A blueprint that includes more CRA and tax credits for lower-income African Americans would help a demographic disproportionately harmed by the coronavirus pandemic.
The Comptroller of the Currency said the Federal Reserve had disagreements with the metrics of a pending proposal to revamp the Community Reinvestment Act.
Banks earned $59.1 billion in the fourth quarter, a 133% year-over-year increase, due to a one-time charge in the year-earlier quarter and a lower effective tax rate throughout 2018.
The Treasury Department and the Internal Revenue Service issued a proposal that would allow pass-through businesses like Subchapter S banks to deduct 20% of their business income as part of the new tax law President Trump signed last year.
