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News Release | U.S. PIRG | Tax

Forex settlements prevent banks from writing off multi-billion dollar payments as tax deductions

The six banks that today announced out-of-court settlements with federal agencies to atone for manipulating foreign exchange markets won't be able to write off those payments as a tax-deductible business expense. Why isn't that always the case?

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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News Release | U.S. PIRG | Tax

US regulators to strike forex settlement, but will they strike out tax deductions from the deal?

Federal agencies are preparing to settle with several big banks to resolve charges that they manipulated foreign currency exchange rates. Will those banks be allowed to write off the settlement payments as a tax deduction? If so, much of the costs of the payment will be shifted back onto taxpayers.

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News Release | U.S. PIRG | Tax

Statement from U.S. PIRG about agency attempts to toughen up bank settlements

Statement regarding indications some federal agencies may reopen old banking settlements, as reported in yesterday’s New York Times. The SEC is similarly reportedly delaying the final execution of August’s announced $16.65 billion settlement with Bank of America while deliberating about issuing waivers that would soften regulatory repercussions of the deal.

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

Big Money Playing an Outsized Role in Primary Elections

In congressional primaries, bigger wallets give a small set of mega-donors an outsized voice, according to new information released today by the U.S. PIRG Education Fund and Demos. Just 5,485 donors who gave $1,000 or more to candidates in the primaries outspent the at least 440,362 small donors who gave less than $200, and 65 percent of all candidate contributions came from donors giving chunks of $1,000 or more.

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News Release | U.S. PIRG Ed Fund & Citizens for Tax Justice | Budget, Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

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News Release | WISPIRG Foundation | Transportation

New Survey: Wisconsin Brain Drain Partly Because Youth Seek Alternatives to Driving?

The WISPIRG Foundation report examines whether Millennials might be leaving Wisconsin partly because the state continues to prioritize extravagant highway expansion projects while neglecting other means of travel that are so important to young people.

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

Poll: Public Wants Federal Agencies to Disclose and Restrict Corporate Tax Write Offs for Out-of-Court Settlements

A new poll shows that Americans want federal agencies to better disclose information about out-of-court settlements with corporations and to restrict companies from writing off these payments as tax deductions.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Report: Spirit Is Most Complained-About Airline

WASHINGTON – Spirit Airlines passengers are most likely to complain about their experience, according to a report released today by the U.S. PIRG Education Fund. Among major airlines, Spirit generates the most complaints for its size and generates an increasing number of complaints each year. Other most-complained about firms include Frontier Airlines, United Airlines, and American Airlines.

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

New Report Ranks Transparency of Government Spending in the 50 States

Most states are improving the transparency of government spending, but some do a much better job than others.

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Report | US PIRG Education Fund | Consumer Protection

Big Banks, Big Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them. 

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Report | U.S. PIRG Education Fund | Transportation

Moving Off the Road

Forty-six states plus the District of Columbia witnessed a reduction in the average number of driving miles per person since the end of the national Driving Boom. The evidence suggests that the nation’s per-capita decline in driving cannot be dismissed as a temporary side effect of the recession. 

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Report | U.S. PIRG Education Fund | Transportation

A New Direction

The Driving Boom—a six decade-long period of steady increases in per-capita driving in the United States—is over. The time has come for America to hit the “reset” button on transportation policy—replacing the policy infrastructure of the Driving Boom years with a more efficient, flexible and nimble system that is better able to meet the transportation  needs of the 21st century. 

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Report | PennPIRG, PennEnvironment | Democracy

Elections for Shale

Fracking corporation EQT and the rest of the industry spend millions on electoral politics at the state and federal level, elevating their interests and making it more difficult for ordinary citizens to have their voices heard. Concurrently, the industry exploits loopholes to pay extremely low taxes, receives thousands of permits to drill on public lands, and is exempted from many basic environmental standards.

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

Following the Money 2013

Every year, state governments spend tens of billions of dollars through contracts with private entities for goods and services, subsidies to encourage economic development, grants, and other forms of spending. Accountability and public scrutiny are necessary to ensure that state funds are well spent.

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Blog Post | Health Care

Here’s that Rx refill you didn’t order

Is your pharmacy refilling your prescription without your knowledge or approval, and billing your insurance company for the cost? If so, it’s the latest example of waste we shouldn't tolerate in our health care system.

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Blog Post | Financial Reform

The CFPB is now taking your credit bureau complaints | Ed Mierzwinski

Excellent news! The CFPB is now taking complaints about credit bureaus and credit reports. And unlike the FTC, the CFPB has been given tools so that it will be able to "help consumers with individual-level complaint assistance on issues with their credit report."

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Blog Post | Transportation

Five Factors Will Determine Whether TIFIA Will Fund Transit | Phineas Baxandall

"TIFIA," the federal transportation loan program was super sized in the recent transportation law. New rules make the program even more of a slush fund for private toll roads, while others provide possibility for long-overdue public transit expansion. This blog appeared in slightly condensed form at StreetsBlog.

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Blog Post | Financial Reform

Tips for fixing credit report errors yourself (don't ever use a credit repair doctor) | Ed Mierzwinski

Fox Business reporter Kelly Dilworth has a detailed "how-to" called "10 surefire steps to get errors off your credit reports." Don't go to a credit repair doctor, don't read a bunch of wacky advice on self-help websites, don't do any of that, Do what she says.

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Blog Post | Financial Reform

CFPB, FDIC, Fed and OCC slap AmEx Credit Card for numerous violations | Ed Mierzwinski

(UPDATED) Four federal financial regulators have announced an order for at least $85 million in restitution and $27.5 million in penalties alleging a variety of violations of equal credit opportunity, debt collection and credit reporting laws by the American Express credit card. From the CFPB: "at every stage of the consumer experience, from marketing to enrollment to payment to debt collection, American Express violated consumer protection laws."

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