BIS-隐私监管和金融科技贷款-72页

• Title: Privacy Regulation and Fintech Lending
• Authors: Sebastian Doerr, Leonardo Gambacorta, Luigi Guiso, Marina Sanchez del Villar
• Key Findings:
  • The California Consumer Privacy Act (CCPA) in 2020 increased fintech loan applications and market share by 19% relative to banks in California.
  • Fintechs improved their loan screening processes by utilizing more data, leading to lower interest rates (around 8 basis points less on average).
  • Privacy regulation enhances data sharing, enabling fintechs to offer personalized pricing and deny more low-quality applications.
  • This effect was stronger for "thin credit file" applicants, suggesting improved access to credit for underserved groups.
• Methodology:
  • Uses difference-in-differences strategy with Home Mortgage Disclosure Act (HMDA) data from California border counties.
  • Compares loan applications, interest rates, denial rates, and use of non-traditional data before and after CCPA introduction.
• Implications:
  • Privacy laws like the CCPA can balance consumer protection with fintech growth by addressing data concerns and fostering competition in financial markets.
  • Such regulations may serve as a model for global privacy policies, improving efficiency in credit allocation while respecting privacy.

This analysis highlights that effective privacy regulation can promote innovation in fintech lending without sacrificing consumer interests.