The term “Fintech” has come to mean essentially any application of technology for delivering financial services. More specifically, the term represents a rapidly growing space of alternative lending facilities that are outside of the traditional banking industry.
Although lending options outside of traditional banks have always existed, Fintechs use technology to gain efficiencies. This includes not only the loan origination process but also leveraging digital technologies (including social media) for underwriting and pricing of credit as well as for expanding market share. This includes both consumer and, more recently, business lending
The Fintech service delivery model offers benefits to both consumers and lenders, but is also rich ground for a number of compliance risks.
Carol Evans and Katrina Blodgett of the Federal Reserve Board will discuss fair lending and unfair or deceptive acts or practices (UDAP) risks that may arise as financial institutions adopt new technologies to serve their customers, and offer some general guideposts for evaluating those risks, with a focus on alternative data.
This presentation is a companion to the article “Keeping Fintech Fair: Thinking About Fair Lending and UDAP Risks,” which was published in Consumer Compliance Outlook.
Originally scheduled for June 25th, the presentation has been moved to Monday, July 16,2018. The times are as follows:
Outlook Live Webinar
Monday, July 16, 2018
Times: 11:00 a.m. – 12:00 noon Pacific
12:00 noon – 1:00 p.m. Mountain
1:00 p.m. – 2:00 p.m. Central
2:00 p.m. – 3:00 p.m. Eastern
Registration and more information can be found here:
https://www.consumercomplianceoutlook.org/outlook-live/2018/keeping-fintech-fair-thinking-about-fair-lending-and-udap-risks/.