Federal policy must ensure fair financial practices as...

Federal policy must ensure fair financial practices as big data increasingly enables discriminatory practices, said a report submitted Thursday to the White House as part of the administration’s big data review, said (http://bit.ly/1dQEkeq) Executive Director Jeff Chester of the Center for Digital Democracy. CDD and the U.S. Public Interest Research Group Education Fund jointly submitted the report, which was funded by the Ford Foundation and the Annie E. Casey Foundation. Increasing digital- and mobile-based financial services “could provide further obstacles to the consumers most at risk today -- imposing new forms of unaffordable loans, discriminatory pricing, escalating fees for services and unfair marketing practices,” said the report. It sought federal and state “policies that encourage asset-building, budgeting, financial inclusion and opportunities.” The FTC and Consumer Financial Protection Bureau “should be encouraged to review the products and services that comprise the contemporary underbanked financial marketplace,” the report said. And the government should review the Fair Credit Reporting Act “to ensure it addresses these current practices,” said the report. It said the FCC can also play a role, by promoting “affordable access to mobile devices."