Regulators urge 'responsible' use of alternative data | Auto Finance News | Auto Finance News

Regulators urge ‘responsible’ use of alternative data

© Can Stock Photo / kentoh

With lenders increasingly relying on nontraditional data to hone underwriting, five banking regulators have urged that lenders maintain “robust” compliance management programs that include “testing, monitoring and controls” to ensure consumer protection risks are addressed, according to a joint statement released this week.  The regulators — Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance […]

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