FEMA: President Biden Approves Major Disaster Declaration for Florida
FEMA announced that federal disaster assistance has been made available to the state of Florida to supplement state and local recovery efforts in the areas affected by severe storms, tornadoes and flooding from April 12-14, 2023. The President’s action makes federal funding available to affected individuals in Broward County. Assistance can include grants for temporary…
FDIC: Report Released Detailing Supervision of the Former Signature Bank, New York, NY
Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of…
Federal Reserve: Results from the Review of the Supervison and Regulation of Silicon Valley Bank Announced
The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their…
CFPB: Rule Issued to Facilitate the Orderly Wind Down of LIBOR
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the Federal Reserve Board System. This…
Census Bureau: 2021 County Business Patterns Now Available
The U.S. Census Bureau today released the 2021 County Business Patterns (CBP). This annual series of statistics provides subnational economic data by industry. These data show detailed annual information on the number of establishments, employment during the week of March 12, and first quarter and annual payroll at the national, state, metropolitan and micropolitan statistical area,…
CDFI Fund: Updated FAQ Posted for BEA Program Applicants
The Community Development Financial Institutions Fund (CDFI Fund) has posted on its website a revised Supplemental Guidance and Frequently Asked Questions (FAQs) document and Application Guidance document related to the fiscal year (FY) 2023 Bank Enterprise Award Program (BEA Program) Application round. Revised information is highlighted in green in these documents. The updates to these…
FEMA: President Biden Approves Major Disaster Declaration for the Hoopa Valley Tribe
FEMA announced that federal disaster assistance has been made available to the Hoopa Valley Tribe to supplement tribal recovery efforts in the areas affected by the severe winter storms and mudslides Feb. 14 to March 5, 2023. Public Assistance federal funding is available to the tribal government and certain private nonprofit organizations on a cost-sharing…
HUD: $15 Million Awarded to Help Low-Income Seniors Age in Place
Grants will fund health and safety repairs in homes of low-income elderly homeowners The U.S. Department of Housing and Urban Development (HUD) today awarded almost $15 million to 13 nonprofit organizations, in addition to a state government to assist in undertaking comprehensive programs that make safety and functional home modifications and limited repairs to meet…
FDIC: Supervisory Guidance Issued on Charging Overdraft Fees for Authorize Positive, Settle Negative Transactions
The FDIC is issuing supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance (APSN). Statement of Applicability: The contents of, and material referenced in, this FIL…
EDA: $4 Million Invested to Support Climate-Ready Future on Fort Mojave Reservation
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $4 million grant to the Fort Mojave Aha Macav Power Service, Mojave, Arizona, to develop a new source of clean and renewable energy for the Fort Mojave Reservation through the construction of a 2.3 megawatt solar power system….