merrill think should bear responsibility for regulating AI?"Complicated self-regulation tends not to work," he says. "So I think that takes [responsibility] off the shoulders of industry groups and onto the shoulders of somebody else."In the US, there are two possibilities. One is all the states. The other is the federal government. State-based regulation is really, really hard for tech companies as they're inherently inter-state. So, in the US, that [would make responsibility for AI regulation] a national government thing."The European Union's General Data Protection Regulation arguably goes part of the way to realising Merrill's proposals. For example, Article 15 of the GDPR <a href="https://uk.practicallaw.thomsonreuters.com/w-014-9028?transitionType=Default&amp;contextData=(sc.Default)&amp;firstPage=true&amp;comp=pluk&amp;bhcp=1">requires any company processing EU citizens' data to explain the purpose of the processing, should a citizen request one.</a> It also requires <a href="https://uk.practicallaw.thomsonreuters.com/w-014-9028?transitionType=Default&amp;contextData=(sc.Default)&amp;firstPage=true&amp;comp=pluk&amp;bhcp=1">companies to provide citizens with a free copy of the personal data they are processing on request</a>.But, as Merrill says, the EU cannot regulate how AI companies use the personal data of non-EU citizens within Europe.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Vincent KesslerJean-Claude Juncker, president of the European Commission.</div></div></div>"In Europe; there's a little bit of the same problem," he says. "Does the EU count Britain? What about Switzerland? What about Turkey? Europe's even less uniform [than the US]. But in general, I think [responsibility lies with] a larger, national-style entity."Right now in the US, getting anything through our regulatory system is pretty challenging, because of the particular politics of the US."Clearly, then, questions remain about how Merrill's proposals would be enforced in practice. Ultimately, though, Merrill says these questions don't stop his proposals from being correct."My policies are relatively radically outside the mainstream of conversation. It's obviously harder to get something which is outside the mainstream into the political discussion than it would be to get something into the discussion which is one degree off. But I think they're right."All AI models, like humans, make mistakes. We should set up the guardrails now to ensure AI's effective oversight without blocking or stopping it."Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/review-200-scuf-vantage-better-than-25-easysmx-controller-2019-5">We compared the $200 Scuf Vantage PlayStation controller to the $25 EasySMX controller - and the winner was clear</a></h3> <div> </div> </div>

Google's former engineering boss outlined 4 'radical' steps for keeping AI bias in check

<table class="image-container float_right" width="200"><tr><td><div class="image"></div><a href="http://www.flickr.com/photos/josemanuelerre/6084776479/in/photostream/">Flickr / josemanuelerre</a></td></tr></table>Credit can be a tricky thing — some behaviors are obviously harmful to your credit, like paying late (or not at all), or maxing out your cards. 
But some mistakes aren’t all that obvious, and in fact some actions that might seem beneficial can actually have a terrible impact on your credit. We’ve compiled the biggest mistakes to help you determine what might be killing your credit.
1. Closing <keyword id="6387037" type="UNKNOWN" weightage="60" keywordseo="credit-cards">Credit Cards</keyword> Accounts
Some of you may wonder why closing credit cards is number one on this list — even above missing payments. In fact, closing credit cards is almost as bad of an idea to boost your <keyword id="6380214" type="UNKNOWN" weightage="60" keywordseo="credit-score">credit score</keyword>s as missing your payments, but it is also a clear number one on the list of credit myths. It is perhaps the most common piece of misguided advice that consumers are given when they ask, “How can I increase my credit score?” But here’s the reality: Closing credit card accounts will not increase your credit score, even if you don’t use the cards anymore. Here’s why:
They will eventually fall off your credit reports – Information on your credit reports has to follow certain rules as far as how long it can remain on the report. In most cases credit information will remain on your credit files for no longer than seven years from the account’s Date of Last Activity or “DLA.” Your DLA will continue to update each month so long as the account remains open, even if you’re not using it. So, an open account will never reach the seven-year mark because each month your DLA updates to the current month. However, once you close the account your DLA will cease to update and the clock begins ticking. Eventually the account will be removed permanently from your credit reports.
