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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.
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.
Despite more than 50 infant deaths from inclined sleepers, including the Fisher-Price Rock ‘n Play and the Kids II Rocking Sleeper, many versions of this type of product remain for sale and in homes. The U.S. Consumer Product Safety Commission (CPSC) is proposing a new rule that would virtually end the sale of inclined sleepers.
When our new report revealed every single one of the 28 AutoNation dealerships we surveyed across the country was selling a recalled car with a dangerous safety defect you’d hope their response would be: “we’re on it.” It wasn't.
AutoNation, which bills itself as “America’s Largest Auto Retailer,” is selling recalled used vehicles that contain dangerous safety defects. In a survey of over 2,400 used vehicles for sale at 28 AutoNation locations, 1 in 9 were found to have unrepaired safety recalls.
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