National Credit Union Administration Chairman J. Mark McWatters made an appeal to credit union executives to work with small community banks when it comes to advocating for shared goals.
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.
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.
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.
It’s too soon to gauge the true impact of recent tax cuts on loan demand, but anecdotes from bankers suggest that, after months of stagnation, pipelines are filling up again.
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.
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.
In the wake of President Trump’s tax cut, banks would be wise to take the time to explore investment opportunities before returning increased profits to shareholders.
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.
The busy legislative agenda laid out by President Trump in the State of the Union speech Tuesday night casts doubt on how quickly Congress can move on financial services legislation, particularly a housing finance reform package.
