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NatWest poised to report biggest profits since 2008 financial crisis

TheGuardian

Expected increase in bonus pool could prove controversial given cost of living crisis and government’s stake NatWest is set to reveal its largest annual profit since the 2008 financial crisis amid speculation that the taxpayer-backed bank will ramp up the size of its bonus pool just as consumers struggle with the cost of living crisis.

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Automation tipping point for financial transaction taxes arrives

Bobsguide

Financial transaction taxes (FTT), a levy on financial transactions such as the purchase or sale of financial instruments, have been on the radar of capital markets firms for over a decade. The 2008 global financial crisis created political pressure to ensure that the financial sector contributed.

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Death And Taxes: One Is Becoming Much More Digital

PYMNTS

After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year. That’s up from about 59 percent in 2008. “As

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Guess How Much Tax Evasion Costs US Taxpayers?

PYMNTS

The Internal Revenue Service has estimated that the business of tax evasion is a costly one for the government. Tax cheats cost the government as much as $458 billion annually, according to data tabulated between 2008 and 2010. As noted by Fortune , public awareness over tax evasion has been heightened.

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Report: Taxpayers Face $400B Hit On Bad Student Loans

PYMNTS

The figure, which approaches banks’ losses during the 2008 sub prime mortgage crisis, resulted from an analysis performed by the U.S. Private lenders lost $535 billion on low-quality mortgages during the 2008 Global Financial Crisis, Mark Zandi of Moody’s Analysics told the WSJ, according to Saturday’s article.

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CFPB Settles Student Loan Case With Discover For $35 Million

PYMNTS

The case stems from an earlier order from CFPB based on finding that Discover had been misstating the minimum amounts due on billing statements along with tax info customers needed to help get federal income tax benefits. That figure is close to banks’ losses from the 2008 sub-prime mortgage crisis.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008.

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