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.
Proposed acquisitions have been announced in recent days of banks in Florida, Kansas and Missouri.
ABA and 52 state bankers associations urged senators to include legislation to expand access to affordable real estate credit in rural areas in a budget package currently under consideration in Congress.
New orders of manufactured goods increased $25.7 billion, or 4,3%, from the prior month to $618.8 billion in March, the Commerce Department said.
As more retail bank customers struggle to pay their bills on time, many of them are looking to their banks for financial advice, according to a new survey by J.D. Power.
The FDIC released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in seven states recently affected by natural disasters.
Construction spending in April was at a seasonally adjusted annual rate of $2.15 trillion, 0.4% below the revised March estimate, the Commerce Department said.
