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Media Hit | Tax

How Much of Its Record Settlement Will S&P Write Off at Tax Time?

First comes the settlement. Next comes the tax write-off?

Standard & Poor’s Ratings Services on Tuesday announced a record $1.5 billion payout to resolve crisis-era lawsuits with the Justice Department, states and a pension fund over inflated residential mortgage deals. Collectively, the settlement total is 10 times larger than any other previously involving a credit-rating firm.

But how much of the unprecedented round of settlements could end up being written off?

Michelle Surka, a program associate with the nonpartisan consumer advocacy group U.S. Public Interest Research Group, said she thinks she has an answer based on an early analysis: about $290 million.

That’s about a $50 million break on state taxes but also the potential to write down $240 million of federal taxes owed in the more than dozen states involved in the settlement, Ms. Surka said.

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Media Hit | Tax

When Company Is Fined, Taxpayers Often Share Bill

U.S. PIRG analysis and quotes featured in the New York Times Business Day section.

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News Release | U.S. PIRG Education Fund | Transportation

New Report Ranks 70 Major American Cities’ Tech Transportation Options

A new report from the U.S. PIRG Education Fund and Frontier Group shows how well American cities are using technology-enabled services and tools for their transportation needs. It ranks major American cities on the number of different types of new transportation technology options in the city.

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News Release | U.S. PIRG | Budget, Tax, Transportation

Obama Budget Closes Tax Loopholes, Cuts Wasteful Spending, but Falls Short of Ending Offshore Tax Dodging

"President Obama’s budget deserves praise for closing egregious offshore tax loopholes and preventing companies with enough lawyers from using tax havens to get their tax bill down to zero. Unfortunately it fails to end the incentive for wealthy multinationals to take advantage of tax havens, and would fall short of putting an end to offshore tax dodging.

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Blog Post | Financial Reform

Banks, debt collectors lead backdoor effort to robocall your cell phone! | Ed Mierzwinski

Banks and debt collectors are leading a phalanx of powerful special interests seeking backdoor action to weaken the consumer protection law that prevent robocalls to your cell phone without your consent. We've joined other consumer and privacy leaders, and senators led by Ed Markey (MA), to stop them.

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News Release | U.S. PIRG | Transportation

New Study Identifies Eleven Highway Boondoggles Across the Country

A new report by the U.S. PIRG Education Fund identifies 11 examples of wasteful highway spending that are slated to cost at least $13 billion and are based on outdated assumptions of ever-increasing driving. The study calls on the federal and state governments to reprioritize scarce transportation dollars to other projects.

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News Release | U.S. PIRG | Tax

Taxpayers Will Bear Nearly $200 Million of Friday’s HSBC Settlement

Friday’s $550 million settlement between the Federal Housing Finance Agency (FHFA) and HSBC North American Holdings Inc. can be treated as a tax write-off by the bank, shifting $192.5 million onto taxpayers. Because the FHFA did not specify that the settlement payment cannot be treated as a regular business expense, HSBC will be able to deduct the entirety of the $550 million payment.

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News Release | U.S. PIRG | Consumer Protection

We urge CFPB to issue safeguards for mobile financial services and privacy

We urge (along with the Center for Digital Democracy) the CFPB to issue rules so consumers can use mobile financial services without placing their privacy at risk or exposing themselves to new forms of predatory lending and other unfair practices. We filed a joint comment in response to a CFPB information request.

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News Release | U.S. PIRG | Democracy

Statement of Mike Russo, Federal Program Director with U.S. PIRG, on today’s Senate vote on the constitutional amendment to overturn Citizens United

Amending the Constitution was never meant to be easy, but we know that the public overwhelmingly supports getting big money out of politics. Today’s vote is just the beginning, and marks a big step forward in the movement to reclaim our democracy.

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With Apple Pay, the tech leader takes its shot at replacing the wallet

We comment in a Washington Post story describing Apple's big product announcements Tuesday. We don't talk about the two new iPhones or even the totally new and much ballyhooed Apple Watch. We talk about Apple Pay, a digital wallet. What are its implications for consumer data security, convenience and choice?

