[idiotsecant]

I don't think the solution is less regulation. When you let the banks play fast and loose with the rules, they will. See 2008.

The real answer is an open source credit model. We don't need a black box. Let private industry handle the credit line qctivity reporting part like they do now and just feed that info into an open source model. Done.

[wiltonn]

Agree with the open source credit model, and so do many governments. Open Banking is gaining traction, in Canada a new law called the Consumer Driven Banking Act was just enacted that aligns with UK Open Banking model. While the legislation does not explicitly call out open source credit model, the legislative frameworks are being setup that align with open source model. The government mandate is: "to establish a framework within which consumers, including small businesses, can direct that their data be shared among participating entities of their choice and to ensure that the sharing of data among participating entities is safe and secure." While the mandate does not call out the implementation method, this could be conceived as open source credit. Minimally it will chop down some of the legal roadblocks the incumbents use to maintain market power. I am surprised Matt doesn't mention Open Banking in the article, not sure if US lawmakers have been exploring this.