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News Release | Consumer Protection

Yahoo Data Breach Presents Opportunity for Strong Response

Statement by Mike Litt at the U.S. PIRG Education Fund, on the latest announced Yahoo data breach.

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Report | U.S. PIRG Education Fund and Frontier Group | Financial Reform

Big Banks, Big Overdraft Fees

Overdraft fees are a major source of consumer pain, since they are borne disproportionately by Americans with few financial resources. Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.

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News Release | U.S. PIRG | Financial Reform

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

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Blog Post | Consumer Protection

Fight Against Unfair ATM Surcharge Fees Heads to the U.S. Supreme Court (UPDATED) | Michael Landis

UPDATE: I recently wrote about an amicus brief that U.S. PIRG Education Fund filed in support of consumers and independent ATM owners in two consolidated cases pending before the U.S. Supreme Court. Well, those cases aren’t pending anymore. On November 17, 2016, the Court issued a rare order throwing out the cases before they were argued.

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

Offshore Tax Havens Cost Small Businesses on Average $5,128 a Year

Small businesses in the U.S. have to shoulder, on average, an extra $5,128 in taxes to make up for the revenue lost due to the abuse of offshore tax havens by multinational corporations, according to a new report by U.S. Public Interest Research Group Education Fund. As a new administration takes office and the possibility of tax reform again enters the national conversation, the report highlights how it’s small domestic businesses and ordinary Americans that have to shoulder the burden of multinational tax avoidance.

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News Release | US PIRG Education Fund and Citizens for Tax Justice | Tax

STUDY: 72% OF FORTUNE 500 COMPANIES USED TAX HAVENS IN 2014

Nearly three-quarters of Fortune 500 companies booked profits to tax havens in 2014, with just 30 companies accounting for 62 percent of earnings stashed offshore, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking $2.1 trillion offshore for tax purposes.

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News Release | US PIRG | Tax

Deepwater Horizon Settlement Comes with $5.35 Billion Tax Windfall

Today’s announcement by the U.S. Department of Justice of a proposed $20.8 billion out-of-court settlement with BP to resolve charges related to the Gulf Oil spill allows the corporation to write off $15.3 billion of the total payment as an ordinary cost of doing business tax deduction. The majority of the settlement is comprised of tax deductible natural resource damages payments, restoration, and reimbursement to government, with just $5.5 billion explicitly labeled a non-tax-deductible Clean Water Act penalty. This proposed settlement would allow BP to claim an estimated $5.35 billion as a tax windfall, significantly decreasing the public value of the agreement, and nearly offsetting the cost of the non-deductible penalty.

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

New study shows potential impact of a small donor matching program on 2016 presidential race

Candidates in the 2016 presidential race would see a dramatic shift in their fundraising, and have a powerful incentive to focus more on small donors under a proposed small donor public financing system, according to a new study released by the U.S. Public Interest Research Group Education Fund (U.S. PIRG).

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

Good News for Government Transparency

In a major victory for government transparency, states and local governments will be required to disclose the amount of revenue lost through programs that grant special tax breaks and abatements for economic development. 

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News Release | U.S. PIRG | Tax

U.S. Senator Demands BP and Justice Dept Disclose Spill Settlement, Disallow Spill Tax Write Off

A U.S. Senator has told the Department of Justice to disclose its out-of-court settlement with BP that released the oil giant from charges for the Gulf oil spill and to make sure the settlement isn't allowed to be used as a tax write off.

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Report | MASSPIRG Education Fund | Budget

Massachusetts Stimulus Website: What It Tells Us & How It Could Tell Us More

This brief examines how Massachusetts has used its recovery website to provide information about ARRA spending – and describes additional strategies that could improve transparency.

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

Trouble in Toyland

The 2009 Trouble in Toyland report is the 24th annual Public Interest Research Group (PIRG) survey of toy safety. This report provides safety guidelines for parents when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards.