Why is this a bad thing? Because a credit score favors a long credit history, with accounts that you’ve held for many years. The length of your credit history counts for 15% of a FICO score, for example. Consumers with a younger credit history are seen as more risky borrowers than consumers who have had credit for many years. So hang onto those old accounts if you can.
You will hurt your “utilization” measurements – This is significantly more important than your closed accounts eventually falling off your credit reports. “Revolving utilization” is the amount of your revolving credit card limits that you are currently using. For example, if you have an open credit card with a $2,000 credit limit and a $1,000 balance then you are 50% “utilized” on that account because you’re using half of the credit limit. This measurement is almost as important to your credit scores as making your payments on time. As this percentage increases, your credit score decreases.
2. Missing Payments
Missing payments is number two on the list because it doesn’t take a credit expert to tell you that missing payments is a bad thing. It’s common sense, unlike closing a credit card account. The explanation why missing payments is a huge mistake is also fairly obvious. Credit scores look at your credit history to see how you have managed your current and past credit obligations in an effort to predict how likely you are to miss payments in the future. The most powerful “predictor” of future late payments is having missed payments in your past. There are three ways that missing payments will hurt your credit scores. They are:
<ul>
<li>How Frequent are Your Late Payments? – If you miss payments frequently then you will be penalized much more severely than someone who misses payments infrequently.</li>
<li>How Recent are Your Late Payments? – Since scoring models are designed to predict how you are going to pay your bills in the subsequent 24 months, it’s very common that they assign more value to how you’ve managed your credit in the most recent two years. If your late payments occurred in the most recent two years, then you are more likely to miss more payments in the next two years. And your score will suffer.</li>
<li>How Severe are Your Late Payments? – The severity of your late payment also plays a big part in your credit scores. Consumers who have missed payments by only a few weeks and then bring their payments up to date are going to score better than consumers who have payments that are 90 days past due or worse. If you have late payments, it is in your best interest to do all that you can to bring them up to date.</li>
</ul>
3. Settling With Your Lender on a Past Due Account
“Settling” is a term used in the consumer credit industry that means accepting less than the amount you owe on an account. For example, if you owe a credit card company $10,000 but you can’t pay them the full amount, then they will likely make you a deal for less than that full amount. They have “settled” for less than the full amount, which is likely much less than you contractually owe them. This may seem like a good idea because you are happy that you didn’t have to pay the full amount. However, the lender will report that remaining amount to the credit bureaus as a negative item. This remaining amount is called the “deficiency balance.” A deficiency balance is considered just as negatively by credit scoring models as any other severe late payments. If you can arrange a deal with your lender so that they will NOT report the deficiency balance then that will be your best course of action. If they will not agree to this, then work to find a way to pay them in full or your credit will suffer for 7 years.
4. Over Utilization of Your Available Credit Card Limits
Having high balances on your credit cards will undoubtedly cause your credit scores to go down (as we talked about in Mistake #1), and in most cases, in a big way. This is called “over utilization.” Your best bet would be to use your cards sparingly and pay them down as much as possible each month. If paying your cards off every month is unrealistic then try your best to keep that percentage as low as possible. There is no magic target to shoot at, but it’s safe to say that the lower the percentage the better.
5. Excessively Shopping for Credit
Every time you fill out a credit application, you are giving the lender permission to access your credit reports. When they access your credit reports, they automatically post what is called an “inquiry.” The inquiry is a record of who pulled your credit report and on what date. Federal law requires that the lender post the inquiry, and that the inquiry remain on the report for 24 months.
Inquiries are used by credit scoring models to determine whether or not someone is shopping for credit. It is a statistical fact that consumers who have more inquiries are higher credit risks than consumers with fewer inquiries. Thus, the more inquiries you have the more points you will lose on your credit scores. While the exact point value is a closely guarded secret by the credit scoring companies, you should assume that your scores would suffer if you have an excessive amount of inquiries.
