U.S. Market Close 12/08/2025

DOW 30  -0.45% -215.67 47,739.32

S&P 500  -0.35% -23.89 6,846.51

NASDAQ 100  -0.25% -64.10 25,627.95

U.S. Tax Reform Timeline, 1945-Present

Since the creation of the federal income tax in 1913, Congress has regularly adjusted the tax code as the economy and national priorities have changed.

In this paper, the Bipartisan Policy Center presents a comprehensive timeline of major U.S. tax reform efforts from the end of World War II to the present, most recently passage of the One Big Beautiful Bill Act (OBBB). Our analysis includes the political dynamics, major policy details, and the budgetary effects of signature tax legislation throughout modern history. For this analysis, we define legislation as enacted on a bipartisan basis if its passage received at least one vote from a member of the opposite party. Our review also examines the trajectory and composition of federal revenue since the 1940s.

A few broad themes emerge from this review:

Increasing Partisanship: Tax laws were broadly bipartisan in the postwar era through the 1990s. At the turn of the century, each party started using the reconciliation process more frequently to advance partisan legislation—often including major tax revisions. Partly as a result, tax laws have become much more partisan in the 21st century than they were in the 20th.

Read more at Bipartisan Policy Center

6 Ways Trump’s Closing This Major Consumer Advocacy Agency Could Impact Finances

The Trump Administration is closing the Consumer Financial Protection Bureau in the “next two or three months,” said White House budget chief Russell Vought on a recent episode of “The Charlie Kirk Show,” per The Well News.

The shuttering of the fiscal oversight agency could have a potentially significant effect on the finances of average Americans.

Here’s a look at the plan to shut down the CFPB and how it could affect you directly.

What Is the CFPB?

The Consumer Financial Protection Bureau was created in 2010 by an act of Congress, the Dodd-Grank Wall Street Reform and Consumer Protection Act. It formally began operations in 2011. The collapse of the real estate and financial markets in 2008-09 provided the impetus to create a government agency to oversee and regulate consumer-facing financial products and services. Its general mandate was to protect individuals from unfair, abusive or deceptive practices in financial products ranging from mortgages and auto loans to credit cards, debt collection, student loans and credit reporting. 

Read more at GOBankingRates

ValidiFI Q3 Report Finds More Than 30% of “Fair” Credit Consumers Flagged as High Risk by Alternative Scoring

New Analysis Shows How Layering Real-Time Bank Data with Traditional Scores Uncovers Hidden Risks and Opportunities

ALPHARETTA, Ga., Dec. 10, 2025 — ValidiFI, Inc., the leading alternative data provider, today released its Q3 2025 Bank Account and Payment Intelligence Report, “Rethinking Credit Scoring in the Age of Shifting Financial Behaviors,” which reveals significant discrepancies between traditional credit scores and actual consumer risk profiles.

As economic pressures mount, with layoffs reaching a 22-year high, savings declining 10%, and nearly 70% of consumers living paycheck to paycheck, the report argues that static credit scores fail to capture fast-changing financial realities. Average credit scores fell two points to 715 since 2024, while student loan delinquencies (90+ days) now exceed 10%.

“Static scores can’t keep pace with today’s real-time financial conditions,” said John Gordon, CEO of ValidiFI. “Lenders need agile tools that reflect current behaviors and changing signals, not just past payment history. By layering bank account and payment data on top of traditional credit scores, organizations can uncover risks and opportunities that conventional scoring misses.”

Read more at ValidiFI

Americans’ Social Media Use 2025: PEW

Growing shares of U.S. adults say they are using Instagram, TikTok, WhatsApp and Reddit, but YouTube still rises to the top

Even as debates continue about the role of social media in our country, including on censorship and its impact on youth, Americans use a range of online platforms, and many do so daily.

Which online platforms do Americans most commonly use?

YouTube and Facebook remain the most widely used online platforms. The vast majority of U.S. adults (84%) say they ever use YouTube. Most Americans (71%) also report using Facebook. These findings are according to a Pew Research Center survey of 5,022 U.S. adults conducted Feb. 5-June 18, 2025.

Half of adults say they use Instagram, making it the only other platform in our survey used by at least 50% of Americans.

