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Community Development
& Education

Event

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.

watch the event

Event Details

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

Location
This is a virtual-only event.

Audience

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.

Agenda

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

Speakers

Todd Baker

Senior Fellow, Richman Center for Business, Law & Public Policy

Columbia Business School and Columbia Law School

Eldar Beiseitov

Economist

Federal Reserve Bank of St. Louis

Kelly Thompson Cochran

Deputy Director

FinRegLab

Patrice Alexander Ficklin

Fair Lending Director

Consumer Financial Protection Bureau

Ezra Garrett

SVP, Public Affairs & Impact

Oportun

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

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)

resources

Visit the New York Fed's page on Community Development

"Which Lenders Are More Likely to Reach Out to Underserved Consumers: Banks vs. FinTechs vs. Other Non-Banks?" (Presenter: Erik Dolson, Data Scientist, Federal Reserve Board of Governors)

"How Has Fintech Changed Access to Unsecured Consumer Loans" (Presenter: Eldar Beiseitov, Economist, Federal Reserve Bank of St. Louis)

The contents on this page—including third-party resources, hyperlinks and documents—are provided for informational purposes only and do not necessarily represent the views of the New York Fed or the Federal Reserve System.