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.
Banking agencies seek public comment on strategies to combat payments fraud
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.