HUD: Overhaul of Disaster Recovery Program Announced to Better Deliver for Impacted Communities
Announcement includes the creation of a new HUD office focusing on disaster recovery and $3.3 billion to help communities across the country recover, build resilience Today, the U.S. Department of Housing and Urban Development (HUD) announced an overhaul of the agency’s disaster recovery efforts to better serve communities who face the direct impacts of weather-related…
Federal Reserve: New FedNow Service Launch Scheduled for July 2023
The Service will Debut with Financial Institutions and the U.S. Treasury on Board The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters…
CFPB: Inquiry Launched into the Business Practices of Data Brokers
Public input will help to inform planned rulemaking under the Fair Credit Reporting Act The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers…
SBA: Research Sheds New Light on Small Business Exporters
Today, the U.S. Small Business Administration (SBA) released new findings from a commissioned study on the Total Addressable Market (TAM) of small business exporters in America. Among the key findings from the study is new data, based on recent business surveys, that places the number of exporting small businesses at 1.3 million – an almost fivefold increase over the estimates…
SBA: 2023 State Small Business Persons of the Year Recognized
Top entrepreneurs to be formally recognized during National Small Business Week Awards Ceremony Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s 33 million small businesses, announced today the 2023 Small Business Persons of the Year from each of the 50 states, the District of Columbia,…
FDIC: New FIL Clairifies Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks
In recent days, the FDIC has established two bridge banks, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., to assume the deposits and obligations of two failing banks. All contracts entered into with banks before they failed, and their counterparties were transferred into the bridge bank by the FDIC as receiver. Accordingly, vendors…
CDFI Fund: Public Comments Requested on Community Development Entity Certification Application
The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S….
CDFI Fund: Application Demand for CY 2022 Round of NMTC Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development…
FDIC: Agency Acts to Protect All Depositors of the Former Silicon Valley Bank
The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their money beginning…
HUD: Fiscal Year 2024 Budget in Brief Released
Proposed budget would significantly invest in building affordable housing, expanding access to homeownership, redressing housing discrimination, enhancing household mobility, and ending homelessness Today, the U.S. Department of Housing and Urban Development (HUD) released details about its fiscal year 2024 budget request. Find the HUD FY24 budget at hud.gov/budget. On Thursday, March 9, the Biden-Harris Administration released the…