FDIC: 2022 Risk Review Published Highlighting Emerging Risks in the Banking System
The Federal Deposit Insurance Corporation (FDIC) today published its 2022 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021. The 2022 Risk Review expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by…
FDIC: New Process Established for Minority Depository Institution Designation Announced
On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statementdescribes the FDIC’s…
EDA: Over $50 Million in American Rescue Plan and CARES Act Recovery Assistance Invested
In the last week, the following grants were made under the American Rescue Plan Funds program of the CARES Act Recovery Assistance program: May 19, 2022 – U.S. Department of Commerce Invests $4 Million in American Rescue Plan Funds to Support University-led Healthcare Workforce Training Efforts in Alaska May 17, 2022 – U.S. Department of Commerce Invests…
CFPB: Interpretive Rule Issued to Clarify Scope of States’ Ability to Enforce Federal Consumer Financial Protection Laws
Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states play in protecting consumers, the Consumer Financial Protection Act grants their consumer protection enforcers the authority to protect…
Census Bureau: Household Pulse Survey Phase 3.4 Monthly Data Released
The U.S. Census Bureau today released new data from phase 3.4 of the experimental Household Pulse Survey (HPS). Phase 3.4 includes a new question on receipt/intention to receive a COVID-19 vaccine booster; modifications to questions relating to children’s vaccinations that expand response options to include children’s age categories; modified reference periods for school enrollment and spending questions;…
HUD: FHA New “Green Mortgage Insurance Premium” Reductions Announced for Residential Care Facilities Meeting Industry-Recognized Green Building Certifications
Reductions of mortgage insurance premiums for “green” Section 232 Residential Care Facilities supports Administration’s environmental objectives and HUD’s Climate Action Plan. The Federal Housing Administration (FHA) announced on Wednesday, May 18 that it intends to implement significant reductions in the upfront and annual mortgage insurance premiums (MIP) it charges for most mortgage insurance categories under the Section…
FDIC: Hawaiian Banker Named to Minority Depository Institutions Subcommittee
The Federal Deposit Insurance Corporation (FDIC) today announced Russell Lau, the Chairman and Chief Executive Officer of Finance Factors, Ltd in Honolulu, is the newest member of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking. The FDIC’s MDI Subcommittee serves as a source of feedback for FDIC strategies to…
HUD: $10.3 Billion in Grants Announced for Housing and Community Development Activities Across U.S.
Funding Will Enable Affordable Housing Development and Other Activities to Meet Needs of Families and Communities The U.S. Department of Housing and Urban Development (HUD) today announced $10.3 billion in Fiscal Year 2022 formula grants to communities across the United States for housing and community development activities ranging from affordable housing development to public housing…
FDIC: Final Rule Issued Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo
The Federal Deposit Insurance Corporation (FDIC) today approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. “These practices not only harm those who are targeted with the false promise of deposit insurance, but, if left unchecked,…
EDA: $4.2 Million Invested for Roadway Improvements to Support Business Development in Hampton County, SC
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4.2 million grant to Hampton County, South Carolina, for roadway improvements. This project will support job creation through transportation infrastructure and food supply chain improvements. The EDA investment will be matched with $1 million in local…