STATE GOVERNMENT RELATIONS
Top Lawmakers to Local Officials: Prepare to Vote on Tax Hikes
Major fiscal issues expected to dominate the upcoming legislative session include a property tax overhaul sought by Governor-elect Mike Braun that could cut hundreds of millions in revenue to cities, counties and school districts.
Crouch Announces Investment in Affordable Housing
Lt. Gov. Suzanne Crouch and the Indiana Housing and Community Development Authority announced recipients of the 2025 Low-Income Housing Tax Credit program and Multifamily Bonds with the Indiana Affordable and Workforce Housing Tax Credit.
FEDERAL GOVERNMENT RELATIONS
FOMC Minutes: Fed Officials See Room for Gradual Rate Cuts
Federal Reserve officials see the potential for more interest rate cuts at a gradual pace, pointing to easing inflation and resilience in the labor market, according to minutes from a November meeting. If data continues to come out as expected, officials believe "it would likely be appropriate to move gradually toward a more neutral stance of policy over time," the minutes said.
2025 to Bring Increases in Certain Visa Credit Card Fees
Visa plans to raise certain fees for credit card transactions beginning in January, according to processor Global Payments. The misuse fee for merchants will rise from 9 cents to 15 cents per transaction, while a base transmission fee for banks will increase from 0.18 cents to 0.25 cents. The changes come amid scrutiny from the Senate Judiciary Committee, which is examining the impact of such fees on merchants, particularly small businesses.
2 Lawmakers Urge FDIC to Nix Brokered Deposits Proposal
Reps. Andy Barr, R-Ky., and French Hill, R-Ark., are pressing the Federal Deposit Insurance Corp. to rescind a proposed rule on brokered deposits, arguing the proposal lacks proper analysis and could negatively affect banks. Barr and Hill say the FDIC's justification, which involves the collapse of fintech Synapse, is "disingenuous," and they suggest a broader regulatory approach considering factors such as concentration risk and deposit maturity.
Read more from the Wall Street Journal
FedNow Transactions Reach $17.5B in Q3 as Adoption Grows
The Federal Reserve's FedNow instant payments system processed about $17.5 billion in transactions during the third quarter, marking its highest quarterly volume since its launch in 2023. FedNow activity remains modest compared with the RTP Network, which handled $69 billion in the same period. However, the average transaction size on FedNow was nearly $52,000, well above RTP's $800.
Read more from American Banker
Trump Nominates Bessent as Treasury Secretary
President-elect Donald Trump nominated hedge fund manager Scott Bessent as Treasury Secretary on Friday. Bessent is the founder of investment firm Key Square Group and a former partner at Soros Fund Management. If confirmed by the Senate, he will succeed current Treasury Secretary Janet Yellen.