CFPB: Paving the Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly
Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic. “The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” said CFPB Director…
ABA: Strategic Partnerships Announced to Strengthen Minority Depository Institutions
The American Bankers Association (ABA) and the National Bankers Association (NBA) today announced that the organizations have joined together in a strategic partnership to promote the health and well-being of minority depository institutions (MDIs). This partnership will build on existing membership overlap and enable NBA and ABA members to work collaboratively on a variety of…
SBA: Joint Statement on the Review Procedure for Paycheck Protection Program Loans
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP): “The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. “We have noted the large number of companies that have appropriately…
EDA: $1 Million Invested to Establish Revolving Loan Fund to Serve Small Businesses in Eastern Idaho
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison…
EDA: $1.5 Million Invested to Support Disaster Resiliency Planning in Des Moines, IA
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 Iowa Economic Development Authority of Des Moines, Iowa, to develop and integrate comprehensive disaster assessments and resiliency plans for Mills and Fremont counties. The EDA grant will be matched with more than…
FEMA: Dickey and Emmons Counties in ND Added to January 2020 Disaster Declaration
Dickey and Emmons counties were added to the federal disaster declaration issued by President Trump on January 21, 2020 in response to North Dakota flooding from October 9 to October 26, 2019. As a result of the declaration, federal funding is available to state and eligible local governments and certain private nonprofit organizations for emergency…
FHFA: “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria
To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. “During this national health emergency, no one should be worried about losing their home,” said Director Mark Calabria….
EDA: $2.75 Million Invested to Strengthen Cybersecurity Industry in Colorado Springs, CO Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.75 million grant to the Regents of the University of Colorado, Colorado Springs, Colorado, to expand and renovate the University of Colorado cybersecurity building. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone,…
EDA: $1.5 Million Invested to Make Critical Infrastructure Improvements in Johnston County, NC
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 Johnston County, North Carolina, to make critical water infrastructure improvements needed to serve a major regional distribution center. The EDA grant, to be matched with $1.5 million in local investment, is expected to…
OCC: Bulletin Clarifies Documentation of SBA Paycheck Protection Program Loans
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to clarify its statement in OCC Bulletin 2020-44, which is hereby rescinded. Loans made by banks1 under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) are an important part of the federal COVID-19 response program for small business and may qualify for…