A new report released by the Policy & Economic Research Council (PERC) found that proposed data suppression/deletion measures to address the economic fallout of COVID-19 will dramatically reduce access to credit should they be implemented. The report, titled “Impacts from System-Wide Suppression of Derogatory Data in Credit Reporting,” simulated the impacts of largescale suppression and […]
PERC Calls for Non-Financial Lenders to be Recognized as Creditors Under ECOA & Regulation B
In comments to the Consumer Financial Protection Bureau’s request for information, the Policy & Economic Research Council (PERC) called for certain non-financial lenders—including but not limited to mobile network operators or MNOs—to be explicitly recognized in the definition of “creditors.” The CFPB had requested information to identify opportunities to prevent credit discrimination, promote fair, equitable, […]
Latest PERC Report on Philippines Credit Information System Recommends Amendments to CISA
A new report released by the Makati Business Club (MBC) and the Policy & Economic Research Council found that the Credit Information Sharing Act (CISA) in the Philippines has resulted in an underperforming credit information sharing system. The report, titled Philippine Credit Information Study, offered recommendations and possible amendments to CISA in order to improve […]
SUMMER 2020
APFF 2020 Progress Report
Dr. Turner attended the virtual drafting session of the Asia-Pacific Financial Forum’s 2020 Progress Report, and spoke about credit information sharing efforts in Hong Kong and the Philippines. Our latest report on Hong Kong can be accessed here. The Progress Report will be finalized this month for the APEC Finance Ministers and made available for […]
PERC Report Recommends Updates to Hong Kong’s Credit Information Regulatory Framework
A new report from the Asia-Pacific Credit Coalition (APCC) and the Policy and Economic Research Council (PERC) on the Hong Kong credit information sharing market recommends regulations be updated to facilitate financial inclusion and competition. The report, titled “Credit Information Sharing in Hong Kong,” reviews the market dynamics in Hong Kong, including data gaps, the […]
PERC Report Finds COVID-19 Data Suppression/Deletion Measures Likely to be More Harmful than Helpful
A new report released last week by the Policy & Economic Research Council (PERC) found that data suppression/deletion measures put forward in some proposed legislation addressing the economic fallout of COVID-19 was more likely to harm borrowers than to help them. The report, titled “Addition is Better than Subtraction: The Risks from Data Suppression and […]
COVID-19 & Credit Reporting: Suppression is Not the Solution
There remains tremendous uncertainty surrounding the global COVID-19 pandemic as a health care crisis. There is also uncertainty about the economic collateral damage being caused by the pandemic—primarily around the slope of the economic recovery curve (will the curve be “V-,” “U-,” or “L-shaped?”). Whatever recovery trajectory different affected economies ultimately travel along, the following […]
International Committee on Credit Reporting Issues COVID-19 Reporting Guidance
Earlier today, the International Committee on Credit Reporting (ICCR) issued guidance for policymakers on credit reporting and COVID-19. The guidance was a response to requests from central bankers around the world on options for balancing two policy objectives: (1) protecting borrowers from undue harm to their creditworthiness as a consequence of the COVID-19 global pandemic; […]
PERC Findings from Hurricane Katrina Disaster Research Applicable to Economic Fallout from COVID-19 Pandemic
A new report released yesterday by the Policy and Economic Research Council (PERC) offers guidance to policymakers seeking solutions to economic challenges resulting from the COVID-19 pandemic. PERC has undertaken field research in communities and regions devastated by natural and manmade disasters—including a 5-year longitudinal study on small business impacts from the 2005 hurricanes in […]