WASHINGTON - (05/04/05) -- A bill introduced in CongressTuesday at the behest of the banking lobby would provide billionsof dollars in new tax credits and exemptions for community banks,at the same time the bankers are stepping up their efforts torepeal the credit union tax exemption. The bill, dubbed theCommunity First Act, would: allow a 20% tax credit for closely heldSubchapter C corporation banks; provide community banks indistressed areas with a 50% tax credit; repeal the AlternativeMinimum Tax for banks up to $5 billion in assets; and exempt incomeearned on agricultural and mortgage loans in small communities fromtaxation. The measure would also provide a variety of otherregulatory relief measures for banks on reporting and privacyissues. The bill was praised by the Independent Community BankersAssociation, which has worked to get it introduced. "Our membersare excited about this proposal because it will benefit consumers,small businesses, local governments and others who depend oncommunity banks for financial support," said David Hayes, chairmanof the ICBA and president of Security Bank, Dyersburg, Tenn. "Bylifting the yoke of regulatory burden off their backs, and movingthem closer to tax parity with tax-exempt credit unions, communitybanks can focus their resources on better serving theircustomers."
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
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Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
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The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
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