Ongoing economic challenges cannot be solved simply by fixing the traditional financial institutions, which proved to be opaque, fragile, and in some cases reckless. Navigating this ongoing financial crisis means embracing alternatives and new innovations that will make the country less dependent on any single point of failure, or institutions that are too big or too interconnected to fail. New companies and organizations are emerging to fill the void and to do so in a better, more responsible way. What solar panels and wind turbines are to the energy industry, alternative credit models are to financial services and consumer lending. They are new innovations that require new rules and fresh thinking to reach their full potential and mandate for change.
The Coalition for New Credit Models policy recommendations for Congress and the Administration include:… Read More