September 29, 2016 (Washington, DC) – Summit Consulting (Summit) and BlueLabs announce today that the Consumer Financial Protection Bureau (CFPB) has selected their joint team for a five year Blanket Purchase Agreement (BPA) to provide data science support.
“Data science is a critical tool for strengthening our financial markets and preventing abusive practices. Alongside BlueLabs, Summit is ready to apply data science to this important mission,” says Summit Principal Anthony Curcio. Summit has provided analytical support to CFPB’s Office of Fair Lending and Equal Opportunity (OFLEO). As part of this effort, Summit developed a series of econometric models to determine whether certain major banks engaged in racially discriminatory lending practices. The models use bank underwriting and pricing criteria to determine whether race has a statistically significant effect on lending decisions. Additionally, Summit worked closely with CFPB attorneys to determine which lending programs may warrant further investigation. Summit also provided CFPB staff with ad hoc statistical support.
BlueLabs works with Federal, state, and local government agencies to implement high-capacity analytics programs to improve the efficiency and effectiveness of their services. "We are excited to join Summit in supporting CFPB's mission of empowering consumers to take more control over their financial lives," says BlueLabs' VP of Impact, Erek Dyskant. "Advanced data analysis is integral to effective financial regulation, and our two firms have the combined data science experience to support CFPB in furthering the public interest."
Created in 2011 in response to the 2008 financial crisis, CFPB works to eliminate abusive practices and enforce rules against discrimination in the financial marketplace.
About Summit
Summit is a specialized analytics advisory firm that guides Federal agencies, financial institutions, and litigators as they decode their most complex analytical challenges. Summit’s staff of economists, econometricians, and research scientists use quantitative techniques to assist our clients as they model risk, evaluate program performance, and predict future performance.
At Summit, we solve complex analytical challenges with unparalleled customer service and extensive client collaboration. Our team of data scientists and data analysts offers a broad range of expertise in complex statistical and data analysis, data mining and machine learning, predictive and non-parametric statistical modeling, relational database development and data integration, reporting, and visualization development. Our team members have extensive experience working on multi-year, multi-million-dollar engagements in the Federal and private sectors. Find out more about Summit by visiting http://www.summitllc.us/.
About BlueLabs
BlueLabs is an analytics and technology firm that specializes in harnessing the power of data to help organizations engage individuals, move individuals through service pipelines, and run efficient programs. BlueLabs’ services include analytics consulting and strategy, predictive modeling and experiments, tools for reporting and analysis, and cross-channel media optimization for digital, TV, radio, mobile, mail, and print. BlueLabs also conducts analytics infrastructure audits to help organizations retool to better achieve their objectives, and designs custom online tools to streamline data entry and integration.
In the government sector, BlueLabs has designed thousands of experiments, A/B tests, and models to improve government service delivery and outreach. It also built MAGI in the Cloud, a software application that determines Medicaid and Children’s Health Insurance Program (CHIP) eligibility. This tool is used by several state agencies, and is offered as a service to members of the New England States Consortium Systems Organization (NESCSO). Find out more about BlueLabs by visiting http://www.bluelabs.com/.