Some Floridians really don't like Equifax.
Equifax, the credit bureau that reported a massive data breach in September, was the most-complained-about financial institution in Florida and 48 other states, according to a LendEDU study of data from the federal Consumer Financial Protection Bureau.
Florida ranked second nationally for total complaints, with 21,905 to the CFPB last year. The state accounted for 9.3 percent of all gripes the agency received.
Credit-reporting agencies drew the most complaints from Florida consumers, followed by debt collectors, mortgage companies, credit card issuers and bank checking/savings accounts.
"It should not come as much of a surprise that Equifax was the most complained about financial institution in 2017," the report stated. "On Sept. 7, Equifax issued a press release that revealed its was a victim of a major cybersecurity hack that may have impacted at least 143 million consumers."
The report said consumers nationwide filed 235,094 complaints with the CFPB last year. The most common were tied to credit reporting and repair, debt collection, mortgage, credit card or prepaid card, and bank, checking or savings accounts.
LendEDU, an online student loan refinancer, notes that this could be the last time it crunches the CFPB data because it might be dismantled by the Trump administration.
Banks not giving away the, uh, bank
A number of U.S. banks have touted how they will share their tax-reform windfalls with employees through raises, bonus and such. But a new analysis by S&P Global Market Intelligence shows that the banks will hold on to most of the tax savings.
The banks will retain more than 75 percent of the savings, S&P Global said. It projects the lower U.S. corporate tax rate will push industry earnings nearly 13 percent higher this year. Community banks — those under $10 billion in assets — will get a 5 percent bump in earnings from the lower tax rate.
The impact of the tax overhaul on loan growth could be modest. It could hurt mortgage lending, especially in higher-income states where borrowers will no longer be able to deduct the full amount of their property taxes, S&P said. The plan will also increase the federal deficit and lead to higher mortgage rates, which could slow home buying.
Banks will benefit in the long run because the top federal tax rate for corporations will be cut from 35 percent to 21 percent.
But some big lenders are paying the price now, as accounting procedures force them to write down previous tax credits — some from as far back as the financial crisis — that they have used to lower future federal tax payments.
Bank of America, the largest bank by deposits in Southwest Florida, posted fourth-quarter profits that fell by nearly half over the year after booking $2.9 billion in charges related to the new tax law.
But bank executives see the tax law as a long-term positive, with an effective tax rate to be roughly 20 percent, down from 29 percent historically.
And while the nation's second-largest bank boosted wages for some of its lowest paid employees, CEO Brian Moynihan told investors that most of the tax savings will be channeled into stock buybacks and higher dividends.
Contact John Hielscher at 361-4875, fax to 361-4880 or email john.hielscher@heraldtribune.com.