Jason Kratovil is head of public policy at SentiLink, which provides identity verification and fraud risk mitigation solutions to leading banks, credit unions and fintechs. Previously, Jason was a principal at the Washington, D.C. law firm of Sivon, Natter & Wechsler, P.C. While at the firm he founded the Consumer First Coalition.
The Consumer Financial Protection Bureau is considering new rules covering the collection and sale of some consumer data. If it's not careful, the agency could be inadvertently assisting identity thieves.
Policymakers need to stop attacking credit bureaus and take action against credit repair firms that use dubious tactics to wipe bad debt from consumers' credit reports. Such schemes both impair banks' ability to accurately underwrite loans and further hurt real victims of identity theft.
The Office of the Comptroller of the Currency is trying to do its part to address fintech regulation, but the OCC lacks the mandate to solve the broader fintech issues facing the entire financial ecosystem.