WASHINGTON (Reuters) – U.S. banking regulators stated on Tuesday that lenders will need to have sturdy compliance instruments in place to make sure “accountable use” of non-traditional sources of monetary information to assist decide whether or not a possible buyer is credit score worthy.

In a joint assertion, the nation’s 5 chief regulators acknowledged that utilizing client info originating exterior of conventional sources might broaden the entry and affordability of credit score for sure debtors.

On the identical time, the companies warned that banks and different lenders want to make sure they’ve instruments and insurance policies in place to verify the brand new ways don’t…

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