FEDERAL GOVERNMENT RELATIONS
Key legislative priorities included in House tax proposal
The House Ways and Means Committee’s “One, Big, Beautiful Bill” legislative package includes many industry-advocated tax policies.
Notable examples include:
- An ACRE Act policy to make 25% of interest income on agriculture and ranch real estate loans exempt from federal taxation.
- Increasing the Section 199A deduction from 20% to 23% and making it permanent, which would support Subchapter S community banks and other pass-through businesses.
- Making permanent lower individual rates, a higher estate tax exemption and a higher alternative minimum tax exemption.
Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation
The founders of two de novo banks shared with lawmakers the challenges of launching a new financial institution in the current regulatory climate, and they pushed for legislation to ease some of those burdens in the early years of a new bank.
Acting Comptroller Hood outlines OCC priorities
In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the Office of the Comptroller of the Currency, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.
CFPB rescinds dozens of guidance documents
The Consumer Financial Protection Bureau announced it is rescinding dozens of guidance documents on topics such as fair lending, overdraft fees, disclosure policies and consumer information requests to large banks and credit unions.
Trump nominates McKernan for Treasury Department role
President Trump nominated former Federal Deposit Insurance Corp. Board Member Jonathan McKernan as undersecretary of domestic finance at the Treasury Department. McKernan had been the nominee to lead the Consumer Financial Protection Bureau.