Note that for the banking industry various “semi regulations” have been in place spawning a cottage industry for “Model Risk Management”. Basically you have to explain how you (attempt to) keep bias out of your training, re-test often, etc. Point is here that as a bank you don’t stop providing loans to certain demographies etc.

https://www.fdic.gov/news/financial-institution-letters/2017...

https://occ.gov/publications-and-resources/publications/comp...