Updates

Mortgage settlement will send billions to struggling homeowners

Almost 4 million homeowners might receive cash compensation and mortgage relief in a multi-billion-dollar settlement with 10 major banks, government regulators announced Monday. [...] “The money is grossly inadequate for homeowners, and the program will require careful oversight to ensure that all homeowners harmed get a fair chance at benefits,” said Ed Mierzwinski, the consumer program director for U.S. PIRG, a nonprofit advocacy group.

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

Do New Mortgage Settlements Contain a Hidden $7 Billion Tax Subsidy for Banks?

Unless federal agencies prevent it, the banks in yesterday's settlement announcements will likely write off the penalties on their taxes, effectively forcing ordinary taxpayer to provide $7 billion in tax subsidies for their wrongdoing.

Report | U.S. PIRG Education Fund | Budget, Tax

Subsidizing Bad Behavior

BP’s recent $4.5 billion legal settlement with the Justice Department for its misdeeds in the Gulf oil spill was historic for being the largest ever criminal settlement. But it was historic for another reason as well—none of it is allowed to be tax deductible. Unfortunately, too many settlements for wrongdoing end up as tax deductions.

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

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A report released today spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government, go on to claim such settlement payments as tax-deductible business expenses. The new study, released by the U.S. Public Interest Research Group (U.S. PIRG), follows a record year of corporate settlements, while many more settlements relating to banking, environmental, and consumer safety issues are expected.

Wall Street Journal: Consumer Watchdog Readies to Bare Its Teeth

The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles more vigorously than ever before. [...] The CFPB is "going to be more confident and more aggressive," said Ed Mierzwinski, consumer program director for U.S. Public Interest Research Group, a consumer-advocacy organization.

Media Hit | Budget, Tax

Washington Post: Government doing more to prevent corporations from deducting settlements

Federal agencies are taking greater steps to prevent companies from claiming tax deductions on settlements reached with the government, though loopholes in the tax code persist, according to a new study by U.S. Public Interest Research Group.

News Release | U.S. PIRG | Tax

Does UBS Settlement Include $245 Million “Hidden Bank Fee” for Taxpayers?

The following is a statement of Ryan Pierannunzi, Tax and Budget Associate with U.S. PIRG, on the settlement announced today  between UBS and government regulators over the Libor scandal in which UBS and other financial institutions are accused of unlawfully tampering with interest rates. Along with agreeing to this settlement, UBS admitted to charges of fraud. The total settlement amount is $1.5 billion, of which $1.2 billion will be paid to U.S. agencies.

FTC seeks information from data brokers

By | Ed Mierzwinski
Consumer Program Director

Today, the Federal Trade Commission (FTC) issued nine administrative orders seeking information to analyze the "Data Broker Industry’s Collection and Use of Consumer Data." The questions being asked track closely the questions posed both in a forthcoming U.S. PIRG/Center for Digital Democracy law review article and in similar information requests from the Bi-Partisan Congressional Privacy Caucus.

 

News Release | U.S. PIRG | Tax

UBS Libor Scandal: Should Taxpayers Have to Pay for Bank Wrongdoing?

The following is a statement of Ryan Pierannunzi, Tax and Budget Associate with U.S. PIRG, on the anticipated upcoming settlement between UBS and government regulators over the Libor scandal in which UBS and other financial institutions are accused of unlawfully tampering with interest rates.

Pages

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Obama administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.