FHFA: Re-Proposed Capital Rule for Fannie Mae and Freddie Mac Released
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comments on a notice of proposed rulemaking that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The proposed rule is a re-proposal of the notice of proposed rulemaking published in July 2018. Comments will be due 60…
EDA: $2.5 Million Invested to Provide Critical Infrastructre to Serve Tribal Businesses in Oklahoma Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.5 million grant to the Citizen Potawatomi Nation, Shawnee, Oklahoma, to make critical infrastructure improvements needed to support diversified business growth at the Iron Horse Industrial Park. The EDA grant, to be located in a Tax Cuts and…
Federal Agencies Share Joint Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered…
OCC: Final Rule Issued to Strengthen and Modernize CRA Regulations
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access…
ABA: Statement on OCC’s CRA Final Rule
“The modernization of CRA’s outdated rules is long overdue, and we are very grateful to Comptroller Otting and the OCC staff for their commitment to this important effort. Stakeholders on all sides have acknowledged that the current CRA regime has failed to keep pace with the evolution of banking and community needs. We appreciate that…
Census Bureau: ABS Release Provides Data on Minority- and Women-Owned Businesses
The U.S. Census Bureau today released new estimates showing 1.1 million employer firms were owned by women and 1.0 million by minorities. According to the 2018 Annual Business Survey (ABS), covering year 2017, 5.6% (322,076) of all U.S. businesses were Hispanic-owned and 6.1% (351,237) were owned by veterans. Additional statistics released include: In 2017, the sector with…
Census Bureau: New Report on Housing Readiness for Aging Population Released
The U.S. Census Bureau has released a new population report on the readiness of housing to meet the needs of the nation’s aging population. The report – Old Housing, New Needs: Is America’s Housing Ready for an Aging Population? – uses data from the 2011 American Housing Survey (AHS) to provide national-level estimates of housing units with aging-accessible features,…
HUD and Census Bureau: Residential Construction Activity Report for April 2020
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for April 2020. Building Permits Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000. This is 20.8 percent (±0.9 percent) below the revised…
FHFA: Refinance and Home Purchase Eligiblity for Borrowers in Forbearance Announced
Agency also extends the Enterprises’ ability to buy loans in forbearance Today, to support borrowers and mortgage servicers, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance…
EDA: $2.5 Million Invested to Support Manufacturing Workforce Training Opportunities in St. Cloud, MN
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.5 million grant to St. Cloud Technical & Community College, St. Cloud, Minnesota, to build a new Advanced Manufacturing Training Lab. The lab will provide the necessary training to workers to meet the demand of regional manufacturers….