A group of Republican members of the U.S. House of Representatives have expressed concerns to Congressional leaders and Biden Administration officials about a proposal on Internal Revenue Service (IRS) data collection that would increase tax information reporting requirements on financial institutions.© Shutterstock The proposal would require financial institutions to report certain transaction level data as […]
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Federal Deposit Insurance Corporation (FDIC) officials said three teams have been selected to help banks meet the needs of unbanked consumers via the agency’s Tech Sprint initiative.© Shutterstock Goalsetter, NAAC-Talino Finance and Onramp will explore new technologies and techniques while also identifying bolstered resources and tools as a means of aiding banks in bringing unbanked […]
Securities and Exchange Commission (SEC) filed a complaint against a trio of media companies, alleging illegal unregistered offering of common stock.© Shutterstock The SEC recently levied charges against New York City-based GTV Media Group Inc. and Saraca Media Group Inc., as well as Phoenix, Arizona-based Voice of Guo Media Inc., regarding illegal unregistered offering of […]
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A new report from the Consumer Financial Protection Bureau (CFPB) said the market for college credit cards continued its general declining trend in 2020. The 12th annual college credit card report found that agreements with alumni associations made up the largest share of the market in terms of the number of agreements, accounts and amounts […]
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National Credit Union Administration (NCUA) financial performance data maintains federally insured credit unions reported net income growth of $11.9 billion in the second quarter of 2021.© Shutterstock Officials indicated the rise in net income is attributed to growth in other operating income and a decrease in provisioning for loan, lease and credit loss expenses — […]
The Conference of State Bank Supervisors (CSBS) is encouraging state adoption of the Uniform Money Transmission Modernization Act as part of an effort to modernize the state financial regulatory system.John Ryan The measure seeks to replace 50 sets of state-specific money transmitter laws and rules with one single set of nationwide standards and requirements via […]
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A new study from Investment Company Institute (ICI) found that Americans continued to save for retirement through their 401(k) plans despite ongoing COVID-19 pandemic economic stresses.© Shutterstock ICI’s Defined Contribution Plan Participants’ Activities, First Half 2021 breakdown tracks contributions, withdrawals and other 401(k) activity based on defined contribution (DC) plan recordkeeper data addressing over 30 […]
The nationʻs banks had a strong quarter as they generated net income of $70.4 billion in second quarter, an increase of $51.9 billion, or 281 percent, from the second quarter of 2020, according to data from the Federal Deposit Insurance Corporation (FDIC).© Shutterstock The FDIC aggregates the performance of the nationʻs 4,951 commercial banks and […]
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The Center for American Progress (CAP) is urging the Securities and Exchange Commission (SEC) to integrate antitrust disclosures into its environmental, social and governance (ESG) regulatory framework.© Shutterstock CAP maintains that requiring firms to disclose markers of market power would help socially conscious investors identify firms engaging in anti-competitive behavior, in addition to helping investors […]
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The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness released a report this week that examines the impact of a proposed 98 percent tax increase on carried interest capital gains that will be among the major tax hikes on businesses that will be considered as part of the $3.5 trillion budget reconciliation bill in […]
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