CDFI Fund: Bond Guarantee Program Application Period Opens for FY 2020
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in guarantee authority is available to Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2020. Through the CDFI Bond…
FEMA: President Trump Approves Major Disaster Declaration for South Carolina
FEMA announced that federal disaster assistance has been made available to the state of South Carolina to supplement state and local recovery efforts in the areas affected by severe storms, tornadoes, straight-line winds and flooding from Feb. 6 to 13, 2020.The President’s action makes federal funding available to the state and eligible local governments and…
SBA: Updated Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Today, as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19). The relaxed criteria will have two immediate…
Federal Reserve: Primary Dealer Credit Facility Established to Support the Credit Needs of Households and Businesses
To support the credit needs of American households and businesses, the Federal Reserve Board on Tuesday announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and…
Federal Reserve: Commercial Paper Funding Facility Established to Support the Flow of Credit to Households and Businesses
The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs…
EDA: $1.5 Million Invested to Boost Entrepreneurial Development Efforts in Disaster-Impacted Fargo, ND
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the North Dakota State University (NDSU) Research & Technology Park in Fargo, North Dakota, to advance entrepreneurial development efforts. The EDA grant will help NDSU purchase equipment for a newly retrofitted makerspace that…
OCC: Report Shows Slight Improvement in Mortgage Performance in Fourth Quarter 2019
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2019. The OCC Mortgage Metrics Report, Fourth Quarter 2019 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter,…
Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses
The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A statement encouraging banks to use their resources to support households and businesses; and A technical change to phase in, as intended, the automatic distribution restrictions gradually if a…
FDIC: Steps Announced to Protect Banks and Consumers and to Continue Operations
Given ongoing developments related to the coronavirus, the FDIC today announced the following steps to ensure the health and safety of its workforce and the continuity of its operations: Consistent with recent guidance from the Office of Management and Budget, and out of concern for the health of staff that would have been required to participate…
Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window
The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve’s “discount window” so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to…