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Financial Institution Letters

FIL-82-2019
December 13, 2019

Interagency Statement on the Use of Alternative Data in Credit Underwriting

Printable Format:

FIL-82-2019 - PDF (PDF Help)

Summary:

The FDIC, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the Agencies) issued an interagency statement on the use of alternative data in underwriting by banks, credit unions, and nonbank financial firms. The statement focuses on the consumer protection implications of the use of alternative data in underwriting, highlighting potential benefits and risks.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

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Note:

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