As the House considers the Biden administration’s social spending bill, the American Bankers Association and 51 state associations today told house lawmakers that requiring banks to report information to the IRS on gross inflows and outflows on customer accounts is “bad tax policy” and urged them not to include such a provision in the bill, regardless of the reporting threshold.
Inflationary pressures remain present both domestically and around the globe, with core CPI, core PPI and the OECD measure of global PPI remaining well above the Fed’s 2% inflation target.
The CFPB today issued its long-awaited proposal for implementing Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
As part of the Biden administration’s effort to increase the supply of affordable housing, the Federal Housing Finance Agency today announced that effective immediately, Fannie Mae and Freddie Mac will be permitted to invest up to $850 million annually in the Low-Income Housing Tax Credit market as equity investors.
In a letter to House Financial Services Committee leaders today, the American Bankers Association expressed opposition to a bill that it called a “backdoor effort by the credit union industry to expand its membership rolls at the expense of tax-paying banks.”
Banks marketing teams are increasingly facing this question across many contexts.
As COVID-19 Delta variant transmission rates remain high, the Centers for Disease Control and Prevention updated its guidance to recommend that fully vaccinated people wear a mask in “public indoor settings in areas of substantial or high transmission.
ABA issued a members-only staff analysis of the government-wide policy priorities for anti-money laundering and countering the financing of terrorism that the Financial Crimes Enforcement Network released June 30.
The House today voted 218 to 208 to repeal the OCC’s “true lender” rule.
The FDIC proposed changes to its guidelines for real estate lending policies in order to align standards with the community bank leverage ratio, which does not require electing institutions to calculate tier 2 capital or total capital.