Review Mortgage Lenders

American Mortgage Consultants

American Mortgage & Equity Consultants, Incorporated - Mankato, MN

American Mortgage & Equity Consultants, Incorporated 507-387-5626 www.yellowbook.com

BankThink As bankers play with new data types, beware of ingrained bias

Century that we are rational creatures who use our intelligence to draw rational conclusions based on the evidence of our eyes, ears and other senses . Given that assumption, a visitor from outer space would probably be surprised at the extent to which people today disagree on basic facts as wide-ranging as the state of the climate and the state of the economy.

In opposition to Locke, social scientists’ research suggests that our biases can make us believe things that are objectively false. It is important to be aware of these biases as they can lead to poor decision-making. Anecdotally, we hear stories about job-searchers stymied by the fact that their name conveys a Hispanic or African-American background. A natural predilection to follow our own biases can lead to poor business moves, such as a faulty decision on whether to extend credit to an applicant. The question is: How do we overcome our innate prejudices?

I wrote an article in BankThink two years ago about how social-media data informs decision-makers at banks in all types of areas from hiring new employees to making loan decisions. I thought, and still do, that such data can potentially be beneficial for individuals locked out of the financial system’s more conventional data types, such as credit scores. At the same time, it is clear from recent fake news stories on social media that such data is open to manipulation or biased interpretation.

Tax cuts, hacking and fintech partnerships: A bank CEO's take

Bruce Van Saun, the CEO of Citizens Financial, has helped lead a remarkable turnaround at the bank since it was spun off from RBS in 2013.

Earnings and its stock price are up, return on tangible equity hit a key goal in the third quarter, partnerships with fintechs are bearing fruit and loan growth is slowly but steadily increasing. But the next few years may be even better, according to the CEO, in part thanks to the unlikeliest of places: Washington.

The tax cut bill passed by the Senate last week could boost lending and hiring, while bipartisan regulatory relief legislation gaining steam on the Hill would free Citizens of the burdens of being considered a systemically important financial institution.

“Most of the time period when we were making this progress, we didn’t really have any tailwinds, in fact we had some headwinds,” Van Saun said in a lengthy interview, citing a slow economy and lackluster loan growth. Given moves by Washington and in the economy now, however, “I think potentially there’s a little wind in our sails and a little wind at our back. Which feels good. We’re optimistic that we’re positioned to continue to perform well.”

Do you think Alan Greenspan was a puppet for Corporate America?

He advocated no regulation for the mortgage industries, and permanent tax cuts for the richest americans. He is now making millions as a private financial consultant for the largest and richest companies in America.


Here's a news flash for you - the entire administration are puppets for Corporate America.