ABA: Bank Economists See Inflation Moderating as Growth Stalls in 2023
Weakening consumer and business spending, and improving supply chains, will support the Federal Reserve’s efforts to drive inflation lower this year and next toward its 2% target, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. The committee, comprised of 15 chief economists from some of North America’s largest banks, also…
HUD: New “Affirmatively Furthering Fair Housing” Rule Proposed to Root Out Longstanding Inequities in Housing and Foster Inclusive Communities
Rule expands upon HUD’s previous policy, implementing opportunities for transparency and accountability while bolstering economic equity for American families The U.S. Department of Housing and Urban Development (HUD) will imminently publish a Notice of Proposed Rulemaking in the Federal Register to fulfill the promise of the 1968 Fair Housing Act. The proposed rule aims to remedy the…
FEMA: President Biden Approves Increase in Disaster Assistance for California
FEMA announced today that President Joseph R. Biden, Jr. made additional disaster assistance available to California by authorizing an increase in the level of federal funding for emergency work undertaken as a result of severe winter storms, flooding, landslides and mudslides, beginning on Dec. 27, 2022 and continuing. Under the President’s major disaster declaration for California issued on Jan.14,…
FHFA: Updates to the Enterprises’ Single-Family Pricing Framework Announced
The Federal Housing Finance Agency (FHFA) today announced further changes to Fannie Mae’s and Freddie Mac’s (the Enterprises) single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans. “These changes to upfront fees will strengthen the safety and soundness of the Enterprises by enhancing their ability…
FHFA: Enhancements Announced to Fannie Mae and Freddie Mac’s Radon Standards for Multifamily Properties
The Federal Housing Finance Agency (FHFA) today announced enhancements to Fannie Mae and Freddie Mac’s (the Enterprises) multifamily radon standards. The Enterprises’ aligned radon standards will require additional radon testing for multifamily properties with loan applications received after June 30, 2023. “The Enterprises’ adoption of enhanced radon testing requirements during National Radon Action Month will help ensure…
CFPB: Guidance Issued to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want
New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew…
FEMA: Monterey, San Luis Obispo and Santa Barbara Counties Added to California Major Disaster Declaration
Monterey, San Luis Obispo and Santa Barbara counties have been added to the major federal disaster declaration for California’s severe storms and flooding, meaning residents who had damage or losses from the storms may now apply for FEMA disaster assistance. President Biden approved an emergency declaration after the Golden State was hit by waves of…
CDFI Fund: FY 2023 Capital Magnet Fund Funding Round Opens
Today the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2023 funding round for the Capital Magnet Fund. Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to Community Development Financial Institutions (CDFIs) and qualified non-profit housing organizations. These awards can be used to…
FEMA: President Biden Approves Major Disaster Declaration for Georgia
FEMA announced today that federal disaster assistance has been made available to the state of Georgia to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds, and tornadoes on Jan. 12, 2023. The President’s action makes federal funding available to affected individuals in Butts, Henry, Jasper, Meriwether, Newton, Spalding,…
EDA: $1.5 Million Invested for Water Infrastructure Improvements to Support Business Growth in Hawkins County, TN
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the First Utility District of Hawkins County, Tennessee, for water infrastructure improvements needed to support business growth. This grant will provide the reliable water service capacity needed for a major glass manufacturer…