Financial Reform

News Release | Financial Reform

New Survey Shows Free Checking Widely Available At Small Banks But Banks Still Hiding Fees from Consumers

A survey of hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the Ohio Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all.

Report | Ohio PIRG Education Fund | Financial Reform

Bigger Banks, Bigger Fees

Over the last six months, state PIRG staff conducted inquiries at 250 bank and 116 credit union branches in 17 states and the District of Columbia and reviewed bank fees online in these and 7 other states.

News Release | Ohio PIRG | Financial Reform

Robo-Signing Settlement With Big Banks Is Important Step

Today's settlement by the U.S. and 49 state attorneys general with the 5 biggest mortgage servicers - the big banks Citibank, Bank of America, Wells Fargo and JP Morgan Chase, along with Ally Financial - is an important and enforceable first step toward holding the big banks accountable for not only wrecking the economy but using a variety of unfair foreclosure practices to ruin the lives of millions of Americans and, in many cases, taking their homes illegally.

Report | Ohio PIRG and Citizens for Tax Justice | Financial Reform

Representation Without Taxation

Marking the second anniversary of the Supreme Court’s decision in the Citizens United vs. Federal Election Commission case, this report takes a hard look at the lobbying activities of profitable Fortune 500 companies that exploit loopholes and distort the tax code to avoid billions of dollars in taxes.

News Release | Ohio PIRG and Citizens for Tax Justice | Financial Reform

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – Ohio Public Interest Research Group (Ohio PIRG) and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

News Release | Ohio PIRG | Financial Reform

Senator Carl Levin Introduces Stop Tax Haven Abuse Act

The Stop Tax Haven Abuse Act is a timely and critically important proposal that seeks to stem flight of capital from this country. The bill will force open and honest accounting of profits. It will put an end to the price and profit shifting that allows companies to engage in such pervasive tax avoidance.

Report | Ohio PIRG | Financial Reform

Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

Report | Ohio PIRG | Financial Reform

Tax Shell Game

Many corporations operating in the United States funnel money through offshore tax havens in order to avoid paying billions in U.S. taxes. In fact, an independent study found that nearly two-thirds of corporations pay no taxes at all. Goldman Sachs, which received a $10 billion taxpayer bailout, managed to get their effective tax rate down to one percent by utilizing maneuvers they describe as “changes in geographic earnings mix.”

Foreclosures, Failed Banks and Fees

While the financial crisis is global in scope, Ohio is one of its flashpoints. Ohio lives and families have been shattered and homes and neighborhoods shuttered due to unfair and predatory lending practices. The solution is to enact a strong federal Consumer Financial Protection Agency that reinstates federal law as a floor not a ceiling of protection and has as its primary responsibility the enforcement of consumer protection laws. A new Consumer Financial Protection Agency would regulate financial products like mortgages, car loans, payday loans and credit cards – wherever purchased -- in much the same way the Food and Drug Administration ensures the safety of our medicines or the Consumer Product Safety Commission oversees toys, electronics and other household goods. 

News Release | Ohio PIRG | Financial Reform

Ohio PIRG Explains “Game-Changer” Proposal To Reinstate Federal Financial Laws As Pro-Consumer Floor

At the epicenter of the worldwide financial collapse was a lack of consumer protection that can best be remedied by establishing a “game-changer agency with only one job, protecting consumers” while simultaneously reinstating federal law as a floor not a ceiling of protection, according to Ohio PIRG Associate Manfred Mecoy. 

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