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EPIC Option Information Available
No New Taxes Nebraska, a coalition of over 40 businesses and organizations, has developed a webpage to provide information on the proposed EPIC tax. EPIC tax is a proposed ballot initiative that would eliminate property and individual and corporate income taxes and implement a proposed statewide consumption tax of 7.5%. However, a recent study found that the plan could require a much higher rate of tax of 20% or more to sustainably fund the state’s government services. Additionally, the initiative will take local budget and spending control away from local political subdivisions and into the hands of the Nebraska Legislature.
No New Taxes Nebraska
FDIC Proposes Expanded Criteria for Bank Merger Evaluations
Last week, the Federal Deposit Insurance Corporation (FDIC) board voted 3-2 to pursue changes to its bank merger evaluation process. These changes include considering a broader range of competitive factors, assessing community impacts such as branch closures and requiring divestitures before merger completion. The proposed policy aims to evaluate mergers based on product and service concentrations beyond deposits, ensure sound financial performance, combat money laundering effectively and meet community needs through enhanced services. The proposed policy also mandates public hearings for mergers exceeding $50 billion in assets or facing significant Community Reinvestment Act protests.
Read the Proposal
Applicability Date of Certain CRA Rule Provisions Extended
Last week federal banking regulators announced an interim final rule to extend the applicability date of certain provisions of their final rule regarding the Community Reinvestment Act of 197 (CRA), specifically the facility-based assessment areas and public file provisions. The extension moves the applicability date to January 1, 2026. Additionally, the agencies have released technical amendments to the 2023 CRA Final Rule and related regulations. Among these amendments is a clarification that banks are not required to make changes to their public notices until January 1, 2026.
Read the Bulletin
ABA Seeks Participants for Deposit Insurance Survey
Policymakers are considering changes to deposit insurance. The American Bankers Association (ABA) is surveying members to gather information on depositor behavior and deposit balances. The data will help the industry respond efficiently and enhance the ability to evaluate potential reforms in deposit insurance. Survey responses are being accepted until March 29.
Take the Survey
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