However, I think it would also be unfortunate if the laws and regulations put in place to require other lenders to adopt the same responsible practices long used by community banks are so complicated and expensive that they have the unintended effect of forcing some community banks to leave the market.
- 16 credit to consumers with little to no traditional credit histories.43 As mentioned earlier, other apps are using faster payments and cheap accounts to offer consumers tools to smooth volatility in their incomes.44 Still other products are using behavioral economicsbased “nudges” to help consumers grow their savings.45 It is still very early, and many of these products have difficult issues to work through with respect to consumer data security and privacy, which may have important implications for pricing of services.