According to an annual report by the congressional Joint Committee on Taxation, the subsidy to the credit union industry will cost taxpayers $14.4 billion over the five years from 2016 to 2020. The value of the tax exemption is expected to climb by nearly 25 percent over this period, growing from $2.6 billion per year in 2016 to $3.2 billion in 2020 — thus indicating that the exemption will continue to balloon in following years.
The FDIC, Federal Reserve and OCC issued a request for comment on potential actions to help consumers, businesses and financial institutions mitigate risks related to payments fraud, particularly check fraud.
The CFPB should retain a key provision of its pandemic-era servicing rules that allows servicers to offer streamlined loan modifications to borrowers based on incomplete applications for loss mitigation, ABA said.
Illinois Gov. JB Pritzker signed into law a bill that extends by a year the effective date of a first-of-its-kind state law restricting interchange fees.
ABA joined two associations in reiterating their concerns about the CFPB’s nonbank registry, which the current bureau leadership has proposed to eliminate.
Reflecting significant pushback from both ABA and U.S. banking agencies, the Basel Committee last week issued a framework for voluntary disclosure of climate-related financial risks for large international banks.
ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.
