"The reason is not only because race is used as a factor in assigning risk (not unlike Amazon’s system picking “female” as a proxy for “inadequate”), but also because lenders are obviously incentivized to find new ways to make money on loans and insurance rates. "
This is complete horse shit. I've done this sort of risk assessment for banks. Race is absolutely not used as a feature in assigning risk, and you have to work REALLY HARD to remove things such as zip codes which are simple proxies for race, AND you have to have an explainable model (GLM, decision tree, 2-3 layer neurons, etc) which you can defend as not being racist. This is a legal requirement, and I assume it is possible that banks have done overtly racist things in the past, but they certainly don't do this now: it's something that could cost them money.
The over all point is legit: AI isn't real and anyone who thinks it is should have their head examined, machine learning is gratuitously overhyped, and its use by powerful groups is what you should fear. How he got there is not legit.