OCC: Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19
Comptroller of the Currency Joseph M. Otting made the following statement during today’s Financial Stability Oversight Council meeting regarding the condition of the federal banking system and its response to the COVID-19 national emergency. Thank you, Mr. Secretary, for convening FSOC and the work done by the staff. We also appreciate your leadership as our…
Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19
Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration,…
CFPB: Agency Provides Flexibility During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and…
FEMA: President Trump Approves Major Disaster Declaration for North Carolina
FEMA announced that federal emergency aid has been made available for the state of North Carolina to supplement the state, tribes and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020, and continuing. Federal funding is available to state, tribal, and eligible local governments and…
FEMA: Benton, Carroll, Smith Counties in TN Eligible for FEMA Public Assistance
Federal assistance has been extended to three more Tennessee counties hit by the March 3 tornadoes and storms, covering eligible disaster-related expenses and the repair or rebuilding of critical infrastructure. The State of Tennessee, local governments and certain private nonprofits in Benton, Carroll and Smith counties can now request funding through FEMA’s Public Assistance grant…
FEMA: President Trump Approves Major Disaster Declaration for Florida
FEMA announced that federal emergency aid has been made available for the state of Florida to supplement the state, tribes and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020, and continuing. The President’s action makes federal funding available for Crisis Counseling for affected individuals…
FFIEC: Financial Regulators Highlight Coordination and Collaboration of Efforts to Address COVID-19
The Federal Financial Institutions Examination Council continues to monitor and respond to the COVID-19 pandemic to promote the ongoing ability of the nation’s financial institutions to support the households and businesses that depend on them. FFIEC members, who met as a group yesterday, are actively discussing and identifying appropriate measures, both collaboratively and individually, to…
FHFA: House Price Index Up 0.3 Percent in January; Up 5.2 Percent from Last Year
U.S. house prices rose in January, up 0.3 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.2 percent from January 2019 to January 2020. The previously reported 0.6 percent increase for December 2019 was revised upward to 0.7 percent. For the nine census divisions, seasonally adjusted monthly house…
EDA: $2.5 Million Invested to Establish New Business Incubator in Valdosta, GA 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 Valdosta and Lowndes Chamber of Commerce in Valdosta, Georgia to fund the construction of a new business incubator. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will…
EDA: $1.1 Million Invested to Provide Critical Infrastructure to Support Disaster Resiliency in Jasper County, SC
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million grant to Jasper County, South Carolina, to provide critical road and stormwater infrastructure improvements to a major highway evacuation route. The EDA grant will be matched with $750,000 in local funds. “President Trump is committed…