Read more at The Pew Charitable Trusts

Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

https://youtu.be/y6HkaBkdKdU

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

Email: jose.l.santiago@irs.gov

CFPB tells President, Congress it will need $279.6 million to continue statutorily required operations through September 30, 2026

In Fiscal Year 2026, ending September 30, 2026, the CFPB will need $279.6 million just to maintain its activities that are required by law, Bureau Acting Director Russell Vought wrote in letters to House and Senate appropriators and President Trump.

Under Section 1017 of Dodd Frank, the CFPB may be funded only from the “combined earnings” of the Federal Reserve System (see here, here, and here; see our Podcast here). In the past, under the leadership of then-Director Rohit Chopra, the Bureau requested funds from the Fed after September 2022, when the Fed started losing money on a combined basis, and the Fed provided those funds.

Apparently, in making those requests, the CFPB took the position that “earnings” means “revenue” and not “profits.”

However, in a November 7 opinion interpreting Section 1017, the Justice Department’s Office of Legal Counsel determined that the Fed does not have ”combined earnings” because it has been losing money due to the interest rate environment and, therefore, no funds may be lawfully provided to the Bureau.

Read more at Ballard Spahr L.L.P. 

FDIC Issues List of Banks Examined for CRA Compliance: FDIC

WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in September 2025.

The CRA is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.

You may obtain a consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, or obtain a hard copy from FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

Read more at Federal Deposit Insurance Corporation (FDIC) 

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Merchant Service Provider for Your Business EC

4 Ways To Thrive Financially in the Age of AI

From shopping to applying for jobs to getting advice, artificial intelligence is transforming the way people live. No matter if you see it as a positive or negative, it’s here to stay. AI presents several golden opportunities for Americans to improve their financial futures. Here are four ways AI can give you an edge.

Adapt To AI at Work

Around the globe, more and more people are worrying that AI will affect their employment. Doug McMillon, the CEO of Walmart, agrees in part and believes AI will reshape every job he can think of. While he does admit Walmart will use more AI chatbots in areas like supply chain tracking and customer service, this doesn’t mean it will replace every employee.

McMillon believes workers who adapt to AI tools will be more productive and valuable to employers. Early reports indicate that companies that have replaced employees with AI have experienced problems, with frequent mistakes and inconsistencies from the tech. Learning how to pair AI with soft skills like communication and critical thinking can make you an asset to any company.

Read more at NASDAQ

Are Paper Checks Slowly Disappearing? The Federal Reserve Is Considering Changes

First pennies started disappearing — now paper checks may be next. While digital payment options continue to expand, the Federal Reserve is reviewing the future of check-processing services it provides to banks.

Paper check use has steadily declined as more consumers shift to direct deposit, automatic bill pay and apps like Venmo, PayPal and Zelle. Federal benefits also no longer rely on mailed checks, part of an effort to modernize payment systems nationwide.

The Fed says that maintaining current check-processing capabilities could require major investments in infrastructure. If those upgrades are not made, it warns the service could become less reliable. A proposal released this week outlines multiple options, including reducing or fully winding down check services.

But paper checks remain part of the financial system. They still account for about 5 percent of all transactions and represent more than 20 percent of the total value of payments, according to Federal Reserve Vice Chair for Supervision Michelle Bowman, who dissented from the proposal.

Read more at NBC

FinCen targets illegal remittances

The federal government’s financial security enforcement arm urged money transfer businesses to be on the lookout for illegal cross-border transfers.

Dive Brief:

• The Treasury Department’s Financial Crimes Enforcement Network issued an alert, calling on money transfer businesses to be vigilant in “detecting, identifying and reporting suspicious activity” related to “illegal alien” cross-border payments.
• FinCEN said the Saturday notice was part of its mission to carry out an executive order from President Donald Trump in January focused on stopping illegal immigration to the U.S.
• The latest FinCEN warning is part of Treasury’s ongoing efforts “to prevent the exploitation of the U.S. financial system by illegal aliens seeking to move illicitly obtained funds, including by moving those funds across the border,” the notice said.

Dive Insight:

Trump’s executive order in January, titled “Protecting the American people against invasion,” is in line with his administration’s efforts to crack down on illegal immigration. In keeping with that order, FinCEN said the notice was aimed at countering public safety and national security threats.

Read more at PAYMENTSDIVE.COM

How Bank Controls and Education Can Stop Elder Financial Fraud

Fraud against American senior citizens continues to explode. With proliferating headlines about "pig butchering" and other scams, major banks are stepping up anti-fraud efforts. What steps should your bank or credit union take to address this burgeoning customer risk and protect your customers?

