Congress should focus its attention in 2020 on the tax treatment of large, bank-like credit unions and reconsider the merit of the tax exemption these entities enjoy, according to a new issue brief published by the National Taxpayers Union today.
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The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.
In an op-ed in American Banker today, industry veteran and former Comptroller of the Currency Gene Ludwig warned that the Financial Accounting Standards Board’s current expected credit loss standard “will both undermine the financial industry’s ability to work itself out of a crisis and discourage lending to small businesses.”
Insights from ABA staff expert Josh Stein on the recent FASB oversight hearing.
The IRS on Friday issued important guidance on how banks and other servicers of mortgage loans must report the deductibility of mortgage interest premiums.
During a House Financial Services subcommittee hearing today, lawmakers on both sides of the aisle expressed serious concerns about the economic effects of the Financial Accounting Standards Board’s current expected credit loss standard on the cost and availability of credit for consumers.
With the nation’s largest banks now beginning to implement the current expected credit loss standard, the American Bankers Association continues to call for a quantitative impact study that would analyze the full effect of the standard on both bank capital and the economy.
The Securities and Exchange Commission proposed changes to modernize its auditor independence framework last updated in 2003.
While generally welcoming the Securities and Exchange Commission’s proposed updates to “Guide 3,” ABA urged the SEC to allow more time before adding disclosures specific to the Current Expected Credit Loss model.
A financial transaction tax rate set between 0.1 and 0.5 percent may make an FTT seem innocuous, but it would have a significant negative effect on investors, the economy and the banking industry.