Alternative data "may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers," the agencies said.
Her comments signaled cooperation between the two agencies on a coming proposal to revamp the Community Reinvestment Act, but she raised questions about CRA assessment areas and developing a single compliance metric.
The agency said it plans to make its cost-benefit process “more structured” and incorporate “a number of analytical practices identified in standard references.”
The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.
The ruling by a three-judge panel means the president will lose control of his long-secret business and personal records at the two banks unless the full court reconsiders or the U.S. Supreme Court blocks the decision.
The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.
