Pro-market groups come out swinging in support of credit unions
A coalition of free-market-oriented groups is calling on Senate Finance Committee Chairman Orrin Hatch to rethink his push for a new tax on credit unions. ... Read full article
News Topic: Orrin Hatch
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Do credit unions still warrant a tax exemption?
A bombshell letter from a prominent senator and a court ruling criticizing credit unions’ interpretation of “field of membership” have bankers hopeful that Congress may finally be willing to examine the public-policy purpose of the Depression-era tax ... Read full article
I’m a credit union CEO who agrees with Hatch: Tax big credit unions
Lawmakers should consider taxing large, banklike credit unions that have strayed from their original fields of membership, argues a credit union executive. ... Read full article
Could a spike in IRS budget solve income-verification problems?
Financial services groups are calling for more funding for the Internal Revenue Service that could fix flaws in the agency's system for verifying the income of mortgage applicants. ... Read full article
Credit union trades fire back against bank effort to repeal tax exemption
The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status. ... Read full article
State bank trades cheer Hatch review of credit union tax status
Fifty-two state bank trade associations sent a letter to Sen. Orrin Hatch, R-Utah, encouraging him to continue his review of the credit union tax exemption. ... Read full article
Hatch touches a third rail: Should credit unions be taxed?
Credit union groups were scrambling Wednesday to respond to a letter from Senate Finance Committee Chairman Orrin Hatch questioning whether the industry had outgrown its income-tax exemption. ... Read full article
Tax law likely to spur crisis in affordable housing
The tax law is expected to eliminate 300,000 affordable housing units over 10 years in part because it will reduce the value of banks’ low-income tax credits, which finance half of all affordable housing units. ... Read full article
Ant, MoneyGram deal killed; Hatch to retire
The two payments companies failed to win U.S. government approval for their merger; the head of the Senate Finance Committee says he will leave when his term ends. ... Read full article
Hatch retirement paves way for makeover atop banking panel
The announcement Tuesday by Sen. Orrin Hatch that he will retire at the end of the year could have a ripple effect throughout the Senate, including the leadership of the Banking Committee. ... Read full article
Senate Finance leaders probe Equifax data breach
Senate Finance Committee leaders sent a letter to Equifax CEO Richard Smith scrutinizing the scope of the company's data breach and its response. ... Read full article
Small banks get a vehicle for regulatory relief in the Senate
A bipartisan group of senators want more community banks to get relief from Dodd-Frank capital requirements. ... Read full article