Former CFPB director Mick Mulvaney to chair SOLO advisory board

Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, will chair a new advisory board at SOLO.

The fintech, founded by data scientist Georgina Merhom, is looking to create a customer data sharing network and mount a challenge to existing credit bureaus. SOLO recently announced plans for

SOLO introduced its Customer Data Clearinghouse concept in July, a large-scale, bank-led effort that includes banks, fintechs, and other financial service providers. The Clearinghouse would let financial institutions share verified customer data, such as identity, income, and compliance records, in a secure, standardized, and consent-based way.

Customers maintain control over who can access their information, and institutions that contribute verified data are compensated for their efforts.

Mulvaney, a former Congressman, also served as director of the Office of Management and Budget under President Trump.