JPMorgan Chase, Wells Fargo, U.S. Bancorp and other U.S. banks are expected to launch a pilot program sharing data on customers’ deposit accounts to improve their chances of obtaining a credit card, The Wall Street Journal reports. Ten banks have agreed to exchange data through the government-backed initiative, under which banks would consider account balances and overdraft histories. It is aimed at financially responsible individuals who lack credit scores.
Banks pilot data-sharing program to issue credit cards
Related stories
Notes from the IAPP Canada: AI, collaboration, deidentification on privacy pros' minds
A view from DC: Nontariff barriers in the spotlight
A dilemma of distrust: How data governance and privacy can rebuild customer confidences
A view from Brussels: What is and isn't in the EU's AI Continent Action Plan
Notes from the Asia-Pacific region: Regulatory developments in China, Hong Kong