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Report | U.S. PIRG Education Fund | Transportation

Greasing the Wheels

We analyzed two data sets and new information that shine light on the influence of campaign giving on transportation funding decisions at the state and federal level. First the report examines, on a state-by-state basis, how much money was contributed to both federal and state campaigns by highway interests, defined as those from the development, automobile, transportation, and construction sectors.

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Report | CALPIRG | Higher Ed

Working Too Hard to Make the Grade

Our commitment to equity and our future economic success require that we make higher education accessible to all Californians, and that our students succeed academically and graduate. The community college system plays a key role in California’s ability to meet these goals, educating six out of every ten college students in the state and opening their doors to students of every type. It is therefore deeply concerning that, of all community college students who intend to complete an associate’s degree, or transfer to a four-year school, only 24 percent achieve their goal within six years.

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Report | CALPIRG Education Fund | Budget

California Budget Transparency 2.0

The ability to see how government uses the public purse is fundamental to democracy. Budget transparency checks corruption, bolsters public confidence in government, and promotes fiscal responsibility.

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Blog Post | Consumer Protection

CFPB holds field hearing on prepaid cards-- all the fees, none of the protections | Ed Mierzwinski

Several members of the PIRG-backed Americans for Financial Reform are among the witnesses at a field hearing on prepaid cards that the Consumer FInancial Protection Bureau holds at noon today in Durham, NC. While reloadable prepaid cards are growing fast as an option for convenience, for the unbanked and for distribution of government and student benefits, so-called general purpose reloadable prepaid cards sold under a variety of brands have fewer consumer protections than credit cards (gold standard), debit cards (fewer protections), and payroll, government benefit and gift cards (some protections).The CFPB will announce a advance notice of proposed rulemaking to improve the situation.

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Blog Post | Consumer Protection

NY Investigates Banks "Forcing" Consumers To Buy Overpriced Mortgage Insurance | Ed Mierzwinski

It's called force-placed insurance for a reason. Your mortgage lender buys it for you and you are forced to pay for it, even if it isn't the best deal for you. When lenders purchase a product to "benefit" consumers, they often have numerous incentives to make the more expensive, not less-expensive, choice due to what's called reverse competition. That's a bad deal for you and a bad deal for the economy, but a good deal for the kind of sordid crony capitalism that relies on kickbacks, not better products. Fortunately, the New York Department of Financial Services (both banking and insurance) and the CFPB are both taking a deep dive into the forced-place-insurance mess.

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Blog Post | Financial Reform

New York Times is running a bank fees debate, seeks comments | Ed Mierzwinski

Over at the New York Times, you can join a debate on bank fees. Meanwhile, the CFPB has extended its comment period seeking your views on overdraft fees until June 29.

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Blog Post | Consumer Protection

CFPB takes first step to eliminate forced arbitration and other consumer news | Ed Mierzwinski

Today the Consumer Financial Protection Bureau took an important first step toward protecting consumers from mandatory arbitration clauses, which are boilerplate sentences in bank account and other contracts that crush consumer legal rights. ... Meanwhile, the New York Times follows up on a lawsuit by the Minnesota Attorney General Lori Swanson against a medical debt collector that blocks and tackles consumers trying to get through hospital emergency room doors. But it gets better. That debt collector just happens to be owned by the same hedge fund that owned a supposedly neutral (not) forced arbitration mill known as NAF and favored by the big credit card companies.   ...  Also today, the World Privacy Forum announced updates to its helpful pages on medical identity theft.

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Blog Post | Democracy

Who Owns Big Oil? We Do!

The American Petroleum Institute has a new public image campaign: http://whoownsbigoil.org. The purpose of this website, presumably, is to convince us that if we raise taxes on hugely profitable corporations we will only be hurting ourselves. Why? Because we are all shareholders of those corporations and when they are taxed we suffer.

While I am skeptical of API’s conclusions, it’s right to say we own the oil companies. In fact, shareholders across the country are demanding accountability and disclosure from the corporations that they rightfully own and the effort could be the key to slowing the flow of corporate money in the 2012 election.

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