Need to Know:

• In 2024 people 60 or older filed 147,127 elder fraud complaints, with losses totaling around $4.9 billion, according to a 2025 report by the FBI.
• Both complaints and losses are skyrocketing: Complaints rose 46% over 2023 and losses increased by 43%.
• Fraud runs the gamut from phishing, spoofing and fake tech support calls to romance scams preying on the lonely.
• New research from Keynova pinpoints key tools that banks can help family and other trusted parties prevent and detect fraud patterns.
• Innovative programs include Huntington Bank’s Caregiver Banking, and similar offerings from Wells Fargo and KeyBank.

Read more at The Financial Brand

Contact Chuck.Sockol@mcrc.biz to discuss your recovery needs

Major Changes To U.S. Pensions Being Considered By Congress

Congress is considering major changes to U.S. pensions after a new bill was introduced this week.

The proposal, put forward by Democratic Representative Eugene Vindman of Virginia, seeks to make it easier for Americans to build emergency savings without sacrificing their retirement security.

Why It Matters 

Vindman’s Congressional bill would modify eligibility rules and raise contribution limits for pension-linked emergency savings accounts—programs that allow workers to set aside funds for unexpected expenses alongside their retirement savings. 

If enacted, it could reshape how millions of employees prepare for financial shocks, offering a safety net that complements long-term retirement planning.

Read more at NEWSWEEK

The Future of Payroll: How Crypto and Stablecoins are Changing Salaries in a Post-Inflation Economy

With inflation starting to chill out, it seems fintech startups are taking a step back and looking at their payroll strategies. It’s not just about riding the inflation wave anymore; it’s about the benefits that crypto payroll can bring. Let’s dive into how this shift in inflation affects the push for crypto payroll, the perks it offers, and the bumps in the road that might be encountered along the way.

The Impact of Easing Inflation on Crypto Payroll

We noticed core PCE inflation dropping down to 2.8% in September 2025, right? This might mean things should get less hectic, but it doesn’t really change the need for crypto payroll systems. Why? Because these systems come with some solid benefits like faster payments and lower fees. These are pretty essential for startups that want to keep their cash flow in check and snag global talent.

Benefits of Crypto Payroll for Startups

Faster Payments and Lower Costs

Read more at ONESAFE.IO

Mortgage, buy-now, pay-later firms to address US consumer watchdog panel

WASHINGTON, Dec 5 (Reuters) - The U.S. Consumer Financial Protection Bureau will next week convene its expert consumer advisory panel to discuss ending anti-discrimination policies, and a recent proposal to narrow civil-rights-era fair lending regulations, among other recent policy changes, according to an agenda seen by Reuters.

The gathering of its Consumer Advisory Board, which the CFPB is legally required to convene twice a year, follows its proposal at the White House's direction to curtail regulations that seek to prohibit commercial practices that effectively result in discrimination regardless of intent.

The panel comprises outside experts and business people to advise and consult with the agency. The panel will hold those two mandated meetings on Wednesday, the agenda shows.

Current panel members include private-sector and nonprofit advocates for access to housing who have been on the board since before President Donald Trump came to power and overhauled the agency's leadership.

Read more at REUTERS

Why Crypto Users Choose ATMs Over Online Exchanges

Most people assume that the digital asset economy lives entirely on screens. We imagine traders sitting in front of multi-monitor setups or casual investors checking apps on their phones during a commute. Yet, if you walk into a local convenience store, a shopping mall, or a gas station, you will likely see a kiosk glowing with a Bitcoin logo. These machines are not relics of a bygone era. They are active, vital infrastructure processing billions of dollars in transaction volume every year.

The persistence of these machines often confuses those who are fully integrated into the traditional banking system. Why drive to a location when you can buy from your couch? The answer lies in the limitations of the online exchange model. For many, the ability to send and receive crypto immediately offers a necessary alternative to the friction of online platforms. The user base for these kiosks is not just people who lack bank accounts. It includes privacy advocates, gig workers, and investors who value speed over convenience.

Read more at CRYPTO-REPORTER.COM

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start-up, product development, and product evolution stages. PS

Why the next Saudi unicorn will likely be a fintech built on banking-as-a-service

Saudi Arabia’s fintech progress is now part of the country’s everyday rhythm, and the numbers behind it are hard to miss.

