Financial Technology: Agencies Should Provide Clarification on Lenders' Use of Alternative Data, Report to Congressional Requesters   [open pdf - 4MB]

From the Highlights: "GAO [Government Accountability Office] was asked to review several fintech lending issues. This report, among other things, (1) describes recent trends in fintech [financial technology] lending and (2) examines fintech lenders' use of alternative data and the extent to which federal agencies monitor lenders' use of the data. GAO reviewed literature and agency documents; analyzed relevant federal guidance; conducted interviews with agency officials and industry stakeholders; and collected data from 10 fintech lenders (selected based on size, products offered, and other factors)."