Tax

About 750 people took part in a rally at the state capitol in Des Moines to protest a proposed tax on Iowa's credit unions.

Banking and affordable housing advocates are encouraged by a provision in the tax reform legislation that could increase investment in underserved communities by allowing investors to defer capital gains taxes when they reinvest in federally chartered Opportunity Funds.

Readers weigh in on whether or not banks should take a stand on gun control, opine on digital banking outages, reflect on banks building more branches in the internet age and more.

The booming U.S. economy continues to fuel earnings at Toronto-Dominion Bank — and President Trump's tax cuts will only make things better.

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.

The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.

As U.S. banks were tallying up the billions of dollars in extra profits they'll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to go up.

Tax reform caused Fannie Mae to burn through retained earnings that had been approved just two months ago and to post a fourth-quarter loss. CEO Timothy Mayopoulos argued it was a one-time event that overshadowed strong fundamentals.

It’s too soon to gauge the true impact of recent tax cuts on loan demand, but anecdotes from bankers suggest that, after months of stagnation, pipelines are filling up again.

Several banks suffered fourth-quarter hits when they reduced the value of certain energy investments. Still, renewable energy could remain a viable business thanks to other benefits embedded in the tax law.

Profits fell 42% at the Birmingham, Ala., bank because of a $121 million tax charge in the fourth quarter, but net interest income and noninterest income each rose 14%, softening the blow of the one-time tax hit.