Federal banking agencies and CFPB issue interagency statement on use of alternative data in credit underwriting

The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an "Interagency Statement on the Use of Alternative Data in Credit Underwriting." The statement sets forth the agencies' recognition of the benefits of using alternative data (AD) in credit decisions.  For purposes of the statement, AD means "information not typically  found in the consumer's... Continue Reading…...(read more)

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