FinRegLab conducted a ground-breaking comparison of the financial inclusion benefits of using machine learning underwriting models with and without cash-flow data to increase responsible access to credit for consumers who may otherwise find it difficult to obtain safe and affordable loans.
This policy analysis explores the regulatory and public policy implications of the increasing use of machine learning models and explainability and fairness techniques for credit underwriting in depth, particularly for model risk management, consumer disclosures, and fair lending compliance.
This additional study of COVID-19 loan forbearances probes the benefits of combining short-term payment relief with longer term assistance plans for the most vulnerable consumers struggling with credit card debt.
This additional study of COVID-19 loan forbearances probes the benefits of combining short-term payment relief with longer term assistance plans for the most vulnerable consumers struggling with credit card debt.
We are investigating the potential for technology and non-traditional data sources to improve credit access, measure financial health, and support new financial products and services for small businesses.
This working paper focuses on consumers who struggled to manage credit card and other unsecured debt during the pandemic, analyzing the extent to which consumers obtained card and other forbearances from lenders and shifts in patterns of consumers who sought credit counseling and enrolled in debt management plans through September 2021.
FinRegLab research highlights the benefits of combining short-term payment relief with longer term assistance plans for the most vulnerable of consumers struggling with credit card debt.
Publications
The Countdown Clock for Student Loan Forbearances
This research brief highlights the need for consumer engagement and administrative flexibility to help distressed borrowers transition smoothly into longer-term repayment plans as pandemic deferral programs end and new programs are implemented.
FinRegLab research finds that tools for managing explainability and fairness in machine learning underwriting models hold promise and that regulatory guidance could encourage more consistent, responsible use.
This paper summarizes the machine learning project’s key empirical research findings and discusses the regulatory and public policy implications to be considered with the increasing use of machine learning models and explainability and fairness techniques.