Claim: <quote>The average fund manager can gain 0.40 to 0.70 percentage point of return by using more intelligent data when trading mortgages<snip/></quote>
<quote>Regulators could conceivably deem TheNumber a consumer credit bureau like TransUnion or Experian Plc.</quote>
Propensity Scoring… ,br/><quote>TheNumber tries to determine how much pride a homeowner probably has in his or her property, based on information it gleans from third parties, such as whether the resident tends to click on online ads from home improvement and gardening stores. It’s not a credit score, but<snip/></quote>
Mortgate (financialization & repackaging) Regulation
Reg AB II, SEC
<quote>ended up requiring less information from issuers than it had originally planned, to protect borrowers’ identities.</quote>
(no reference given) An RFC; “The Consumer Financial Protection Bureau”; 2017-02.
solicitation: <quote>comments about the benefits, and risks, of using alternative data.</quote>
In order of appearance
John Ardy, chief executive officer Resitrader (a mortgage resale market)
Lee Tien, a senior staff attorney, Electronic Frontier Foundation (EFF)
Frank Pasquale, professor, Francis King Carey School of Law, University of Maryland.
Jeff Taft, partner, Mayer Brown (legal advice)
Michael Osnato, ex-”head” of “an enforcement unit”, Securities and Exchange Commission (SEC)
Michele Raneri, (a) vice president of analytics and new business development, Experian
Paul Mangione, now-consultant, ex-staff, Apollo Residential Mortgage. Mangione
Brian Tortorella, staff, Smith Graham (mortgage trading, arbitrage).
Adam Murphy, founder, Empirasign Strategies LLC (mortgage trading & data)
Something about “it’s like TV”
wherein the lumpenproletariat types spend 6 hours a day watching TV; same with smartphones.
Something about telemarketing spam via PSTN voice: “technology” cannot yet distinguish between friends & family (wanted calls) and telemarketers (unwanted calls).
Definition of user centric: centered upon the user [consumer].
Something about how it isn’t possible to go “off the record” without special affordances built into the system. Whereas computers are infinite surveillance & recording devices; he doesn’t frame it as the perjorative.
Something about interruptions; notifications that cannot be quieted.
Something about how products need to have restraint, which is undefined.
It isn’t possible to order people to sequester their phones during a corporate dinner on corporate time. Story about corporate pressists and industry bloggists needing constant contact; especially right before the [Google I/O] trade show.
John Ross, <quote> the No. 2 executive</quote>, press relations(?), Inmar.
ex-CMO, Home Depot
the “failed media lab”
Something about the black art of neuroscience
Cameras on shoppers.
Face recognition, biometrics, sentiment recognition
Joins Inmar (exits Interpublic) 2012-Q3.
L. David Mounts, CEO, Chairman, Inmar.
ex-UPS, supply-chain logistics management
the “pizza tracker” app.
Joins Inmar, 2010-Q2.
Score, a trade name of Inmar
a consumer propensity score
a universe of coupon users
“approaching the 100 million mark of lives under management” attributed to John Ross.
Inmar uses transaction data
<quote>The transaction data processed by Inmar is so detailed the company can know if a consumer is complying with their medical treatment, because it knows when they are filling their prescription drugs. But that’s just a start, says Ross, noting that Inmar also has data on each individual’s consumer goods purchases, so it can tell, for example, whether consumers are purchasing food or drink products that might be counterproductive to certain medical treatments. It also would know how and whether to recommend alternative purchases — ideally healthier ones — the consumer could make instead. And it can leverage the consumer’s own metadata to inform them about it.</quote>
Something about nudging people to do the right thing with these wearables (the pestering technologies).
Products & Services
Something about a health care/insurance network/provider
something about monitoring the consumers.
Something about automated coupon fulfillment
Using CRM, the coupons are applied at checkout “automatically”
Claim: <quote>Inmar’s research has already detected some significant shifts in consumer behavior and attitudes toward promotional offers when the process moves from clipping coupons to downloading digital coupons.</quote>
Shawn Davis, non-legal associate, a tech expert somehow; an “analyst”
Spokeo; Pasadena, CA
previously settled with the FTC for $800,000 for the harm of incorrect & uncorrectable information in consumer background check service.
Thomas Robins, was harmed, current litigant; class exemplar.
Penalties at $1,000/violation.
John Nadolenco, partner, Mayer Brown, Los Angeles
representing Spokeo’s in the action
“He is not saying that has happened to him — it’s just a speculative injury that could happen, Well, that’s not an injury.”
declarations of support:
Biometric Information Privacy Act, an Illinois state law
Facebook is storing digitized facial images.
Harm: retention of viewing records after customer cancellation
$9M to Edelson PC
Harm: ran ads on web pages owned by their customers.
Sam Altman, president of Y Combinator
“a leech tarted up as a freedom fighter.”
Scott A. Kamber, ex-partner, now a rival; a greenmailer
“He wants to be perceived as running a tech firm, but since he’s not a tech guy, the closest he will come is a law firm,” said a rival class-action lawyer who was Mr. Edelson’s partner before they amicably split.
Michael Rhodes, partner, Cooley, San Francisco
“It’s legal gotcha, and he tries to convince you that because there’s a legal gotcha with a big number, then you should pay him instead of litigating, That’s his business model.”
Michael Klausner, professor, Stanford Law School.
opinement on class action litigation as an approach & concept.
Brian Fitzpatrick, professor, Vanderbilt Law School
opinement on class actions; studies class-action cases.
color on regulation & public & private actions
Ian Ballon, associate, Greenberg Traurig, Silicon Valley (San Jose?)
mentioned for an (uncited) opinement on the increase in class action litigation
Ted Frank, propietor, Center for Class Action Fairness.
Al Franken, Senator, Democrat, Minnesota,
Something abou the Federal Trade Commission (FTC)
Video Privacy Protection Act
On the occasion of the publication of Robert Bork’s video viewing habits after his nomination to the Supreme Court.
Telephone Consumer Protection Act,
Electronic Communications Privacy Act
Fair Credit Reporting Act
Europe “right to be forgotten”
survey, Pew Research Center
self-attestation by interviewees.
<quote>Two years ago, in an attempt to head off a class-action lawsuit involving Gmail, the company wrote in a legal filing that people who used the service should never have expected their emails to be private, and it compared Gmail correspondence to business letters that can be viewed by assistants in an office. The company was quickly attacked by groups like Consumer Watchdog. “A lot of privacy assurances fall away when companies like Google end up in court,” said Marc Rotenberg, president of the Electronic Privacy Information Center.</quote>