CFPB: New Effort Launched to Promote Competition and Innovation in Consumer Finance
New Office Will Identify Obstacles for New Market Entrants The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the…
HUD: $500,000 Loan Guarantee Announced for Downey, CA to Advance Energy Efficiency Upgrades
The U.S. Department of Housing and Urban Development (HUD) today announced a $500,000 loan guarantee for the City of Downey, California for the Solar Photovoltaic and Battery Energy Storage Systems Project. The loan guarantee, offered through the Section 108 Loan Guarantee Program, will be used to help finance the installation of energy efficiency upgrades, such…
SBA: Five New Women’s Business Centers Announced and to be Operated by Minority Serving Institutions
The latest SBA investment triples the number of Women’s Business Centers at HBCUs in support of women entrepreneurs Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced the selection of five new Women’s Business Centers (WBC) operated by established Minority Serving…
OCC: Acting Comptroller Presents Bank Charter to Minority Depository Institution, Agility Bank, N.A. in Houston
Acting Comptroller of the Currency Michael J. Hsu today presented a full-service community national bank charter to Agility Bank, N.A. in Houston. The woman-owned and -led bank is the first new minority depository institution (MDI) national bank in 15 years. Typically, MDIs serve economically challenged communities traditionally underserved by the banking industry and other businesses….
FDIC: New Process Established for Minority Depository Institution Designation Announced
On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statementdescribes the FDIC’s…
EDA: Over $50 Million in American Rescue Plan and CARES Act Recovery Assistance Invested
In the last week, the following grants were made under the American Rescue Plan Funds program of the CARES Act Recovery Assistance program: May 19, 2022 – U.S. Department of Commerce Invests $4 Million in American Rescue Plan Funds to Support University-led Healthcare Workforce Training Efforts in Alaska May 17, 2022 – U.S. Department of Commerce Invests…
HUD: FHA New “Green Mortgage Insurance Premium” Reductions Announced for Residential Care Facilities Meeting Industry-Recognized Green Building Certifications
Reductions of mortgage insurance premiums for “green” Section 232 Residential Care Facilities supports Administration’s environmental objectives and HUD’s Climate Action Plan. The Federal Housing Administration (FHA) announced on Wednesday, May 18 that it intends to implement significant reductions in the upfront and annual mortgage insurance premiums (MIP) it charges for most mortgage insurance categories under the Section…
FDIC: Hawaiian Banker Named to Minority Depository Institutions Subcommittee
The Federal Deposit Insurance Corporation (FDIC) today announced Russell Lau, the Chairman and Chief Executive Officer of Finance Factors, Ltd in Honolulu, is the newest member of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking. The FDIC’s MDI Subcommittee serves as a source of feedback for FDIC strategies to…
HUD: $10.3 Billion in Grants Announced for Housing and Community Development Activities Across U.S.
Funding Will Enable Affordable Housing Development and Other Activities to Meet Needs of Families and Communities The U.S. Department of Housing and Urban Development (HUD) today announced $10.3 billion in Fiscal Year 2022 formula grants to communities across the United States for housing and community development activities ranging from affordable housing development to public housing…
EDA: $4.2 Million Invested for Roadway Improvements to Support Business Development in Hampton County, SC
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4.2 million grant to Hampton County, South Carolina, for roadway improvements. This project will support job creation through transportation infrastructure and food supply chain improvements. The EDA investment will be matched with $1 million in local…