Tag Archives: Accountable.US

With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

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“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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With Alito’s Billionaire Patron Holding $90 Million in Finance Firms, Watchdog Demands Recusal From CFPB Case

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“Should Justice Alito preside over this case despite his clear conflicts of interest, it would add to the worsening Supreme Court corruption crisis and underscore the urgent need for ethics reform,” said one critic.

By Julia Conley. Published 9-18-2023 by Common Dreams

Samuel-Alito. Screenshot: Conversations with Bill Kristol

Anti-corruption watchdog Accountable.US on Monday said there is a clear need for U.S. Supreme Court Justice Samuel Alito to recuse himself from an upcoming court case regarding the Consumer Financial Protection Bureau, as a new analysis revealed the extent of one of his key associate’s financial interests in the case.

The group released new data showing that hedge fund manager Paul Singer holds at least $90 million in financial firms overseen by the CFPB, which was established in 2011 through the Dodd-Frank Wall Street Reform and Consumer Protection Act and has since provided $16 billion in financial relief to defrauded consumers and ordered companies to pay $3.7 billion in penalties.

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A ‘Landmark Victory’ for Consumers and Climate as California Passes Big Oil Price Gouging Law

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“Whether it’s price gouging at the pump or drilling in people’s backyards, Big Oil’s days of harming our health and our pocketbooks must end,” said one advocate.

By Brett Wilkins.  Published 3-28-2023 by Common Dreams

A pump in Gorda, California in 2021. Screenshot: KSBW

Climate and consumer advocates on Tuesday hailed California lawmakers’ passage of legislation aimed at tackling Big Oil price gouging as the proposal headed to the desk of Democratic Gov. Gavin Newsom, who said he will sign the measure into law.

The California Assembly voted 52-19 on Monday in favor of S.B. X1-2—authored by state Sen. Nancy Skinner (D-9)—which will empower the California Energy Commission (CEC) to impose profit caps and penalties on refiners and create an intra-agency watchdog tasked with conducting greater oversight of fossil fuel companies to minimize profiteering. Continue reading →

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GOP House Puts Big Oil’s Revolving Door Into High Gear

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“These lobbyists are not getting hired to advocate for American energy consumers—they will push an agenda that benefits the new majority’s donors no matter what it costs taxpayers.”

By Brett Wilkins  Published 1-27-2023 by Common Dreams.

Nancy Peele, chief of staff to House Natural Resources Committee Chair Bruce Westerman (R-Ark.), is a former fossil fuel lobbyist for companies responsible for the 2010 Gulf oil spill. (Photo: Nancy Peele/LinkedIn)

An analysis published Friday by the nonpartisan watchdog Accountable.US revealed that numerous former fossil fuel lobbyists are being hired to work for the Republican-controlled 118th Congress, including in high-level positions on the House Natural Resources Committee.

“As the Republicans majority begins the new Congress, former oil industry lobbyists will have new and growing influence as top staffers for congressmen on key committees,” the analysis states. Continue reading →

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House GOP Scraps Consumer Protection Panels in ‘First of Many Gifts’ to Wall Street

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Republican Chair Patrick McHenry “wasted no time seeking payback on behalf of his biggest donors by scrapping key subcommittees dedicated to consumer protection and preventing industry discrimination,” said Accountable.US.

By Julia Conley  Published 113-2023 by Common Dreams

Rep. Patrick McHenry (R-N.C.) speaks at the Brookings Institute in 2017. Photo: Brookings Institution/flickr/CC

The U.S. committee tasked with overseeing the financial sector on Thursday “dispelled any doubt of their intent to do the bidding of the financial industries over the interests of everyday families,” said a government watchdog group as the panel signaled it will significantly scale back its efforts to push for consumer protections on Wall Street.

House Financial Services Committee (HFSC) Chair Patrick McHenry (R-N.C.) announced the new Republican subcommittee chairmanships, with new panels including the Subcommittee on Financial Institutions and Monetary Policy—tasked with overseeing the Consumer Financial Protection Bureau (CFPB)—and the Subcommittee on Digital Assets, Financial Technology, and Inclusion, headed by pro-cryptocurrency Rep. French Hill (R-Ark.). Continue reading →

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As Consumers Pay, Oil CEOs Refuse to Testify to Congress About Soaring Prices

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“While Americans struggle with high gas prices, these companies are doing victory laps, showering their already wealthy executives and shareholders with billions in stock buybacks and bonus compensation,” said one watchdog group. “They should be ashamed.”

