Fintech’s role in unsecured consumer loans for individuals with low and moderate incomes
On Thursday, September 29, the Federal Reserve Bank of New York hosted a virtual event on the role of financial technology (FinTech) companies in unsecured consumer loans for low- and moderate-income households. Featuring FinTech lenders, researchers, regulators and policy makers, the event explored existing and new models of unsecured FinTech consumer loans aimed at low- and moderate-income earners, and covered the challenges and opportunities these models present.
Participants discussed the use of FinTech lending to provide credit to both low- and moderate-income individuals and underserved areas, the challenges and opportunities that alternative data and new forms of FinTech lending present to potential borrowers, and the changing regulatory landscape.
see the event
Event details
Date time
29 September 2022
2:30 PM – 4:50 PM EDT
placement
This is a virtual event only.
This virtual event was open to the public and media. All notes were on the disc, and the event was live streamed, with a recording to be made available afterwards. For media inquiries, please contact Ellen Simon at [email protected].
Agenda
Agenda
| 14.30-14.35 | Introduction
David Erickson, Head of Outreach and Education, Federal Reserve Bank of New York |
| 14.35-14.50 | How has FinTech changed access to unsecured consumer loans for households with low and moderate incomes?
Eldar Beiseitov, Economist, Federal Reserve Bank of St. Louis |
| 14.50-15.05 | Which lenders are more likely to reach underserved consumers: Banks versus Fintechs versus other non-banks?
Erik Dolson, Data Scientist, Federal Reserve Board of Governors |
| 15.05–15.10 | Break |
| 15.10-15.55 | FinTech perspectives: Existing product models and opportunities for LMI borrowers
Moderator: Todd H. Baker, Senior Fellow, Richman Center for Business, Law & Public Policy, Columbia Business School and Columbia Law School Jason Rosen, CEO, Petal and Prism Data Ezra Garrett, SVP of Public Affairs and Impact, Oportun |
| 15.55–16.00 | Break |
| 16:00-16:45 | The Role of Alternative Data in FinTech Lending and the Regulatory Landscape
Moderator: David Silberman, Senior Advisor, Financial Health Network Kelly Thompson Cochran, Deputy Director, FinRegLab Marco Di Maggio, Director of the FinTech, Crypto and Web3 Lab, Harvard Business School Patrice Alexander Ficklin, Fair Lending Director, Consumer Financial Protection Bureau |
| 16:45-16:50 | Final comments
Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York |
Speakers
Senior Fellow, Richman Center for Business, Law & Public Policy
Columbia Business School and Columbia Law School
Economist
Federal Reserve Bank of St. Louis
Deputy director
FinRegLab
Fair lending director
Consumer Financial Protection Bureau
SVP, Public Affairs & Impact
Opportunity
Director of FinTech, Crypto and Web3 Lab
Harvard Business School
Eric Dolson
Data scientist
Federal Reserve Board
Head of community development
Federal Reserve Bank of New York
Director of Community Investments
Federal Reserve Bank of New York
Research analyst for community development
Federal Reserve Bank of New York
CEO
Petal and prism data
Senior Advisor
Center for Responsible Lending and Financial Health Network (and former Assistant Director for Research, Markets and Regulation at the Consumer Financial Protection Bureau)
resources
Visit the New York Fed’s community development page
“Which Lenders Are More Likely to Reach Underserved Consumers: Banks vs. FinTechs vs. Other Non-Banks?” (Percent: Erik Dolson, Data Scientist, Federal Reserve Board of Governors)
“How Fintech Has Changed Access to Unsecured Consumer Lending” (Percent: Eldar Beiseitov, Economist, Federal Reserve Bank of St. Louis)
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