The Saudi Central Bank (SAMA) reports that electronic payments accounted for 79 percent of retail transactions in 2024, up from 70 percent in 2023, with non-cash payments reaching 12.6 billion transactions across the year. The fintech base has climbed to around 261 companies by the end of 2024, showing steady depth in the builder community.

Meanwhile, the SAMA Regulatory Sandbox continues to function as a live route to market, with 25 fintechs currently testing under supervision, and roughly 50 having been permitted through it since its launch in 2018. Taken together, these figures describe a market that has built real traction and is moving with speed.

As momentum builds, the question shifts from what consumers are adopting to where lasting value will be created, and which kind of company is best positioned to reach meaningful scale in this environment. Because there is a second story running alongside the consumer adoption one, and that story sits deeper in the stack, which is often where the companies that end up defining a market take shape.

Read more at UAE MOMENTS

Western Union is building a stablecoin-backed prepaid card targeting countries with high inflation rates.

Summary

• Western Union is creating a stablecoin-backed prepaid card for inflation-heavy economies.
• The USDPT token on Solana launches in 2026, integrating with the firm’s remittance network.
• Partnership with Rain enables Visa stablecoin cards and crypto-to-cash conversions.

The money transfer giant plans to offer the product in markets where local currency depreciation erodes purchasing power, CFO Matthew Cagwin told the UBS Global Technology and AI conference.

Cagwin pointed to Argentina as a prime use case, where inflation exceeded 200% last year. The dollar-denominated card would help preserve value for remittance recipients in economies facing rapid currency devaluation.

Rain partnership brings Visa stablecoin cards

Read more at CRYPTO.NEWS

States Are Rolling Out New Retirement Saver Incentives in January

States across the country are launching new retirement saver incentives this January, aiming to help older adults strengthen their financial security. These programs include expanded tax credits, automatic enrollment initiatives, and new savings vehicles designed to encourage long-term planning. For retirees and near-retirees, the changes represent both opportunities and challenges. Understanding the details is critical to maximizing benefits and avoiding pitfalls. Here are the key retirement saver incentives rolling out this month.

1. Expanded State Tax Credits

Several states are expanding tax credits for retirement contributions. Seniors who continue to work part-time or freelance can benefit from these credits by contributing to IRAs or state-sponsored savings plans. The expanded credits reduce taxable income, providing immediate relief while encouraging long-term savings. Retirees must review eligibility carefully to ensure they claim the full benefit. Even modest contributions can yield meaningful tax advantages.

Read more at SAVINGADVICE.COM

How to Beat the Fintechs Who are Stealing Your Bank’s SMB Clients

Need to Know:

• Startup businesses are tomorrow’s mainstream banking customers, but many of today’s founders feel that banks just don’t get them.
• A common fault: Shoving all small businesses into a mold that best serves mature firms, not newcomers.
• The solution: Give up "one-size-fits-all" product design and practices. Cater to small firms with mixes of services appropriate to their stage of development.

If you ask most banks whether they want to serve startups, the answer is a resounding "yes." Startups represent growth, innovation and long-term potential.

But if you ask startup founders whether they feel well-served by banks, their answer is often not quite so enthusiastic.

Read more at The Financial Brand

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Warren Buffett’s 5 Best Money Tips To Have a Successful 2026

When it comes to money advice, few names carry as much weight as Warren Buffett. He’s been sharing his wisdom for decades, and even in 2026, his timeless principles still ring true.

The best part? His strategies aren’t complicated or flashy — they’re practical, down-to-earth tips anyone can follow. Whether you’re saving for the future, looking to grow your investments or just trying to avoid financial stress, Buffett’s advice is like a cheat code for building long-term success.

Plant Your Seeds and Watch Them Grow

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Buffett didn’t kick things off with millions or a big social media following. In fact, he started with just a tiny amount of money, picking small companies he thought had potential and letting them grow over time.

Read more at GOBankingRates

The CEO Who Pays People to Show Their Debit Card

When Jennifer Audette, CEO of POLAM Federal Credit Union on the corner of Larchmont and Clinton, attends community events, she often starts with a challenge — and a smile. She’ll offer $50, $20, or even a drink pass to the first person who shows her their POLAM debit or credit card.

It’s not a gimmick. It’s a conversation starter.

“It’s fun, but it makes a point,” Audette says. “I can tell immediately who understands what it means to belong — and who doesn’t yet.”

For Audette, this small gesture highlights a much bigger truth: where you bank matters.

Read more at LarchmontBuzz

FREE to Members: dan@afspassociation.com