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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.
As the Coronvirus outbreak became more widespread, the price of most of the sanitizers and masks rose at least 50 percent higher than the 90-day average. Even one in six products sold directly by Amazon saw prices rise at least 50 percent higher in February
Following the release last month of U.S. PIRG’s Education Fund’s Food Recall Failure report, which rated 26 top grocery store chains on their transparency about food recalls, Trader Joe's provided new survey answers and clarified where that information lives online and in its stores.
Our research found the majority of grocery stores fail to warn the public about hazardous food recalls. While they collect significant information about Americans shopping habits to sell us more food, they aren't doing enough to use that information to protect the public health.
Americans are not hearing about food recalls, and that communication breakdown is having serious repercussions for public health. A new report finds that most grocery stores -- which should be one of the best places to learn about recalls -- don’t make it easy for consumers to uncover this information.
Congress must hold companies accountable for failing to protect condumers' confidential information.
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