Bank of America customers made almost 68 million transactions last year through payment platform Zelle, up 84% compared with 2016. Zelle has almost 3 million active users from BofA, which says thousands more come on board daily.
Executives with JPMorgan Chase and Wells Fargo expect the banks to see significant benefits from the tax bill passed last year. The bill reduced the corporate tax rate.
Consumer Financial Protection Bureau Deputy Director Leandra English is asking the US Court of Appeals for the District of Columbia Circuit for an expedited review of her challenge to the bureau's leadership. A federal district judge rejected English's claim that she should serve as acting director of the CFPB instead of President Donald Trump's appointee, Mick Mulvaney, prompting English to file an appeal.
The new tax law could result in $1 trillion in revenue growth over the next decade, Treasury Secretary Steven Mnuchin says. The plan assumes 2.9% revenue growth annually, but that figure could reach 3% or higher, Mnuchin told the Economic Club of Washington.
The Trump administration is talking with Congress about raising the IRS' budget so the agency can implement the new tax law, Treasury Secretary Steven Mnuchin says. National Taxpayer Advocate Nina Olson estimates the IRS will need an additional $495 million for fiscal years 2018 and 2019 to carry out its responsibilities under the law, such as updating forms, answering taxpayer calls and issuing guidance.
President Donald Trump's nominee to lead the Federal Deposit Insurance Corp. reportedly will be considered by the Senate banking committee Jan. 23. Jelena McWilliams is chief legal officer for Fifth Third Bancorp and a former attorney for the Federal Reserve.
Suggestions that the Federal Reserve consider a new approach to monetary policy, with an increase in the inflation target to 4% accompanied by an influx of money, keep economists busy but are unsuitable in the real world, Robert Samuelson writes. An overambitious program that promises to reinvent the economy for the better is more likely to make things worse, he concludes.
The US tax law puts the economy on an unsustainable fiscal path and endangers stability, Federal Reserve Bank of New York President William Dudley said. "In the long run, ignoring the budget math risks driving up longer-term interest rates, crowding out private-sector investment and diminishing the country's creditworthiness," he said.
The US government's authority to pay bills expires in one week, and lawmakers are trying to form a deal that attracts enough votes to pass the fourth stopgap spending bill to face a vote since September. Republicans don't know whether Democrats will back a spending measure without first getting a deal on immigration.
Changes to the rules and limitations on retirement-savings vehicles went into effect this year. Five areas of significant change involve 401(k) accounts, regular and Roth individual retirement accounts, saver's credit income limits and health savings accounts.
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