Spring Labs Blockchain Project to Eliminate Credit Bureaus Like Equifax and Experian from Loan Granting Process

The blockchain startup Spring Labs is currently working with 16 different lenders and other fintech companies in order to create a new system for granting loans. The intention is to eliminate centralized firms such as credit bureaus form the loan granting process.

According to a recent report released by Bloomberg, there are different companies such as Equifax and Experian that are now dominant firms in the loan market. In some cases, banks have been struggling to provide loans due to problems related to sharing customer data.

Bloomberg explains that if there are two banks and a […] Read more

We Warn Congress: After Equifax, Firms Will Step Up Trojan Horse Efforts to Eliminate State Privacy Laws

Like clockwork, after any big data breach is disclosed, powerful special interests seek to turn the problem into a bigger problem for consumers by using it as an opportunity to enact some sort of narrow federal legislation that broadly eliminates state data breach notification, state data security and other privacy protections.  I testified yesterday in the House Financial Services Committee (link to full hearing archive and video transcript) warning of their efforts. I warned in particular of their Trojan Horse efforts to hide their broader plans. They don’t simply want to create a “uniform national breach law.” Inside that Trojan […] Read more