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US GAO says OCC still must clarify use of alternative data

( May 22, 2025, 16:21 GMT | Official Statement) -- MLex Summary: The US Government Accountability Office reiterated its recommendation that the Office of the Comptroller of the Currency ensure that it develops policies and procedures for performing retrospective reviews of regulations and jointly establish a formal coordination mechanism with other regulators for collectively identifying and responding to risks posed by blockchain-related products and services. Additionally, the GAO added a new recommendation that the OCC coordinate with the other regulators to communicate in writing to banks that engage in third-party relationships with financial technology lenders on the appropriate use of alternative data in the underwriting process.Statement follows in full. Also see attached file. ...

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