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  • President Trump signs Dodd-Frank rollback into law

    President Donald Trump signed a major Dodd-Frank rollback into law Thursday, hoping to bring regulatory relief to community banks across the U.S. The president explained Dodd-Frank’s costly regulations gave large banks a negative advantage at the cost of small banks throughout the country. Click the headline to read more.

Items Tagged with 'Tax Cuts and Jobs Act'

ARTICLES

  • IRS: Interest paid on home equity loans is still deductible under new tax plan

    But not in every case
    The country’s new tax laws, ushered in by President Donald Trump and his Republican counterparts late last year, will bring many changes to the mortgage industry. Namely, the plan reduces the available mortgage interest deduction from $1 million to $750,000. But what’s the impact of the tax plan on home equity loans, home equity lines of credit, and second mortgages? The IRS has answers.
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  • Hensarling blames Watt for GSEs needing Treasury money, demands answers

    Criticizes Watt for ordering Fannie, Freddie to contribute to Housing Trust Fund
    One of the top Republicans in Congress lays the blame for Fannie Mae and Freddie Mac needing money from the government for the first time since 2012 not on the Republican tax plan’s reduction of the corporate tax rate, but rather, squarely at the feet of Federal Housing Finance Agency Director Mel Watt.
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  • Fannie Mae needs billions from Treasury for the first time since 2012. What happened?

    Credit the Republican tax plan, and much more
    If you’ve been playing close attention, you knew this day was coming, but that doesn’t make it any less shocking. Fannie Mae needs money from the government for the first time since 2012. So, how did we get here? The easy answer is to blame the Republican tax plan, and in many ways, that’s correct… but it’s far more complicated than that.
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  • NAR: Pending home sales rise for 3rd straight month, but there’s trouble on the horizon

    Realtors wary of tax reform impact on home sales
    Pending home sales rose in December for the third straight month, providing further evidence that 2017 was a positive year for housing, but the National Association of Realtors doesn’t expect the good times to keep rolling. But combine continually low housing inventory and the Republican tax plan and you have a recipe for a slowdown, according to NAR Chief Economist Lawrence Yun.
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  • New York, New Jersey, Connecticut plan to sue federal government over GOP tax bill

    Take issue with elimination of state and local tax deductions
    The states of New York, New Jersey, and Connecticut are planning to sue the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year. Each of the three states’ governors say that their residents will be harmed by the tax plan’s cap on state and local tax deductions.
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  • JPMorgan Chase to invest $20 billion in new branches, new hires

    Bank to raise wages for second time in two years
    Today, JPMorgan Chase announced it is investing $20 billion over five years to help its employees and support job and local economic growth in the U.S. The long-term investment aimed at increasing and accelerating the company’s current growth comes on the heels of the Trump administration’s recently enacted Tax Cuts and Jobs Act.
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  • Wintrust raises minimum wage following tax reform

    Bank gives employees boost to $15 per hour
    Following the recently passed tax reform legislation, Wintrust announced that it is raising its minimum wage for its hourly employees to $15 an hour. The bank said it expects that more than 600 employees will benefit from the raise.


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  • Citigroup reports net loss in Q4 due to tax reform

    Citi mortgage improvements push net credit losses down $30 million
    Citigroup reported a net loss during the fourth quarter of 2017 after taking a hit from the Tax Cuts and Jobs Act. Tax reform caused the bank to pay $19 billion related to the re-measurement of its deferred tax assets arising from a lower U.S. corporate tax rate.
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  • Citizens Financial Group invests $22.5 million in employees following tax reform

    The bank announces investments in philanthropic efforts, gives employees $1,000 cash bonus
    Following the newly-enacted tax reform bill, Citizens Financial Group became the latest financial institution to announce it is investing more money in its employees. The bank announced Tuesday it is investing a total of $22.5 million into its employees and the communities it serves.
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