Federal Reserve: “Revitalize or Stabilize”: Does Community Development Financing Work?
Daniel Ringo Abstract: Banks in the United States originate $100 billion in community development loans every year and hold a similar amount of community development investments on their balance sheets. A number of federal place-based policies encourage the provision of these loans and investments to promote growth, employment and the availability of affordable housing to…
EDA: $3 Million Invested to Support Disaster Recovery and Business Continuity Efforts in Damariscotta, ME
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the town of Damariscotta, Maine, to make flood protection and infrastructure improvements to the downtown waterfront area. The EDA grant, to be matched with more than $1 million in local investment, is expected…
CFPB: FHFA and CFPB Announce Borrower Protection Program
Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency. Under the program, the CFPB will make complaint information and analytical tools available…
ABA: Report Shows Consumer Delinquencies Rise in Fourth Quarter of 2019
Consumer credit delinquencies rose in the fourth quarter of 2019, driven by increases in auto and home-related delinquencies, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in eight of the 11 categories tracked by ABA while delinquencies in three categories fell. The composite ratio, which tracks delinquencies in…
ABA: Congress Should Exempt Stimulus Payments from Court-Ordered Garnishments
Leading financial services trade associations today wrote Congressional leadership requesting that Congress clarify that the CARES Act economic impact payments (also known as stimulus payments) are treated as benefits subject to the federal exemption from garnishment. “America’s banks stand ready to provide full access to funds appropriated for the explicit purpose of helping families make…
EDA: $1 Million Invested to Support Disaster Recovery and Resiliency Efforts in Barnstable County, MA
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Barnstable County, acting through the Cape Cod Commission, Massachusetts, to assess the impact of coastal storms and flooding on the region and to improve local economic planning and response efforts. The EDA grant…
OCC: Paycheck Protection Program Listening Sessions Announced
The Office of the Comptroller of the Currency (OCC) today announced that its Office of Innovation will host three listening sessions on April 16, 20, and 21, to discuss issues and potential solutions relating to the Paycheck Protection Program (PPP) as established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Listening sessions are used to inform…
Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
ABA: Additional PPP Funds Needed for Small Businesses, Employees
Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program. “The Small Business Administration’s…
Census Bureau: Statement on 2020 Census Operational Adjustments Due to COVID-19
The 2020 Census is underway and more households across America are responding every day. Over 70 million households have responded to date, representing over 48% of all households in America. In light of the COVID-19 outbreak, the U.S. Census Bureau is adjusting 2020 Census operations in order to: Protect the health and safety of the American public…