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News Release | U.S. PIRG | Tax

Bank of America settlement loophole creates at least $4 billion burden for taxpayers

 The Justice Department allows Bank of America to write off most of its legal settlement for mortgage abuses as a tax deduction, shifting at least $4 billion back onto taxpayers.

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Media Hit | Tax

Bank of America’s $16 Billion Mortgage Settlement Less Painful Than It Looks

“The American public is expecting the Justice Department to hold the banks accountable for its misdeeds in the mortgage meltdown,” said Phineas Baxandall, an analyst with the U.S. Public Interest Research Group, a consumer advocacy organization. “But these tax write-offs shift the burden back onto taxpayers and send the wrong message by treating parts of the settlement as an ordinary business expense.”

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News Release | U.S. PIRG | Tax

Taxpayers could be burdened with Bank of America’s upcoming Justice Department settlement

To understand how significant the BoA settlement really is, people need to ask how many billions the bank is allowed to write off as tax deductions, and how much of the announced figure includes ‘fake costs’ — costs the bank would have incurred anyway to protect its bottom line.

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Blog Post | Consumer Protection

Wall Street launches "pants-on-fire" attack on CFPB | Ed Mierzwinski

The Financial Services Roundtable, a powerful Wall Street lobby that spends millions of dollars annually lobbying on behalf of its big Wall Street bank members has launched a deceptive social media campaign against expansion of the CFPB's successful public consumer complaint database. And like much of what you read on the Internet, most of what they say simply isn't true.

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Media Hit | Tax

Charlotte Observer top article features settlement loophole

Feature article quotes U.S. PIRG to discuss how banking giant may leave taxpayers with part of the bill for their mortgage abuses.

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News Release | U.S. PIRG | Public Health

House Committee Approves Flawed Chemical Security Legislation

Nearly ten years after the September 11 attacks, it is unacceptable that millions of Americans are still living under the threat of chemical disaster. The Department of Homeland Security has repeatedly asked Congress for the authority to require the highest risk chemical plants to convert to safer alternatives to eliminate or reduce the consequences of a terrorist attack.  We are dismayed that the Committee’s vote today allows the threats to public safety and security posed by these facilities to persist.

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News Release | U.S. PIRG | Public Health

As House Committee Takes Up Bill to Weaken Consumer Product Safety Improvement Act (CPSIA), Consumer, Health, and Safety Groups Press Members to Put Kids First

As the House Energy and Commerce Committee prepared to consider H.R. 1939, the Enhancing CPSC Authority and Discretion Act of 2011, a coalition of consumer, health, and safety groups said lawmakers should put kids first and reject the bill because it would weaken the Consumer Product Safety Improvement Act (CPSIA), a vital law that keeps unsafe toys and products off the shelves.

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News Release | U.S. PIRG | Financial Reform

Two Years After Passing the Credit CARD Act, Congress Steps Up Attacks on Consumer Cop Designed to Enforce It

The Credit CARD Act of 2009 has eliminated numerous credit card tricks and traps without causing skyrocketing interest rates or any of the other horrible side-effects that the banks once warned about.  Now the banks and their Congressional allies are seeking to eliminate the CFPB, the new consumer cop created to enforce the CARD Act and protect consumers from other tricks of the trade, like unfair mortgage and overdraft practices.

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News Release | U.S. PIRG Education Fund | Health Care

New Rules on Insurance Premium Hikes Will Protect Consumers

A statement by U.S. PIRG Health Care Advocate Larry McNeely on regulations released yesterday by the U.S. Department of Health and Human Services regarding the review of unreasonable health insurance premium rate increases.

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News Release | U.S. PIRG | Public Health

Consumer, Health, and Safety Groups Urge Congress to Reject Bill that Weakens the Consumer Product Safety Improvement Act (CPSIA)

A coalition of consumer, health, and safety groups today called on Congress to reject a bill that would weaken the Consumer Product Safety Improvement Act (CPSIA), a vital law that keeps unsafe toys and products off the shelves.

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DEFEND THE CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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