Tax

The president had campaigned on a 28% corporate tax rate — threatening to undo much of the Trump-era cuts — and banks were seen as more vulnerable than other industries. But the administration appears open to a lower rate as part of broader legislative talks.

A Biden administration initiative to crack down on wealthy taxpayers hiding pass-through income would require financial institutions to send account flow data to the IRS.

A proposal still in the early stages to have banks report on customers’ account activity to help the government nab tax evaders is being panned by the industry as overly burdensome and a privacy threat.

The deal should allow the prepaid card issuer to expand its footprint in a business it entered seven years ago.

Loans and tax-subsidized investments by financial institutions have helped fund food markets and pantries in low-income communities. But there is still more work to do to close the grocery gap.

Bankers say the federal tax exemption for credit unions costs U.S. taxpayers $2 billion each year. But eliminating it would prevent the not-for-profit financial institutions from channeling their savings into higher rates and lower fees that stimulate commerce — and generate additional tax income.

Heritage Southeast Bank in Georgia will become the latest community bank to stop paying federal taxes when it merges into VyStar Credit Union later this year. It's time for Congress to investigate this consolidation trend and its impact on taxpayers.

Six years after unloading its bank unit, the tax preparation chain wants to diversify by launching a digital account targeting low- and moderate-income households. How will it differentiate itself from upstarts like Chime, Varo and Green Dot?

The pandemic is likely to dominate the discussion during CUNA’s online Governmental Affairs Conference, but perennial issues such as the industry’s tax exemption will also be spotlighted.

Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.