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

Blog Post | Consumer Protection

CFPB getting results for consumers this week | Ed Mierzwinski

Last week, a senior bank industry lawyer said he was "amazed" at the amount of work the CFPB had accomplished "in such a short amount of time." This week, the CFPB stepped up its game another notch, when it returned $34 million to consumers who'd been deceived by a medical debt credit card pitched by their doctors and dentists and their receptionists and also took a big step toward ending forced arbitration in consumer contracts. Had any victims of the medical credit card wanted to go to court because they'd been ripped off, they couldn't, since the small print on that card, like the small print on most others, would send them instead to arbitration, no better than a kangaroo court.

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

Advocates Decry Harm Done to Consumers by Forced Arbitration

On date of CFPB field hearing in Dallas to release report on forced arbitration clauses in consumer contracts, U.S. PIRG, Americans for Financial Reform, National Consumer Law Center, National Association of Consumer Advocates and Public Citizen issue joint release. From the release: “Unfair arbitration clauses encourage unfair corporate practices and sloppy customer service,” said Ed Mierzwinski of U.S. PIRG. “If your customers cannot take you to court, why should you care about their complaints? We urge the CFPB to act quickly to ban forced arbitration clauses in financial products and services contracts.”

> Keep Reading
Blog Post | Consumer Protection

Shopping? We've got your back, online and in the store. | Ed Mierzwinski

Whether you're shopping for toys or anything else this holiday season, the state PIRGs have new resources to help you make better, safer choices. We also have tips to protect your privacy and your wallet from online scams and rip-offs.

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

Trouble in Toyland 2013

The 2013 Trouble in Toyland report is the 28th annual U.S. Public Interest Research Group (PIRG) survey of toy safety. In this report, U.S. PIRG provides safety guidelines for consumers when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards.

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

New Report Analyzes Complaints About Credit Bureaus

WASHINGTON— According to new analysis from the U.S. PIRG Education Fund, thousands of consumers with errors on their credit reports are getting relief through the Consumer Financial Protection Bureau (CFPB). The report also found that credit reporting agencies vary widely in how they respond to consumer complaints: Equifax responded to over half with relief, while Experian responded with relief to only 5 percent. 

> Keep Reading

Pages

Report | U.S. PIRG Education Fund

On the 10th anniversary of the Consumer Financial Protection Bureau’s (CFPB) establishment as a centerpiece of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the law passed on 21 July 2010 and the Bureau opened its doors one year later), we look at the latest results from the CFPB’s public Consumer Complaint Database. This snapshot finds that, as the COVID-19 pandemic wreaks havoc on the financial situations of millions of Americans, consumer complaints to the CFPB have spiked to record levels. The CFPB must take powerful action to protect consumers in the financial marketplace.

Blog Post

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. 

Blog Post

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.

News Release | U.S. PIRG Education Fund

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.

Blog Post

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.

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 getting things done.