GAO urges agency collaboration re: alternative data use

The Government Accountability Office reissued its recommendation to the FDIC for enhanced collaboration with other financial regulators concerning the use of alternative data in credit underwriting.

FDIC's continued attention to this issue could improve its ability to effectively oversee risks to consumers and the safety and soundness of the U.S. banking system, GAO wrote.

ICBA Position: While the agencies have issued an interagency statement on the use of alternative data, ICBA urged the agencies to provide more substantive guidance to help establish consistent expectations governing third-party relationships.

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