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

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
Blog Post | Consumer Protection

30 Years of "Trouble in Toyland," 30 Years of Safety Improvements | Anna Low-Beer

Every year, U.S. PIRG Education Fund releases Trouble in Toyland, a report on toy safety which examines toys bought at major national retailers, looking for safety hazards including toxic toys, choking hazards, labeling violations, powerful magnets, and excessibely loud toys. We continue to find these hazards on store shelves, which indicates the need for continued vigilance and adequate enforcement of safety regulations. But despite lingering dangers, in the last 30 years, we've come a long way in terms of both policy and compliance with standards.

> Keep Reading
Blog Post | Consumer Protection

Industry Tries to Toy with our Toy Report | Dev Gowda

It's mid-November, which for the general American population means that pumpkin-spice everything is all the rage, but for U.S. PIRG Education Fund staff, it means that our annual Trouble in Toyland report release is just around the corner. Apparently, the Toy Industry Association is also aware of our upcoming toy safety report.

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

Why You Should Get Security Freezes Before Your Information is Stolen

Here are tips for preventing ID theft and using a security freeze:

How To Avoid Identity Theft

How To Use a Security Freeze

> Keep Reading

Pages

Reuters: Bank Transfer Day saw 600,000 switch

Bank of America (BofA) Gets Hit By $5 Debit Card Fee, Consumers Move Their Money From Big Banks. Read the story. Then, get more info at U.S. PIRG's Bank Fee Tips. Check out our April 2011 report Big Banks, Bigger Fees for more details.

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

A Lower Standard for Lead Poisoning

U.S. PIRG applauds the Advisory Committee on Childhood Lead Poisoning and Prevention of the Centers for Disease Control and Prevention in their important decision to protect the safety and well-being of our littlest consumers: children. The Panel recommended the government lower the threshold of lead in blood that qualifies as lead poisoning in children.

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

Survey Finds Toxic or 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 26th annual Trouble in Toyland report.This morning U.S.PIRG, joined by Commissioner Robert Adler from the Consumer Product Safety Commission and Ivan Frishberg, a parent, released the report. It reveals the results of laboratory testing on toys for lead and phthalates, both of which have been proven to have serious adverse health impacts on the development of young children. The survey also found toys that pose either choking or noise hazards.

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

Parents Beware - Many Toys Still Toxic, Hazardous

Dangerous or toxic toys can still be found on America’s store shelves, the U.S. Public Interest Research Group announced in its 25th annual Trouble in Toyland report.

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

Three Groups Urge FTC to Investigate “Wild West” of Online Data Collection

Three consumer protection organizations on Thursday filed a complaint with the Federal Trade Commission (FTC), demanding the commission investigate growing privacy threats in the “Wild West” online.

> Keep Reading

Pages

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.