Tax Cuts and Jobs Act

Wells Fargo Exhibit A in Democrats' case against tax law


Democrats attempted to counter Republicans’ praise for the increased investment, wages and bonuses resulting from the tax bill by tying it to Wells Fargo's recent scandals.


Unused credit lines pile up on banks' books


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


Commercial lending’s best days may be long gone


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.


Banks ride tax law to record $56B in profits


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.


Big banks should bring back U.S. jobs after tax cut: Brown


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.


Dollar Bank focuses on raises in passing tax savings to workers


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.


How other nations treat credit unions' tax status


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.


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.


Fannie's $3.7B drawdown not as bad as it looks, CEO says


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.


BBVA Compass' revenue gain a silver lining as profits fall


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.