6. Thinking that all Credit Scores are the Same
Credit scoring is already a confusing enough topic to understand. Add to the mix that there are as many different types of credit scores as there are soft drinks and it gets really confusing. The most commonly used credit score is a credit risk score. A credit risk score is designed to assist lenders by predicting whether or not a consumer will pay their bills on time in the future.
There are many different places where consumers can purchase their credit reports and credit scores, however not all of the scores being sold are, in fact, the same. On the surface this might not seem like a big deal but it certainly can be. For example, if you are in the market for a new car and you purchase an educational credit score ahead of time for your own information, the score you get might be different from the score the lender is looking at. This is because every lender has different standards, so the same score may earn you a good deal with one lender but not with another.
7. Thinking that all Credit Scores Predict the Same Thing
Adding to the confusion in number six above is the fact that there are models that predict other things than general credit risk. Scoring models can be built to predict almost anything including:
<ul>
<li>Insurance Risk – That’s right. Insurance companies use credit scoring models to predict whether or not you are likely to file an auto or homeowner’s insurance claim. A poor insurance score will mean that you will pay higher premiums or be declined coverage outright.</li>
<li>Response Rates – If you receive pre-approved offers of credit in the mail everyday, it’s not random. You have been selected from hundreds of millions of other consumers to receive that offer because you have a “Response Score” that indicates you are more likely to respond to that offer than someone else who didn’t get it.</li>
<li>Revenue Potential – Credit card companies also use revenue scoring models to predict whether or not you will use their credit card and, therefore, generate revenue for them.</li>
<li>Collect Ability – For those of you who have collections on your credit reports you can feel certain that the collection agencies assigned to collect those past due debts are also scoring you to determine whether or not you are likely to repay your collections.</li>
<li>Bankruptcy Potential – Bankruptcy scores predict the likelihood that you will file for personal bankruptcy. You can assume that if you have a poor bankruptcy score that your credit applications will likely be declined.</li>
<li>Attrition Potential – These scores predict whether or not you will stop using one card in lieu of another. This is called attrition and it is considered the cancer of the credit card industry. If you have a score that indicates that you are likely to attrite and start using another lender’s credit card then you should expect to begin receiving special bonus offers as an effort by your current credit card company to dissuade you from moving on to another card.</li>
<li>Fraud Potential – Amazingly sophisticated, these models actually can predict whether or not a purchase you are trying to make with a credit card is fraudulent or not. What’s even more amazing is that it takes about 2 minutes to complete your check out at a store and in this short amount of time you have been scored to see whether or not the retailer will accept your credit card.</li>
</ul>
8. Not Understanding Your Rights Under The Fair Credit Reporting Act
This act, commonly referred to as the “FCRA,” is a list of the rules and regulations that govern lenders and the credit reporting agencies. You should become familiar with your rights — including the legal reasons why your credit reports can be accessed, Your Right to Dispute Your Credit Information and Your Right to a Free Copy of all Three of Your Credit Reports via <a href="http://www.annualcreditreport.com/" target="_blank">www.annualcreditreport.com</a>. See the <a href="http://www.ftc.gov/os/statutes/fcrajump.shtm" target="_blank">Federal Trade Commission</a> site for more info.
9. Not Knowing that you Have Three Credit Reports and Corresponding Credit Scores
Most consumers understand that they have a credit report. However, most consumers do not know that they have three credit reports compiled and maintained by three separate and competing companies called “Credit Reporting Agencies.” These companies are essentially warehouses that store your credit history and sell it to lenders who want to grant you credit. These companies are: <a href="http://www.equifax.com/" target="_blank">Equifax</a>, <a href="http://www.experian.com/" target="_blank">Experian</a> and <a href="http://www.transunion.com/" target="_blank">TransUnion</a>.
Each of these companies maintains credit files on over 250,000,000 consumers, which they sell to lenders. They do not share credit information with each other since they are competitors. As such, you will likely have a unique credit report and credit score at each of these companies. Do not assume that your credit reports and scores are all the same.
SEE ALSO: <a href="http://www.businessinsider.com/household-tips-for-saving-money-2013-3">Household tips that will save you thousands every year &gt;</a>

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