Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.
Chime, a financial technology startup that offers online banking services, is close to raising $300 million at a $1.5 billion valuation, according to two people familiar with the matter.
Following the State of the Union speech Tuesday night, members of the House and Senate banking committees said they were intent on trying to address the biggest unresolved piece of financial services policy: housing finance reform.
Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.
Recent developments give the impression that the administration and lawmakers are in direct competition, but the ultimate framework may rely on coordination from both branches of government.
