Consumer Compliance Outlook—Fintech, alternate data, and fair lending risks

Consumer Compliance Outlook. The Second 2017 Issue of the Philadelphia Federal Reserve’s Consumer Compliance Outlook is now available. This issue continued to expound on the rise of financial innovation and provided an overview of key federal regulations for servicemember financial protection.

My colleagues and I have previously written about the growing role of fintech and the data sharing consumer protection principles. Today’s blog post will explore potential fair lending risks with the use of big data and the rise of fintech.

The article discussed how fintech has already produced real benefits to consumers, including increased speed, convenience, and new product offerings that make it easier for consumers to manage their financial lives. Fintech also offers the possibility of bringing banking and financial products to underserved communities and the underbanked.

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