Notre Dame Federal Credit Union in Notre Dame, Ind., said late last week that it raised $12 million from a new fund created to provide secondary capital to credit unions, angering bankers who see it as a disturbing trend.
The tax reform legislation approved by Congress on Wednesday and expected to be signed by President Trump soon is mostly good news for banks, but many will have to take big charges in the fourth quarter as a result.
Comptroller of the Currency Joseph Otting said in a press conference Wednesday morning that there is a place in the banking world for some kind of fintech charter, though the exact parameters of such a charter are still unclear and have to be worked out.
The Senate approved the final tax reform plan 51-48 early Wednesday, the second-to-last obstacle before sending it to President Trump for his signature.
The $50 billion threshold replaced by a formula, but bill must be reconciled with Senate version; Fed, FDIC say the eight big banks still have work to do.
Despite increasing bipartisan support to remove asset cutoffs for "systemically important financial institutions," Congress will likely settle for an asset threshold increase.
