Credit & Decision Making Software "Framing Former FHFA Director Thompson..."

Research evidence excerpt

Credit & Decision Making Software "Framing Former FHFA Director Thompson..."

Global Research

15 May 2026ab

Credit & Decision Making Software Equities

AmericasFraming Former FHFA Director Thompson's

Views Software

Kevin McVeigh

Analyst

kevin.mcveigh@ubs.com

Implications of FICO Direct License Program with Expert Sandra Thompson +1-212-882 0081

As perpetual industry and regulatory changes create continued uncertainty, we hosted Bruna Werneck

Sandra Thompson—former FHFA Director—as well as previously Deputy Director of Associate Analyst

Bank Supervision with 20+ years in senior roles at FDIC + RTC. Ms. Thompson leveraged bruna.werneck@ubs.com

her deep regulatory expertise and decades of leadership to frame some of the +1-212-882 5955

uncertainty including the pacing of VantageScore adoption and other recent FHFA Olivia Bradlee

initiatives including a potential GSE IPO, tri-merge debates, and the importance of price Associate Analyst

versus accuracy in credit scoring. In times of elevated uncertainty, we believe Equifax is olivia.bradlee@ubs.com

best positioned amid ~90% proprietary data enabling differentiation, driving value +1-212-713 1227

beyond credit with Workforce Solutions [~40% revenue]. Key takeaways are as follows:

Key Takeaways

1. VantageScore 4.0 implementation—alternative scoring models to FICO has

been underway since 2014, spanning four different directors and receiving

bipartisan support. The current pilot program with 21 resellers is helping move the

mortgage industry—historically slow adopting technological changes—to

reconfiguring systems and calibrating LLPA pricing grids.

2. Predictive, price, inclusion—predictive is a primary concern, but price is also a

significant consideration for legislators. It is worth highlighting that new FICO