WASHINGTON - (04/19/05) -- Fresh off its biggest victory inalmost seven years, the credit union lobby will be working to makesure that Wednesday's hearing before the tax-writing House Ways andMeans Committee doesn't dissolve into an effort to tax creditunions. Committee Chairman Bill Thomas, R-Calif., originally slatedthe hearing--a week after final passage of the credit union-backedbankruptcy reform bill-- to review whether not-for-profit hospitalsand a host of other tax-exempt organizations, including creditunions, are abiding by the original justification for their taxexemptions. Testifying at the hearing, which could be the first ofseveral on the issue, will be several government academics,including the heads of the Government Accountability Office,Congressional Budget Office and Joint Committee on Taxation, whowill discuss the impact on federal tax revenues of tax exemptionsfor more than 1.8 million organizations. CUNA lobbyist Gary Kohnsaid the credit union lobby is ever-vigilant, noting that thenotice of the hearing mentioned credit unions along with severalother exempt organizations.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22 -
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
April 22 -
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
April 22 -
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
April 22