CFPB: NCUA and CFPB Sign Memorandum of Understanding Regarding Large Credit Union Supervision
The Consumer Financial Protection Bureau (Bureau) and the National Credit Union Administration (NCUA) announced a Memorandum of Understanding (MOU) agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets. “Today’s MOU is an important step towards improving our existing framework and increasing opportunities…
SBA: PPP Re-Opened to Small Lenders on January 15th and All Lenders on January 19th
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or…
OCC: Brian Brooks Steps Down and Blake Paulson Becomes Acting Comptroller of the Currency Immediately
Acting Comptroller of the Currency Brian P. Brooks today announced he will step down on January 14, 2021, and pursuant to 12 USC 4, Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency. “It has been a great honor to serve the United States as Acting Comptroller of the Currency,” Acting Comptroller…
SBA: 1.1 Million PPP Loans Forgiven So Far Totaling Over $100 Billion
Small borrowers make up vast majority of forgiveness applicants The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended. “Today’s news is a key…
SBA: PPP Re-Opened to Community Financial Institutions First
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access…
SBA: New, Free Online Digital Learning Platform Launched
Ascent built to assist nearly 13 million women-owned small businesses The U.S. Small Business Administration Administrator Jovita Carranza, today announced the launch of Ascent, a first-of-its-kind, free digital e-learning platform geared to help women entrepreneurs grow and expand their businesses. Ascent has valuable content such as tips on preparing and recovering from disasters, strategic marketing and business financial strategy…
FDIC: Eleven Companies Selected to Compete in Final Phase of Tech Sprint
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. The FDIC selected the following companies to continue to Phase…
SBA: PPP Re-Opening and New Guidance Announced
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday,…
EDA: $3.5 Million Invested to Boost Economic Development Efforts in Carneys Point, NJ Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.5 million grant to the Carneys Point Township Sewer Authority, Carneys Point, New Jersey, to make sanitary sewer service infrastructure improvements needed to support the community and its growing business needs. The EDA grant, to be located…
EDA: $2.7 Million Invested to Facilitate Commercial Redevelopment in Lackawanna, NY Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.7 million grant to the Buffalo Erie County Industrial Land Development Corporation, Buffalo, New York, to install new water and sewer systems that will spur new business growth and economic development at the Former Bethlehem Steel Plant…