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 U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised.
FinCEN is seeking nominations for membership in the Bank Secrecy Act Advisory Group, which reviews and discusses issues related to BSA reporting requirements. Membership is open to financial institutions subject to the BSA.
Federal Reserve Financial Services recently announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service.
The Hill newspaper announced that ABA President and CEO Rob Nichols, Chief Policy Officer Naomi Camper and EVP of Congressional Relations and Legislative Affairs Kirsten Sutton were named to its list of the 2024 top lobbyists.
Agency extended to Dec. 10 the deadline for contractors to object to the disclosure of their 2021 diversity data, known as “EEO-1 reports.” ABA has prepared an analysis to guide banks on their responses.
Federal and state financial regulators released a joint statement with strategies and advice for financial institutions on identifying, preventing and responding to elder financial exploitation.
