OLA Responds to CFPB RFI on Use of Alternative Data

On May 19th, OLA submitted a comment letter to the CFPB in response to an RFI issued by the agency in February. OLA members have been leaders in the alternative data field, building new and innovative models to assist in broadening the availability of capital to consumers. The letter focused on a broad range of topics including how alternative data is benefiting consumers and potential challenges that could limit its use.

It is OLA’s goal that as agencies evaluate the role that alternative data plays in credit decisions, that strong consideration is given to developing clear and practical guide lines that lower unnecessary barriers and fosters continued growth of alternative data.