News Topic: Data quality

Banks are increasingly sharing data and must brace for new regulations protecting that data. ... Read full article

The CFPB has promised an equal-access rule for small-business lending for nearly a decade. But Apple’s recent discrimination inquiry into its credit card could force the agency’s hand. ... Read full article

The fast-growing fintech, which says its mission is helping banks be better consumer advocates, will use its cash infusion for hiring, software development and new partnerships. ... Read full article

An all-virtual future remains far off, as conversational programs still aren’t capturing the nuance of speech and chatbots have disappointed many customers. ... Read full article

New European Union privacy rules could serve as a guide for U.S. banks. ... Read full article

In a survey, bankers conceded they may not be doing enough to avoid the mistakes social media giants made in the use of unverified data. ... Read full article

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions. ... Read full article

A whistleblower charges that during the Obama administration, Treasury's Office of Financial Research manipulated information that it provided during a review by the Governmental Accountability Office. ... Read full article

Alternative data can be beneficial for individuals locked out of the financial system’s more conventional data types, but such data is open to manipulation or biased interpretation. ... Read full article

As banks press for deregulation, the debate over whether high bank capital standards is inhibiting loan growth has taken center stage. ... Read full article

Using historical patterns to predict the next financial success or crisis seems rational. But beware the human psyche’s tendency to concoct order out of randomness. ... Read full article

MIT professor Maria Loumioti has studied loans made strictly using hard data and loans where a loan officer clearly was influenced by personal connections or feelings about a borrower. The results shed light on the value and limitations of "soft" ... Read full article

Big data is a key for banks to better understand what financial products underbanked consumers and small businesses need. ... Read full article

The credit bureaus will change the way they include information about tax liens and civil judgments in credit reports. This could spur lenders' use of alternative credit data. ... Read full article

The president's executive order reflects a lack of trust in the identity information shared between countries. In theory, blockchains are tailor-made to solve this problem, but current systems may not be up to the task. ... Read full article