Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting

In Client and Friends Memos by BMG Memorandum

On December 3, 2019, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration (herein “Federal Regulators) issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms (herein “Joint Statement”). The following press release on the Joint Statement is posted on the Consumer Financial Protection Bureau’s website

 

Full Memorandum