Four U.S. federal regulatory agencies have issued the “Interagency Statement on the Use of Alternative Data in Credit Underwriting.”    Developed in response to a U.S. Government Accountability Office recommendation, the statement focuses on consumer protection implications of the use of alternative data in underwriting.   Through the statement, the

The provincial government has introduced a new Unclaimed Property Act, which includes the creation of an unclaimed property program.   The program, to be administered by the Financial and Consumer Services Commission, is expected to assist to protect New Brunswickers.    It is also expected to facilitate the injection of

The U.S. Commodity Futures Trading Commission (CFTC) has fined Goldman Sachs & Co. LLC (Goldman) $1 Million.   The penalty was over Goldman’s failure to make and keep certain audio recordings as required under CFTC regulations for swap dealers, as detailed below.    Goldman began using recording hardware to record

The Office of the Superintendent of Financial Institutions (OSFI) has published findings from consultation with deposit-taking institutions.   OSFI had commissioned an independent research firm to consult with deposit-taking institution CEOs, CFOs and other senior executives.    Comprising of a series of confidential interviews, the purpose of the consultation was

FINTRAC has updated its guidance on methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation. The requirements to verify the identity of an individual and confirm the existence of a corporation or of an entity other than