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Proposed GOP tax reform, PayPal waives international fees, banks and data sharing: Essential Banking News

With the latest tax reform bill proposed by the GOP, this week's essential banking news looks into the potential ramifications. 

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Big unknown for banks: Will tax plan boost growth enough?

Amidst the latest tax reform, financial institutions are conflicted about potential upsides within the industry. For instance, Jamie Dimon, CEO of JPMorgan Chase, is optimistic that this is a step in the right direction, but Robert Frasor of MountainOne Bank is not so positive, pointing out potential concerns for the local real estate market. 

Read more at American Banker


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No More Foreign Transaction Fees on PayPal’s Cashback Mastercard

Effective this week, PayPal's Mastercard will be waiving all foreign transaction fees. In a statement through Bank Innovation, PayPal Spokesman Josh Criscoe said, “Removing the foreign transaction fee makes it easy for cardholders to use their card anywhere in the world Mastercard is accepted without having to pay an additional fee, providing an even more rewarding experience.”

Read more at Bank Innovation


Housing groups pan GOP swipe at mortgage deduction

Regarding the GOP tax reform, a swipe at mortgage deductions has drawn the ire of housing industry groups and bankers alike. Ian McKendry writes about the immediate backlash: "Not only did the new proposal leave out the housing tax credit, but it also delivered a tougher blow: halving the loan limit eligible for a mortgage interest deduction to $500,000. That aspect of the plan was immediately attacked by banking and housing industry groups, as well as some lawmakers."

Read more at American Banker


Why Banks Are Coming Around To Data Sharing

Read more at PYMTS


Powell as Fed chair? Five things bankers should know

The new Chairman of the Federal Reserve has been selected, and the decision has banks sleeping a little easier: "President Trump's pick of Federal Reserve Board Gov. Jerome Powell as the next head of the central bank is likely to cause bankers to breathe a sigh of relief." 

Read more at American Banker


Remitly Raises $115M Series D

Remitly, a digital remittance company, has raised more than $100M in the latest funding round backed by PayU, bringing optimism to the future of the company. Matt Oppenheimer, CEO and co-founder of Remitly, discusses why this deal is important for the startup: “Naspers’ PayU has a strong track record investing in and building payments businesses in high-growth markets around the world, [which] will be key as we continue our international expansion. This capital will supercharge our growth and help transform the lives of those who require cross-border transactions, including immigrants, by allowing us to offer them fundamentally better financial services.” 

Rad more at PYMTS


Square Supersizes Square Register

Square is coming out with a point of sale device called the Square Register for merchants. Jesse Dorogusker, Head of Hardware at Square, says, “We built Square Register based on years of insight from working with sellers about what they need on their counter top as their business grows. This is the first time we’re delivering a product that incorporates everything we’re known for in one place: beautiful hardware, powerful software and a robust, managed payment experience.”

Read more at PYMTS