Excerpt: Yet Apple Pay could prove the bigger bet, given its potential to shake up two industries — retail and finance. [...] “Apple’s claiming it’s more secure. We’ll have to see,” said Ed Mierzwinski, consumer program director at U.S. Public Interest Research Group.

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Report | U.S. PIRG | Democracy, Tax

Who Slows the Pace of Tax Reforms?

As Congress considers a number of international tax reforms and loophole closing measures, the Administration and Congress have heard from many stakeholders. One of the more vocal groups has been the coalition called Promote America’s Competitive Edge, or PACE.  To better understand where opposition to reforms is coming from, U.S.

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Report | U.S. PIRG Education Fund | Tax

Tax Shell Game: How Much Did Offshore Tax Havens Cost You In 2010?

Tax havens are countries with minimal or no taxes, to which U.S.-based multinational firms or individuals transfer their earnings to avoid paying taxes in the United States. Users of tax havens benefit from access to America’s markets, workforce, infrastructure and security, but pay little or nothing for it—violating the basic fairness of the tax system.

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Report | U.S. PIRG Education Fund | Financial Reform

Big Banks, Bigger Fees

Over the last six months, PIRG staff conducted inquiries at 392 bank branches in 21 states and reviewed bank fees online in 12 others.

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Report | U.S. PIRG Education Fund | Public Health

Growing Up Toxic

In this report, we tell the story of the insidious impact of toxic chemicals, from the plastic ingredient bisphenol A to pesticides, drawing on evidence from more than 200 peer-reviewed scientific papers.

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Report | U.S. PIRG Education Fund | Safe Energy

Unacceptable Risk

American nuclear power plants are not immune to the types of natural disasters, mechanical failures, human errors, and losses of critical electric power supplies that have characterized major nuclear accidents such as the one at Fukushima Daiichi power plant in Japan. Indeed, at several points over the last 20 years, American nuclear power plants have experienced “close calls” that could have led to damage to the reactor core and the subsequent release of large amounts of radiation.

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Blog Post | Consumer Protection

CFPB Report Shows Credit CARD Act Works | Ed Mierzwinski

Last week, the CFPB released a report showing that the landmark PIRG-backed Credit CARD Act of 2009 is saving consumers billions of dollars by helping them avoid penalty fees and unfair interest rate increases. We joined CFPB director Richard Cordray and others in Chicago to discuss the report's findings.

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Blog Post | Consumer Protection

How To: Using the CFPB's Consumer Complaint Database | Laura Murray

Since June 2011, the Consumer Financial Protection Bureau (CFPB) has been getting results for consumers by allowing them to file complaints about a variety of financial products and services.  The complaint process has helped thousands of consumers settle disputes with their banks and lenders.  Many of these consumers obtain tangible relief through the process.

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Blog Post | Consumer Protection

CFPB gets results for consumers, slams Chase for deceptive card add-ons | Ed Mierzwinski

Earlier this week, USPIRG Education Fund released "Big Banks, Big Complaints," a report documenting how the CFPB is helping bank customers with its public complaint database. Today, the CFPB announced it had imposed a $20 million civil penalty on JP Morgan Chase and ordered it to refund $309 million to over 2 million consumers for deceptively marketing junky credit card add-on products, some of which consumers didn't even receive. The CFPB is getting results.

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Blog Post | Public Health, Consumer Protection

Preventing the Chobani Mold Problem

The constant stream of food recalls has made one thing clear: more needs to be done to protect Americans from the risk of unsafe food. Instead we’re seeing important rules, standards, and inspections that could significantly improve food safety getting blocked, underfunded, or delayed, allowing the drumbeat of recalls to continue.

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Blog Post | Consumer Protection

Fed Doubles Down On Bet To Raise Swipe Fees | Ed Mierzwinski

Yesterday, the Federal Reserve Board told a U.S. judge it would appeal his decision that the Fed's 2012 rule raising the swipe fees merchants pay to accept debit cards blatantly ignored Congressional intent to lower them. The Fed's rule harms small businesses, who pay the highest swipe fees in the world, as well as their customers, who pay more at the store and more at the pump, even if they pay with cash. But it helps the Fed's big bank patrons.

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