The threat is high. The Wisconsin Bankers Association has publicly promised to introduce harmful tax legislation. All but two Wisconsin credit unions have state charters, making state-level legislation bankers' likely route of attack. Though legislators have tried to avoid adding taxes in Wisconsin-a state with one of the highest tax burdens in the nation-this could change if the state's deficit does not decrease or if new lawmakers are elected. Instead of adding new taxes, the state could collect millions in taxes that have been skirted by Wisconsin's banks. Eleven of 15 big banks paid no corporate tax in 2000 by transferring assets out of state.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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