Personal biography of Luigi Wewege

Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Luigi is also the published author of: The Digital Banking Revolution which is available in audio, kindle and paperback formats throughout all major international online bookstores and is now in its third edition.

Previously Luigi was the CEO of Vivier & Co a boutique financial services firm, the Commercial Manager of publicly listed Investment Research Group a financial advisory company where he led their media division, and was a Senior Consultant at The Braintrust Network which was a bespoke management consultancy. Notably, while Luigi was completing his undergraduate degree he executed a pilot study for the Federal Trade Commission during one of the most serious financial times for the American economy. The primary focus of the study was to examine and determine the accuracy of credit bureau information, with the research he conducted ultimately providing the impetus for a report which was presented before the United States Congress under Section 319 of the Fair and Accurate Credit Transactions Act of 2003.

Luigi holds a Master of Business Administration with a major in international business from the MIB School of Management. He also holds a Bachelor of Science in Business Administration with a triple major in finance, international business and management - cum laude from the University of Missouri-St. Louis (UMSL). Whilst at university Luigi was a multiple recipient of the Dean’s list, Coaches and Athletic Director honor rolls, as well as being a recipient of the Great Lakes Valley Conference Academic All-Conference honors. Other academic achievements for him include: being formally inducted into the Financial Management Association - National Honor Society, and the Epsilon Eta Pi - International Business Honor Society. More recently, he was the honored recipient of the Salute to Business Achievement Award which recognizes outstanding UMSL business alumni and the Outstanding Young Alumni Award, which is given annually to a recent graduate of UMSL for significant early professional achievements that inspire other alumni and bring honor to the university.

One of Luigi’s passions is to create development opportunities that empower young people to create positive change, and this has led him to starting his own Foundation which provides an annual academic scholarship to a deserving American student. Previously he served as a Director and Trustee of Doing Good Fellows a pioneering non-profit which uses technology to facilitate an ecosystem where accomplished professionals use their skills, and networks to deliver global social impact. Luigi is also the past President of Junior Chamber International (JCI) - Metro, which is a worldwide youth service organization with members in over 120 countries, and consultative status with the Council of Europe, the United Nations and UNESCO. The primary focus of Luigi’s presidency was to create innovative fundraising initiatives to assist JCI’s partnership with the United Nations Foundation and Nothing But Nets campaign, which helps prevent malaria deaths by purchasing, distributing and teaching the proper use of mosquito bed nets throughout Southern Africa.

Outside of work Luigi enjoys participating in a variety of sports and has competed in several at a high level. Select athletic achievements for him include: being a former national junior champion in swimming, and a National Collegiate Athletic Association golfer on university scholarship.

Section 319 of the Fair and Accurate Credit Transactions Act of 2003: Third Interim Federal Trade Commission Report to Congress Concerning the Accuracy of Information in American Consumers Credit Reports.

Report to the U.S. Congress on the Accuracy of Credit Bureaus

- 15th of October 2008.

United States of America. Federal Trade Commission. “Pilot Study 2 on Processes for Determining the Accuracy of Credit Bureau Information” By Dr. L. Douglas Smith, Dr. Thomas H. Eyssell, Chloe Gray-LeCoz, and Luigi Wewege. Under government contract: FTC07H7185.

This important economic research study examined the accuracy in consumer credit reports using a nationally representative sample of consumers with credit histories. Participants in the study examined their credit reports from the three national credit reporting agencies and identified potentially material errors.

Participants disputed any identified errors using the Fair Credit Reporting Act (FCRA) dispute process and were provided with new credit reports and credit scores. The original credit reports were then compared with the new reports and if any modifications were made as a result of the actions taken to dispute erroneous information, and the impact of errors on the consumer’s credit score was then determined.

Overall, 20% of consumers disputed errors and had modifications made to at least one of their credit reports. In many cases, the change to the credit report had no effect on their credit score, whereas 13% of consumers experienced a change in score due to their dispute. When focusing on changes in score that could impact a consumer’s credit risk classification, the study found that 5% of consumers had errors on their credit report that may be affecting the likelihood of receiving credit or the terms of credit received.

The summary overview of the credit research study is available online via the Federal Trade Commissions website here, as well as the final published research report which can be viewed here.