By Julia Conley  Pubished 3-29-2022 by Common Dreams

Photo: Joel Kramer/flickr/CC

As people across the United States face record-high gas prices—compounded by rising grocery bills and prices for other essentials—executives at three major oil companies are refusing to testify before Congress about what their firms could do to lessen the burden on U.S. households, leaving Democratic lawmakers and consumer advocates to condemn the companies for profiting amid lower and middle-class people’s financial pain.

Rep. Raúl M. Grijalva (D-Ariz.), who chairs the House Natural Resources Committee, had invited the CEOs of EOG Resources Inc., Devon Energy Corp. and Occidental Petroleum Corp. to testify next week, only to be rebuffed Tuesday by the executives, who have personally profited off gas prices which averaged $4.24 per gallon on Monday. Continue reading →

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Biggest Oil Giants Made ‘Eye-Popping’ $205 Billion in Profits in 2021: Report

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Now, fossil fuel giants are trying to “cash in on inflation and the crisis in Ukraine,” said one critic.

By Kenny Stancil.  Published 3-15-2022 by Common Dreams

Photo: Thomas | Mutch Games/Twitter

While millions of working people have been hurt by surging gas prices, a new analysis out Tuesday shows that 25 of the world’s biggest fossil fuel corporations collectively pulled in an “eye-popping” $205 billion in profits last year—and Big Oil is exploiting Russia’s war on Ukraine to charge even more at the pump in 2022 and advance its financial interests.

According to a new report from government watchdog Accountable.US, top oil and gas companies took “full advantage” of last year’s sky-high prices and record profits. Fourteen firms rewarded shareholders with more than $35 billion in stock buybacks and dividend bumps. Continue reading →

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After Getting ‘Stealth Bailout’ During Pandemic, US Corporations Try to Kill Proposed Tax Hikes

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“When it’s time to finally put workers first, big businesses are spending millions to maintain their advantage and preserve the status quo,” said Kyle Herrig of Accountable.US.

By Jessica Corbett, staff writer for Common Dreams.  Published 10-21-2021

Members of the Patriotic Millionaires hold a federal tax filing day protest in New York City. Photo: Michael Kink/Twitter

Major U.S. companies that got a “stealth bailout” thanks to congressional pandemic relief legislation are now lobbying against President Joe Biden’s proposal to hike taxes on wealthy individuals and corporations through the Build Back Better package, according to a new Accountable.US analysis provided exclusively to Common Dreams.

Accountable.US takes aim at the recent lobbying activities—and in some cases, statements from top executives—of Apple, Baxter International, Bristol-Myers-Squibb, DuPont de Nemours, FedEx, Johnson & Johnson, Oracle, Walgreens Boots Alliance, and Walmart. Continue reading →

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Tens of Millions in PPP Loans Went to Corporate Polluters After Companies Were Fined $52 Million, Analysis Shows

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“Our federal government should not be essentially giving back portions of the penalties they’ve paid, but that’s exactly what the Trump administration is doing through the PPP.”

By Julia Conley, staff writer for Common Dreams. Published 10-4-2020

“These companies have a clear history of violating public trust and the law by contaminating the environment in pursuit of profits.” (Photo: isciencetimes.com)

As the American public awaits a new coronavirus aid package and at least one in five small businesses expect to close by the end of 2020 due to economic hardship, government watchdog Accountable.US and the HuffPost revealed Sunday that at least five companies which were previously fined for pollution violations received millions of dollars in loans via the Paycheck Protection Program which was introduced in March.

Fossil fuel companies, a diesel engine parts manufacturer, and a nuclear waste management company were among the corporations which received up to $32 million in loans, after they were forced to collectively pay more than $52 million in penalties, according to the analysis. Continue reading →

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Trump-Connected Fossil Fuel Companies Permitted to Delay Payments of $56 Million in Pollution Fines During Pandemic

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“People are struggling to find rent money for next month, but thank god the Trump administration is providing relief for the millions these poor, vulnerable corporate polluters owe.”

By Julia Conley, staff writer for Common Dreams. Published 5-27-20220

The Sherburne County (Sherco) Generating Station, a coal-fired power plant owned by Xcel Energy and located in Becker, Minnesota, shown in 2016. (Photo: Tony Webster/Flickr/cc)

Corporations with close ties to Trump administration officials are among 10 companies being permitted to delay payments of millions of dollars in fines for pollution they caused, according to The Guardian and government watchdog Accountable.US.

The companies had agreed to pay a collective total of $56 million in civil penalties for contributing to pollution in communities across the country, but they were informed in April by the Department of Justice that they can pause their payments during the pandemic. Continue reading →

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