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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.
A new analysis of publicly available information from the FDA by U.S. Public Interest Research Group Education Fund finds only 26 percent of a class of recalled blood pressure medications have been assessed for carcinogen contamiantion -- and the majority had some lots with higher levels than the FDA considers safe.
College is expensive, requiring many students to take out significant loans to afford an education. On top of that, students have to deal with the additional costs of textbooks, computers and other critical supplies. As students head back to school -- or to school for the first time -- U.S. PIRG Education Fund is releasing a money-saving guide to help them cut those additional costs.
Every day, millions of kids are dropped off at child care facilities across the country by parents and caretakers who are looking forward to seeing them safe and sound at the end of the day. But new research found some dangerous recalled products are still in use at child care facilities across the country.
Three months after nearly 5.4 million infant sleepers were recalled for causing 36 infant deaths, a new survey by the U.S. Public Interest Research Group Education (U.S. PIRG) and Kids in Danger (KID) revealed that many child care facilities continue to use these dangerous inclined sleepers.
Everyone should assume that their social security number has been exposed between this breach and breaches of other major companies’ databases, such as Equifax’s. With that in mind, U.S. PIRG recommends all Americans should use their right by law to freeze their credit reports for free
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