CFPB Insights on Alternative Data Use in Credit Scoring

CFPB Insights on Alternative Data Use in Credit Scoring

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WilmerHale has played a leading role in shaping the rules that govern the US financial services industry.

An article by Michael Gordon and Vaughn Stewart, published by Law360, provides Consumer Financial Protection Bureau (CFPB) insights on alternative data use in credit scoring.

The growing utilization of alternative data in credit decisions and scoring models continues to attract the attention of regulators. Although clear and practical guidance from regulators remains elusive, regulator pronouncements provide some clues and takeaways for market participants. Recently, for example, the Consumer Financial Protection Bureau issued a request for information (RFI) regarding the use of alternative data and modeling techniques in the consumer credit marketplace. Read the full article

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