The Federal Financial Institutions Examination Council has issued a policy statement that gives regulators ammunition to push more banks toward using software that closely tracks their consumer lending.

The statement by the coordinating body of all federal banks regulators calls on banks to have the ability to collect "sufficient data to make a reliable analysis and [sort] it in a geographic format" and to overlay information about the demographics of the local community.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.