Rep. Steve Watkins (R-Kan.) today introduced the Enhancing Credit Opportunities for Rural America Act (H.R. 1872), which would end taxation of interest earned from agricultural real estate loans.
This American Bankers Association-advocated bill would provide rural bankers with the same tax status as Farm Credit System lenders when making loans secured by ag real estate, thus leveling the playing field between banks and the tax-advantaged FCS.
ABA shared several possible reforms for the Dodd-Frank Act as the law approaches the 15th anniversary of its enactment, saying changes are needed to mitigate its burdens on banks of all sizes.
While the version included in the final legislation is modified from ABA’s original ACRE proposal, there remains significant relief for ag and rural communities. Qualified lenders will be able to exclude from gross income 25% of interest income...
Jonathan Gould was sworn in as the 32nd comptroller of the currency. He succeeds Rodney Hood, who was acting comptroller for five months.
The Consumer Price Index rose 0.3% in June after rising 0.2% the previous month and increased 2.7% over the past year, the Labor Department said. Year-on-year core CPI posted a 2.9% gain.
Despite continued challenges from global economic uncertainty and lingering supply chain disruptions, farm banks posted solid financial performance, improved asset quality and increased lending to America’s farmers and ranchers, according to ABA’s annual Farm Bank Performance Report.
The FDIC board voted to roll back Biden-era actions on industrial banks, supervisory appeals and CRA implementation. It also introduced a proposal to streamline the agency’s approval process for new bank branches.
