Agencies Issue Final Guidance on Third-Party Risk Management
Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’ risk management of third-party relationships. The final guidance covers risk management practices for the stages in the life cycle…
CFPB: Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes…
SBA: Law Implemented to Enhance Ability to Declare Disasters and Deliver Support to Rural Communities
Today, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced full implementation of the Disaster Assistance for Rural Communities Act (the “Act”) authored by Senators James Risch (R-ID) and Jeanne Shaheen (D-NH). Rural communities often face more severe impacts from natural disasters due to limited access to resources and infrastructure, which limits a community’s ability to recover and…
HUD: $45 Million in Funding Provided to Public Housing Authorities to Help Households Experiencing or at Risk of Homelessness
This funding builds on the Biden-Harris Administration’s commitment to coordinated efforts to addressing unsheltered homelessness and homelessness in rural areas Today, the U.S. Department of Housing and Urban Development (HUD) is announcing communities to receive housing vouchers to address homelessness among people in unsheltered settings and in rural communities. HUD is awarding $45 Million for…
FEMA: President Biden Approves Disaster Declaration for the Commonwealth of the Northern Mariana Islands
FEMA announced that federal disaster assistance has been made available to the Commonwealth of the Northern Mariana Islands to supplement commonwealth and local recovery efforts in the areas affected by Typhoon Mawar during the period of May 22, 2023, and continuing. Federal funding is available to the Commonwealth and eligible local governments and certain private…
SBA: Applications Open for Small Business Lending Company License
Expanding the number of Lenders to increase access to small, affordable loans for millions of small business owners Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33.2 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time…
HUD: $25 Million in Funding Announced for Public Housing Authorities to Help Families Get Access to Better Housing and Schools
Public Housing Authorities are encouraged to apply for funding Today, the U.S. Department of Housing and Urban Development (HUD) announced that it will make available $25 million to public housing authorities (PHAs) for HUD’s Housing Choice Voucher (HCV) Mobility Services. Through this program, PHAs will help an estimated 6,000 voucher families with children get a…
HUD: PAVE Task Force Announces New Actions to Address Appraisal Bias
Today, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), co-chaired by U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and White House Domestic Policy Advisor Neera Tanden, announced a set of meaningful actions to deliver on the PAVE Action Plan and ensure that every American who buys a…