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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.
We're co-sponsoring a zoom webinar Wednesday, June 24, at noon ET on two ways consumers and patients are harmed by drug industry price manipulation and lack of competive restraints. Consumers don't get a fair price and don't always get an effective drug. Find out how to register for the "Rebate Walls and Step Therapy" event featuring leading experts.
Johnson & Johnson will end the sale of talc-based baby powders--which can be contaminated with asbestos--in the United States and Canada. That’s a big win for consumers, but it’s not enough.
U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.
Each week, we’ll be posting a round-up of short stories from across our network from staff experiencing various COVID-related issues, and what they did about them.
The U.S. Food and Drug Administration (FDA) issued a full recall Wednesday of all ranitidine, a heartburn medication known by the brand name Zantac.
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