国际清算银行-隐私监管与金融科技贷款（英）-2023.6-72页

Privacy Regulation and Fintech Lending: Summary

This BIS Working Paper (No. 1103, June 2023) by Doerr et al. examines how privacy regulation, specifically the California Consumer Privacy Act (CCPA), impacts fintech and bank lending in the U.S. mortgage market. The study uses a difference-in-differences approach comparing counties along the California border to control for external factors. Key findings include:

• The CCPA increased loan applications to fintechs by 14.6% relative to banks in California.
• Fintechs' market share rose by 19%, as the legislation reduced privacy concerns by granting users control over data, enhancing their willingness to share information.
• Loan rates for fintechs decreased by 0.10 standard deviations (equivalent to ~8 basis points) compared to banks, driven by improved screening via greater data access and individualized pricing.
• Effects were stronger in areas with more thin credit file applicants, suggesting expanded credit access for minority and low-income groups.
  Overall, the study suggests that privacy regulations like the CCPA can mitigate trade-offs between consumer protection and fintech innovation, promoting competition and financial inclusion.