On March 6, Sens. Andy Kim (D-NJ) and Elizabeth Warren (D-MA) from the Senate Banking, Housing, and Urban Affairs Committee requested information from the CEO of a company that collects and reports consumer information in the form of a “risk score” to financial institutions. The senators noted the company collects and sells consumer banking history, which banks then use to assess account risks and determine whether to deny or close an account. The letter emphasized bank overdraft practices can significantly contribute to the unbanked population, as these overdrafts affect the company’s “consumer score” used by banks to exclude consumers.

The letter requested information about the company’s operations, such as the types of information collected, the number of financial institutions involved, the company’s policies on consumer disputes, and the way the company updates, reviews and maintains consumer files. The senators also sought clarification on whether the company maintained a consumer blacklist and requested data on disputes and successful resolutions over the past five years.