Updates

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

Aggressive New Stance by Justice Department on BP Spill Offers Little-Known Benefit for Taxpayers

Statement of Ryan Pierannunzi, U.S. Public Interest Research Group Tax and Budget Associate, on the Department of Justice's August 31 court filing that charges BP with gross negligence for its role in the Deepwater Horizon disaster, which may impact the tax-deductibility of a future settlement and protect the public from having to pick up the tab.

(UPDATED) The American Bankers Association's latest effort to kill financial reform is to raise millions of dollars through a new dark money group (like a secret SuperPAC) disguised as a social welfare organization but designed to elect Senators who agree with their Bizarro-World narrative that the financial collapse of 2008 was not their fault.  Meanwhile, read more Friday Financial Follies, because in Washington, we don't have to make this stuff up.

Survey: Consumers happy with Credit CARD Act

By | Ed Mierzwinski
Consumer Program Director

Over at Time Magazine, reporter Martha White says a JD Power survey finds consumers are happier with their credit cards. She adds "To give credit where it’s due in this case, look to the CARD Act, that big piece of financial reform legislation that was passed in the wake of  the financial crisis in 2009 over the strenuous objection of the banking industry."

SEC mostly ignores us, proposal weakens investor protections

By | Ed Mierzwinski
Consumer Program Director

Yesterday, the Securities and Exchange Commission (SEC) issued a proposed rule implementing the controversial JOBS Act that fails to protect small investors from a likely onslaught of sales pitches online and on the phone -- including from private equity and hedge funds. Positively, it's only a proposed rule, at least nominally subject to amendment, not an interim final rule.

News Release | U.S. PIRG | Public Health

Licorice Lead Recall Showcases The Need For More Food Safety Programs

The recent discovery of high lead levels in licorice by the California Department of Public Health shows the importance of having strong public health and consumer protections that protect us - and in particular children - from the harmful effects of toxic chemicals.

Media Hit | Higher Ed

Wall Street Journal: Prepaid Cards Go to School

For some students, a prepaid card offered through a college may be the fastest way to receive student-loan funds, says Rich Williams, higher education advocate with the U.S. Public Interest Research Group. But the cards can carry fees that eat into your balance, says Mr. Williams, including ones for buying or reloading the card and withdrawing money from ATMs.

Red Vines Black Licorice Candy Recalled for High Lead Content

By | Nasima Hossain
Public Health Advocate

The American Licorice Co. voluntarily recalled 1-pound bags of its Red Vines Black Licorice Twists after the California Department of Public Health found levels of lead in the candy that exceed the state standards.

The FTC today announced a $25 million settlement with the marketers of the Ab Circle Pro, an exercise machine that promises you can lose weight and get ripped abs in "just 3 minutes a day;" meanwhile, a federal judge has also approved a $478 million settlement in the FTC's case against a "get rich quick" infomercial king. A good day for consumers.

News Release | U.S. PIRG | Public Health

Cantaloupe Salmonella Outbreak Highlights Need for Strong Food Safety Programs

The Food Safety Modernization Act, signed into law by President Obama in January 2011, requires the U.S. Food and Drug Administration to establish new food safety rules, including new standards for growing fruits and vegetables. Those rules were originally intended to come out at the beginning of 2012, but eight months later we are still waiting for these rules to be released.

More credit card banks quit evil ways

By | Ed Mierzwinski
Consumer Program Director

In July, the CFPB slammed Capital One for tricking consumers into buying over-priced, under-performing credit monitoring and debt-cancellation subscription products. More good news: the Wall Street Journal is reporting that Bank of America has stopped selling debt cancellation products and that Citibank is in some sort of timeout.

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