Tax

Camden R. Fine and the Independent Community Bankers of America would be better off if they spent more time protecting community banks and less time attacking credit unions.

Iowa lawmakers are considering a bill that would lower taxes for banks and impose a franchise tax on credit unions. The move could be a bellwether for other states looking at similar measures.

The tax reform law passed late last year, which significantly cut the corporate tax rate, has been widely popular among banks, but a one-time hit to the value of their deferred tax assets was felt far and wide.

Lawmakers should consider taxing large, banklike credit unions that have strayed from their original fields of membership, argues a credit union executive.

If taxation is the future of our movement, it should be directed at large, bank-like credit unions in order to protect smaller institutions that have stayed true to our founding spirit.

The quarterly earnings decline from a year earlier was largely due to a one-time hit to the value of banks’ deferred tax assets, according to the agency’s Quarterly Banking Profile.

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.

Nussle, a former U.S. representative from the Hawkeye State, called the proposed legislation "bad for Iowa."

A mix of tax sweeteners and a lower cost of living has prompted banks such as MUFG Americas, Northern Trust and Bank of the West to locate corporate-level jobs in Phoenix and surrounding areas.

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.