Tax

The bank trade group called for lawmakers to revoke the industry’s tax exemption and suggested that credit union acquisitions of banks create a “brain drain” of local lending expertise that could slow any economic recovery.

The original coronavirus stimulus program in 2020 stumbled out of the gate, delaying payments for months and exposing America's lack of universal access to the financial system. With round two, it's the digital rails that are sputtering early on.

After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.

Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level.

Payroll deferral doesn’t appear to give meaningful relief to low-income Americans — but payroll flexibility can fill that gap and then some, says DailyPay's Matthew Kopko.

The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.

A letter from the National Taxpayers Union requested changes, such as requiring federal credit unions to fill out a certain IRS form for non-profits, before lawmakers considered easing member business lending limits.

A blueprint that includes more CRA and tax credits for lower-income African Americans would help a demographic disproportionately harmed by the coronavirus pandemic.