SALT LAKE CITY - (02/02/05) -- The House Revenue and TaxationCommittee agreed Tuesday afternoon to delay action on a bill aimedat ending the decade-old war between banks and credit unions--byeliminating state taxes on banks to put them on their long-sought'level playing field' with credit unions. The taxation committeeagreed to hold the bill until the House votes later this week on abroader package endorsed by Gov. Huntsman to phase out thecorporate income tax on banks and all companies over five years.The banking lobby, though supportive of tax relief efforts, saidelimination of state levies is not likely to end their enmity withcredit unions because of the continued exemption on federal taxesfor credit unions. Howard Headlee, president of the Utah BankersAssociation, said the bankers will continue to support alegislative resolution asking Congress to, among other things, letstates tax federally chartered credit unions. "You're halfwaythere. It's a step in the right direction," Headlee told The CreditUnion Journal about the legislature's tax relief proposals. "Butthe inequity based on the exemption from federal income taxes stillexists."
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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