McGlinchey in the News
2020 Election: Can a public credit reporting agency become reality?
Member Robert Savoie (Cleveland) is quoted in “2020 Election: Can a public credit reporting agency become reality?” in Bank Innovation (subscription required). The article discusses the idea that a public credit reporting agency could help underbanked consumers who often struggle to receive credit.
If a Biden administration were to uncover inaccuracies in the current private credit reporting models, it could be beneficial for lenders and consumers alike, but simply ignoring predictive data could be a different story. “If [lawmakers] are going to pretend like it’s different or just insert directives that modify the cold hard math then that’s a recipe for disaster,” said Robert Savoie, an attorney at McGlinchey specializing in financial services and fintech regulation and policy.
Read the full article here (subscription required).