News Topic: Data modeling
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S&P to buy IHS Markit for $39B in union of large financial data providers
S&P Global has agreed to buy IHS Markit for about $39 billion in stock, a deal that accelerates the wave of consolidation among the finance industry's biggest data providers. ... Read full article
It's time to tie banks' business models to customer well-being
A three-stage plan combining data analysis, public disclosure and market-based regulatory intervention would better align financial services with what consumers really need. ... Read full article
Check your toolbox before chasing new (and expensive) modeling systems
Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same. ... Read full article
Alternative data could be lifeline for consumers needing credit
Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic. ... Read full article
OCC did its part to secure customer data. Now it’s CFPB’s turn.
The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection. ... Read full article
Don’t ditch disparate impact
Attempts to rewrite the method for determining unintended discrimination in housing should not bleed into fair-lending laws. ... Read full article
Bank of America's AI approach: 'Productive paranoia'
A thorough process for approving experiments with artificial intelligence, clear philosophical principles and diverse human involvement are some of the ways BofA says it's working to ensure AI does no harm. ... Read full article
Bringing fintech to farmers
Growers Edge is adapting retail financial technology to compete with traditional banks in ag lending and crop insurance. ... Read full article
Disney executive joins Union Bank to head data insights team
Una Fox will be in charge of using AI and other data-driven technology to figure out what customers want from digital banking and how they want it. ... Read full article
Don't let that data you're sitting on go to waste
To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal. ... Read full article
Hill aide named to run Dodd-Frank research agency
The White House announcement of Dino Falaschetti as the choice to run the Office of Financial Research comes amid signs that the administration has attempted to reduce the agency's independence. ... Read full article
Senate should take up bill to help lenders see 'credit invisibles'
Consumers who regularly pay their bills on time for things such as their cable and mobile phones should be able to build their credit histories. ... Read full article
Fed opens black box on stress tests (but not too far)
The Federal Reserve Board on Thursday proposed to give banks more insight into portfolio performance under its stress testing models in an effort to help banks better understand the Fed’s methodology. ... Read full article