Tax

Bankers may not want to hear this, but communities benefit when credit unions buy banks.

Savings for the top six U.S. banks from President Donald Trump's signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

A smiling President Donald Trump thanked some of the biggest U.S. companies for about 10 minutes on Wednesday at the White House, where he was celebrating his trade deal with China. When it came to JPMorgan Chase, he asked for reciprocation.

The country's biggest bank is leaning more on fee income to offset rate pressures, expanding in selected U.S. cities and laying the groundwork for operations in China that CEO Jamie Dimon hopes will endure “for 100 years.”

The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.

But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.

Readers react to the FDIC's fine against a bank over a 5-year-old consent order, Regions Financial's about-face on acquisitions, HUD's promotion of a controversial CFPB official and more.

So far farm loans are holding up well, but bankers gathered at an industry conference this week said they are growing increasingly concerned that credit quality will weaken if the U.S. and China don’t reach a deal soon.

Readers react to Sen. Warren's call for banks to fund her Medicare plan, a proposal requiring big-bank CEOs to testify before Congress, federal regulators lacking Trump appointees on their board and more.

If elected president, Sen. Elizabeth Warren would charge large banks a fee to help pay for her Medicare-for-all plan.

A special committee in the state Senate has recommended not to move forward on a proposed bill to tax credit unions above a certain asset threshold.

Amid concern that an economic downturn is approaching, Greg Carmichael said that banks need to focus on credit quality and not worry about expanding their balance sheets.

A study commissioned by the Florida Bankers Association found that 70% of participants supported Congress requiring CUs with at least $500 million in assets to pay income taxes.

One bill would tax credit unions in the Sunflower State with at least $100 million in assets.

Readers react to a regulator's promise to reduce regulation that hinders innovation, Sen. Elizabeth Warren's plan to impose heavier taxes on lobbying groups, Freddie Mac's exploration into AI and more.

Sen. Thom Tillis of North Carolina called for the panel to hold a hearing on what he termed the danger that the Federal Reserve will meddle in the 2020 presidential election.

Competition for deposits is tight, the outlook for loan demand is uncertain, and regulatory relief is slow-moving. Yet community bankers are feeling better about the economy than they have in two years, a Promontory Interfinancial Network survey found.

China's decision to stop buying U.S. soybeans and let its currency depreciate raised the prospect of further interest rate cuts. That hurt banks slightly more than the rest of the market on what was a bad day for all equities.

The president said that European Central Bank President Mario Draghi would do a better job overseeing monetary policy in the U.S. than Fed Chairman Jerome Powell.

The bipartisan proposal aims to renew banks' interest in low-income housing tax credits and bring more lower-priced homes to markets that badly need them.