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.

--------------------------------------------------------------------

Issue updates

News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay

Leading Groups Send Criteria for Evaluating VW Settlement

Four leading consumer, environmental, and public health organizations wrote an open letter in advance of the April 21st deadline set by U.S. District Judge Charles R. Breyer for a proposal that deals with Volkswagen’s emission scandal.

> Keep Reading
Blog Post | Consumer Protection

Lowering your APR might be easier than you think | Kathryn Lee

Many Americans are walking around with a balance on their credit card because of high interest rates, or annual percentage rate (APR) charges for unpaid balances. It's best to pay off your balance in full but if you don't or can't, a higher APR makes your debit grow faster. What most people don’t realize is this APR can be negotiated to a lower rate.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

30th Annual Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to U.S. PIRG Education Fund’s 30th annual Trouble in Toyland report. The survey of potentially hazardous toys found that, despite recent progress, consumers must still be wary when shopping this holiday season.

> Keep Reading
Report | U.S. PIRG Education Fund | Consumer Protection

Trouble in Toyland 2015

For 30 years, U.S. PIRG Education Fund has conducted an annual survey of toy safety, which has led to an estimated 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children.

> Keep Reading

Pages

An $18 Million Lesson in Handling Credit Report Errors

"Even after sending more than 13 letters to Equifax over the course of two years, Julie Miller could not get the big credit bureau to remove a host of errors that it inserted into her credit report. [...] So she tried suing. That worked. [...] “Big punitive penalties may help force the bureaus to upgrade their 20th-century algorithms and incompetent dispute reinvestigation processes,” said Ed Mierzwinski, consumer program director at the United States Public Interest Research Group. “But C.F.P.B.’s authority to supervise the big credit bureaus is one of the most significant powers Congress gave it.”

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to U.S. Public Interest Research Group’s 27th annual Trouble in Toyland report. It reveals the results of laboratory testing on toys for lead, cadmium and phthalates, all of which have been proven to have serious adverse health impacts on the development of young children. The survey also found small toys that pose a choking hazard, extremely loud toys that threaten children’s hearing, and toy magnets that can cause serious injury.

> Keep Reading

Fox Business: Consumer Watchdog Gives Bite to Dodd-Frank

"The CFPB has been enormously successful in ramping up over its first year," says Ed Mierzwinski, consumer program director at the Federation of State Public Interest Research Groups in Washington, D.C.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Bagged Lettuce Recall and Fresh Produce Inspections

The Agriculture Department’s tiny $5 million Microbiological Data Program screens high-risk fresh produce throughout the year for bacteria including Salmonella, E. coli and Listeria. Cutting this program will leave public health officials without a crucial tool used to investigate deadly foodborne illnesses in fresh produce leaving inspections in the hands of produce producers.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Listeria Contaminated Eggs Yanked From 34 States

Friday’s announcement of widespread listeria contamination in eggs produced in Minnesota underscores the need for food inspections to happen at more regular intervals.

> Keep Reading

Pages

Blog Post | Consumer Protection

PIRG, Others Urge CPSC Recall of Bumbo Baby Seat Due to Skull Fracture Risk | Ed Mierzwinski

Over at the CALPIRG blog, consumer advocate Jon Fox explains why CALPIRG, U.S. PIRG, Kids In Danger and other leading groups have asked the Consumer Product Safety Commission, in a letter, to recall the Bumbo baby seat. Previous remedial actions, including labeling the seat with warnings, haven't prevented an alarming number of injuries, including over thirty skull fractures.

> Keep Reading
Blog Post | Consumer Protection

Encouraging news on HUD/state AG settlement with big mortgage servicers | Ed Mierzwinski

Update: The terms of the settlement, which was announced this morning, are at the page http://www.nationalmortgagesettlement.com. We are reading it now. Original: If I am reading the overnight news stories correctly (NY TIMES and Politico and Boston Globe), it appears that negotiators have clarified that the well-publicized settlement between HUD and state AGs and the nation's 5 largest mortgage servicers will not release the big banks from claims related to their activities with the mysterious entity known as MERS that aided and abetted their illegal foreclosures. If so, this is a big deal in ultimately holding the big banks fully accountable.

> Keep Reading
Blog Post | Consumer Protection

Should Facebook And Google Be Regulated As Credit Bureaus? | Ed Mierzwinski

In a series of joint privacy petitions to the Federal Trade Commission beginning in 2006 and extended more recently to include behavioral targeting, as well as medical and mobile marketing, U.S. PIRG and the Center for Digital Democracy (sometimes with allies) have argued for greater scrutiny and regulation of the online digital marketing and behavioral targeting ecosystem that involves companies you do business with, social networking tools, third-party advertisers and other players. Today, in the New York Times, Professor Lori Andrews says that "Facebook is Using You."

> Keep Reading
Blog Post | Consumer Protection

Some Consumer News of the Week, In Case You Missed It | Ed Mierzwinski

It's hard to keep up, so here are some key consumer news stories I am following that you may have missed this week. We start with CALPIRG Education Fund's new "Cell Phone Guide," look at the Consumer Federation of America's report on auto insurance discrimination and take you all the way to the NYPIRG Straphangers Campaign survey on what's "good, bad and ugly (rats!)" in NYC subway stations.

> Keep Reading
Blog Post | Consumer Protection

Watch for fake 5.0 user ratings on merchant sites; and watch out for efforts by doctors, others to block real ratings, too | Ed Mierzwinski

Some user reviews on the Internet are written by sockpuppets paid by the website; in other cases, consumers are given inducements to write good reviews (New York Times). Meanwhile, doctors, especially, are trying to use copyright law to "squelch" valid reviews from patients (Washington Post). Either way, watch out.

> Keep Reading

Pages

View AllRSS Feed

Support us

Your tax-deductible donation supports U.S. PIRG Education Fund’s work to educate consumers on the issues that matter, and the powerful interests that are blocking progress.

Learn More

You can also support U.S. PIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.