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 Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.
The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.
Bank regulators are considering a bypass to the 2015 court ruling governing loan sales that would ultimately offer more credit options to entrepreneurs.
The Comptroller of the Currency said the Federal Reserve had disagreements with the metrics of a pending proposal to revamp the Community Reinvestment Act.
