Earlier this month a task force of Joe Biden and Bernie Sanders supporters released a document with policy ideas including the creation of a Public Credit Reporting Agency; under the proposal federally backed lenders would be required to use the new agency’s reports to evaluate applicants for credit; the existing credit bureaus would also be required to provide data to the federal agency; Francis Creighton, president and CEO of the Consumer Data Industry Association, was not a fan, saying, “We would be handing the government the ability to determine who gets loans and who doesn’t get loans. Banks and others would no longer be in charge of their own underwriting systems. The government would be, and that’s troubling to us.” If Democrats take control of the White House and Senate in November then debate about this new public reporting agency will likely pick up steam. American Banker.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.