“Priority recommendations” made by the congressional watchdog – and not yet addressed – for the three federal banking regulators are outlined in reports issued by the agency Tuesday. According to the reports issued by the […]
Communicating the appropriate use of alternative data in the underwriting process with banks that engage in third-party relationships with fintech lenders is one of three recommendations from the congressional watchdog that the Federal Reserve that […]
Coordination with other federal banking regulators on financial technology (fintech) firms’ use of alternative data, better communication on issues related to post-stress capital ratios, and a process to articulate certain risk tolerance levels are urged […]
Use of alternative data at financial institutions, particularly with banks that have third-party relationships with financial technology (fintech) lenders, should be the focus of collaboration among federal financial institution regulators – with a focus on […]
The value of information not typically found in a consumer’s credit report, used against the backdrop of a well-designed compliance management program, is recognized as potentially helpful in credit underwriting in a statement issued jointly […]
Use of an “alternative data” model for determining credit worthiness has resulted in 27% more applicants being approved, and 16% lower interest rates, than traditional models have recorded, the federal consumer financial protection agency said […]
Clear communication from the Consumer Financial Protection Bureau (CFPB) and the federal banking regulators on appropriate use of alternative data in the underwriting process would bring fintech lenders greater certainty about their compliance with fair […]
While alternative data is helpful for financial technology, or “fintech,” companies to use in determining borrowers’ creditworthiness, the Consumer Financial Protection Bureau and the federal banking agencies should communicate with these lenders about how to […]
Copyright (c) 2022, RegReport.info; Contact: editor@regreport.info