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Digital Platforms: A New Source of Financial System Interconnectedness

Financial institutions are increasingly relying on digital platforms as a means to market and distribute their products and services to customers, in line with the broader trend towards the digitisation...

27 September 2021

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Elisabeth Noble

Discriminating Credit Algorithms

In 2017, Upstart, a US-based alternative lender using big data and machine learning to predict creditworthiness, received a No Action Letter from the US Consumer Financial Protection Bureau...

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EU Financial Regulation, Contract Law and Sustainable Consumer Finance

Modern societies need well-functioning retail financial markets to survive and thrive. The global financial crisis of 2007-2008 has shown that innovation in financial contract design can lead to financial products...

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Olha O. Cherednychenko

Consumer Law Myopia

The consumer credit market for low-income households in the United States is characterized by high interest rates, harsh default terms, and exotic fee schedules with low upfront fees and outsized...

22 October 2019

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Big Data and the Obsolescence of Consumer Credit Reports

The consumer credit reporting system performs three main functions. First, sharing data about consumers reduces the asymmetry of information in consumer credit markets, whereby credit providers typically know less than...

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Nikita Aggarwal

Video: Big Data and Discrimination

For many financial products, such as loans and insurance policies, companies distinguish between people based on their different risks and returns. However, the ability to distinguish between people by trying...

21 December 2018

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Law and Autonomous Systems Series: Algorithmic Credit Scoring and the Regulation of Consumer Credit Markets

Recent advances in machine learning (ML) and Big Data techniques have enabled the development of more sophisticated, automated consumer credit scoring models—a trend referred to as ‘algorithmic credit...

1 November 2018

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Nikita Aggarwal

Law and Autonomous Systems Series: Consumer Finance 3.0 - Behavioural Insights, Big Data and Digital Technologies

There are important behavioural reasons why financial consumers tend to make suboptimal financial decisions, and financial firms are often in a position to exploit them. So far, however, well-meaning regulatory...

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Geneviève Helleringer

The CFPB and the Rule of Law

The Mulvaney Memo on the CFPB and the rule of law is one of the most remarkable documents to be published by an agency head in many years. It signals a...

5 February 2018

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Anticipating the Function and Impact of India's New Personal Insolvency and Bankruptcy Regime

In May of 2016, India adopted a regime for personal insolvencies and bankruptcies as part of a comprehensive Insolvency and Bankruptcy Code. The Code's provisions for commercial debtors have been...

1 February 2018

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