The Role of FinTech in Unsecured Consumer Lending to Low- and Moderate-Income Individuals

September 29, 2022

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 lending to low- and moderate-income households. Featuring FinTech lenders, researchers, regulators, and policymakers, the event explored existing and emerging models of unsecured FinTech consumer lending aimed at low- and moderate-income people, and covered the challenges and opportunities these models present.

Participants discussed the applications of FinTech lending to extend credit to both low- and moderate-income people and underserved areas, the challenges and opportunities that alternative data and new forms of FinTech lending present to prospective borrowers, and the changing regulatory landscape.

Event Details

Date & Time
September 29, 2022
2:30pm - 4:50pm EDT

This is a virtual-only event.


This virtual event was open to the public and the media. All remarks were on the record and the event was livestreamed, with a recording to be made available afterwards. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.

2:30pm-2:35pm Introduction

David Erickson, Head of Outreach & Education, Federal Reserve Bank of New York
2:35pm-2:50pm How Has FinTech Changed Access to Unsecured Consumer Loans for Low- and Moderate- Income Households?

Eldar Beiseitov, Economist, Federal Reserve Bank of St. Louis
2:50pm-3:05pm Which Lenders Are More Likely to Reach Out to Underserved Consumers: Banks Versus Fintechs Versus Other Nonbanks?

Erik Dolson, Data Scientist, Federal Reserve Board of Governors

3:05pm-3:10pm Break
3:10pm-3:55pm 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
3:55pm-4:00pm Break
4:00pm-4:45pm 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 FinTech, Crypto and Web3 Lab, Harvard Business School

Patrice Alexander Ficklin, Fair Lending Director, Consumer Financial Protection Bureau
4:45pm-4:50pm Closing Remarks

Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York


Todd Baker
Senior Fellow, Richman Center for Business, Law & Public Policy
Columbia Business School and Columbia Law School

Eldar Beiseitov
Federal Reserve Bank of St. Louis

Kelly Thompson Cochran
Deputy Director

Patrice Alexander Ficklin
Fair Lending Director
Consumer Financial Protection Bureau

Ezra Garrett
SVP, Public Affairs & Impact

Marco Di Maggio
Director of FinTech, Crypto and Web3 Lab
Harvard Business School

Erik Dolson
Data Scientist
Federal Reserve Board of Governors

David Erickson
Head of Community Development
Federal Reserve Bank of New York

Jonathan Kivell
Director of Community Investments
Federal Reserve Bank of New York

Ambika Nair
Community Development Research Analyst
Federal Reserve Bank of New York

Jason Rosen
Petal and Prism Data

David Silberman
Senior Advisor
Center for Responsible Lending and the Financial Health Network (and Former Associate Director for Research, Markets and Regulations at Consumer Financial Protection Bureau)


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