On Tuesday, February 23, the Urban Institute [1] is hosting a virtual event entitled "Financial Inclusion: Lessons Learned and What’s Next for Innovations in Alternative Credit Data." [2] This session will explore the world of the "credit invisible": the millions of Americans who either don't have enough of a credit history to establish a score. As Urban's event description notes:
Because financial institutions have difficulty confidently lending to these consumers, they may be unable to obtain mortgages, credit cards, and other lending products. And, unable to obtain a mortgage, these consumers—who are disproportionately people of color and people with low incomes—are excluded from America’s strongest wealth-building tool: homeownership.
Running from 3:30-5:00 p.m. EST, the Urban Institute event will feature insights from Grovetta Gardineer, Senior Deputy Comptroller for Bank Supervision Policy at the U.S. Department of the Treasury. Gardineer will discuss "tools lenders could use to quickly harness alternative data, the potential of consumer-permissioned data, alternative credit data’s meaning to different lenders, the challenges to using such data, and how policymakers and regulators can advance efforts to use these data."
The rest of the panel will include:
- Shawn Rife, Director, Risk Scoring, Experian
- David Shellenberger, VP, Scores and Predictive Analytics, FICO
- Michelle Singletary, Nationally Syndicated Personal Finance Columnist, Washington Post
- Kelly Thompson Cochran, Deputy Director, FinRegLab
- Laurie Goodman, VP, Housing Finance Policy, Urban Institute (moderator)
Here's what else is happening in The Week Ahead:
- FHFA Home Price Index [3] (Tuesday)
- Senate Banking Committee hearing: "The Semiannual Monetary Policy Report to the Congress" [4] (Tuesday, 10 a.m. EST)
- S&P CoreLogic Case-Shiller Home Price Index [5] (Tuesday)
- House Financial Services Committee hearing: "Monetary Policy and the State of the Economy" [6] (Wednesday, 10 a.m. EST)
- House Financial Services Committee hearing: How Invidious Discrimination Works and Hurts: An Examination of Lending Discrimination and Its Long-term Economic Impacts on Borrowers of Color [7] (Wednesday, 3 p.m. EST)
- MBA Weekly Applications Survey [8] (Wednesday)
- Realtor.com Weekly Housing Market Recap [9] (Wednesday)
- U.S. Census Bureau New Residential Sales report [10] (Wednesday)
- Freddie Mac Primary Mortgage Market Survey [11] (Thursday)
- NAR Pending Home Sales report [12] (Thursday)
- Black Knight weekly forbearance data [13] (Friday)