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 OCC announced it will no longer examine banks for reputational risk and will remove references to such risk from its Comptroller’s Handbook booklets and guidance.
Legislators and regulators are strongly focused on policy related to payment stablecoins, most recently with the passage of the Genius Act in the Senate Banking Committee. What is the current policy and technology landscape on stablecoins?
Existing home sales rose 4.2% in February to a seasonally adjusted annual rate of 4.26 million, the National Association of Realtors reported. Sales dropped 1.2% from a year ago.
The rate for a 30-year fixed-rate mortgage was 6.67% this week. The rate for a 15-year fixed-rate mortgage was 5.83%.
Twenty-three senators from both parties have signed a joint letter expressing their support for the CDFI Fund after President Trump directed the program to scale back staffing and operations.
OFAC issued a final rule extending recordkeeping requirements for certain transactions from five to 10 years to make them consistent with the recently expanded statute of limitations for sanctions violations.
