Exactly this. If you're going to use an algorithm to discriminate between people in order to advantage some over others (by granting a loan to them, or admitting them to a university, for example) you'd better be able to fully and independently verifiably explain how your algorithm works and doesn't discriminate among people due to their protected attributes or proxies thereof. Current machine learning technologies render this assurance all but impossible and so they must be regarded with the most extreme suspicion until this can be provably remedied. Given how difficult it is validating traditionally programmed inference systems we're a long way from it.