Big Data and Fintech Resources
New fintech firms are competing with banks to offer a variety of financial services. Some use Big Data algorithms and scores based not only on traditional financial information but often also on information collected from social media tracking, your educational background or even shopping habits. These processes may be non-transparent or even secret and are often of questionable validity in determining your qualifications for credit or a job.
Archive from Big Data Event 6 December 2016
Recently, numerous regulators have engaged on the issue of Big Data and Fintech. FIntech is the name for the growing economic sector where Silicon Valley firms are offering different financial products developed using "tech." Regulators have held workshops and issued white papers and requests for information. Recently, the chief national bank regulator, the Office of the Comptroller of the Currency (OCC), provided an outline of a proposed limited-purpose FinTech charter under the National Bank Act that consumer groups and state regulators contend will preempt strong state consumer protections, undercut existing federal laws and precipitate a race to the bottom.
So, in December 2016, we brought 45 consumer, civil rights, community and small business advocates together to discuss the implications of the growing Fintech sector, its relationship to the existing financial sector and the OCC's proposal and to talk about what advocates should do going forward. We anticipate a series of ongoing convenings to be held with these and other stakeholders.
Some outputs:
PIRG/Center for Digital Democracy backgrounder on Big Data and Fintech.
Detailed comments of 49 groups including U.S. PIRG in opposition to the OCC proposal
Comments of 250 groups including state PIRGs in opposition to the OCC proposal.
We will be adding more resources to this page, including:
Jeff Chester of the Center for Digital Democracy's powerpoint Networks of Control from the event.
Professor Joe Turow's powerpoint (Annandale School of Communication, University of Pennsylvania).
Go to the Home Page of the U.S. PIRG Digital Data and Consumer Protection Project.
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Issue updates
U.S. PIRG celebrated the 10th anniversary of the passage of the groundbreaking Credit CARD (Credit Card Accountability Responsibility and Disclosure) Act today by joining with the law’s chief sponsor Rep. Carolyn Maloney (NY) at a U.S. Capitol press conference.
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While the Consumer Financial Protection Bureau’s new director entertains removing its consumer complaint database from public view, that website feature is proving its worth. The CFPB published a record 257,000 consumer complaints in 2018, according to a new report by U.S. PIRG Education Fund.
Fisher-Price recalled 4.7 million Rock n’Play baby sleepers on Friday. U.S. PIRG Consumer Watchdog Adam Garber issued a response: "“While we’re pleased that Fisher-Price is finally recalling these dangerous sleepers, 30 deaths in 10 years is 30 deaths too many and 10 years too late."
The Centers for Disease Control and Prevention (CDC) announced today that it suspects ground beef caused an outbreak of E. coli-induced infections that has sickened more than 100 people in six states.
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