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

L'Oréal: Pledge to Be Toxic-Free

Today, U.S. PIRG Education Fund, Campaign for Safe Cosmetics (a project of Breast Cancer Prevention Partners (BCPP)), and Safer Chemicals Healthy Families delivered more than 150,000 petition signatures calling on the multinational cosmetic giant L’Oréal USA to eliminate cancer causing chemicals and to disclose its secret “fragrance” chemicals. 

> Keep Reading
Blog Post | Consumer Protection

U.S. PIRG Amends Court Filings Against FTC As 3 More Used Car Dealers Allowed to Sell Unfixed, Recalled Cars | Michael Landis

U.S. PIRG, along with Consumers for Auto Reliability and Safety (CARS) and the Center for Auto Safety, is challenging in court recent actions by the Federal Trade Commission that put the health and safety of millions of Americans at risk. This week, we amended our previous court filings because the FTC has now filed unacceptable decrees with six, not three, used car dealers.

> Keep Reading
Blog Post | Consumer Protection

The CFPB’s Structure is Constitutional and Important to its Mission | Michael Landis

Last fall, a divided three-judge panel of the U.S. Court of Appeals for the D.C. Circuit wrongly concluded that the leadership structure of the Consumer Financial Protection Bureau violates the Constitution. U.S. PIRG Education Fund, along with many others, urged the full D.C. Circuit to rehear the case and correct the obvious errors in the panel’s decision. We were pleased when the D.C. Circuit agreed with our position and decided to rehear the case.

> Keep Reading
Blog Post | Consumer Protection

Some Tips To Protect Internet Privacy | Ed Mierzwinski

You may have heard that Congress just voted to take away many of your online broadband privacy protections. After a little background, we will give you some tips on how to protect what’s left.

> Keep Reading
Blog Post | Consumer Protection

Congress Votes Against Consumers and Internet Privacy | Kara Cook-Schultz

Yesterday, the House voted to gut online consumer protections, and if the president signs the legislation, internet service providers will be able to use and sell consumers’ personal information without their permission.

> 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

Even with the knowledge I’ve gained working as a consumer advocate for several years, getting my finances in order has been a work in progress. 

Blog Post

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

Blog Post

Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

Blog Post

Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

Blog Post

Getting my finances in order has been a work in progress over several years, starting with tackling credit card debt, paying off my car loan and then building an emergency fund. 

After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.

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. 




U.S. PIRG Education Fund is part of The Public Interest Network, which operates and supports organizations committed to a shared vision of a better world and a strategic approach to social change.