News Topic: Tax Cuts and Jobs Act

With plenty of cash on hand, many commercial firms have had little need to tap existing credit lines. ... Read full article

Amid their recent policy victories and record earnings, big banks have also been forced to grapple with the possibility that commercial lending — the lifeblood for large regionals — may never fully come back. ... Read full article

Banks were helped by better loan spreads thanks to higher net interest margins, but the recently enacted tax cut helped boost profits by 27% from a year earlier. ... Read full article

In letters to the six largest U.S. banks, the Ohio Democrat accused the banking sector of moving call center jobs overseas while reaping benefits from the recent tax cut law. ... Read full article

The Pittsburgh bank opted to give more than half of its employees $2,000 pay hikes instead of the bonuses handed out by many rivals. ... Read full article

Long considered a political third rail in the U.S., the movement's tax exemption is taking some heat. Here's a sampling of how other countries have handled this debate. ... Read full article

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

Tax reform caused Fannie Mae to burn through retained earnings that had been approved just two months ago and to post a fourth-quarter loss. CEO Timothy Mayopoulos argued it was a one-time event that overshadowed strong fundamentals. ... Read full article

Profits fell 42% at the Birmingham, Ala., bank because of a $121 million tax charge in the fourth quarter, but net interest income and noninterest income each rose 14%, softening the blow of the one-time tax hit. ... Read full article

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

Swelling capital levels, tax cuts and changing attitudes about post-crisis regulation could encourage bigger banks to issue the one-time payouts to reward shareholders and better manage their returns. ... Read full article

After reporting its fourth-quarter earnings, the subprime auto lender said it expects the new tax law to enable more car owners to stay current on their loans. ... Read full article

Reps. Elijah Cummings and Jimmy Gomez, both Democrats, questioned why B of A would stop offering accounts that are popular with low-income consumers when it stands to reap huge financial benefits from recently passed tax cuts. ... Read full article

The Texas bank also capitalized on rising rates and a positive adjustment to deferred taxes tied to tax reform in reporting a double-digit gain to profits in the fourth quarter. ... Read full article

The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost. ... Read full article

The new tax law took a one-time bite out of fourth-quarter results, but higher rates strengthened yields and new business boosted fee income. ... Read full article

Flagstar Bancorp swung to a fourth-quarter loss as the company took an $80 million noncash charge to earnings because of the tax reform bill. ... Read full article

The new tax law led to a nearly $16 million charge at the Pennsylvania bank, but it reported 7% loan growth and an 8% increase in fee income. ... Read full article