Federal Reserve: Board Announces Extension Through March 31, 2021 for Several of Its Lending Facilities
Facilities were generally scheduled to expire on or around December 31 The Federal Reserve Board on Monday announced an extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31. By backstopping critical short-term funding markets, these facilities are supporting market functioning and enhancing…
CFPB: No Action Letter Issued to Upstart Network, Inc. to Facilitate the Use of Artificial Intelligence in Loan Pricing and Underwriting
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement action against…
EDA: $13.3 Million Invested to Improve Transportation Infrastructure in Chico, CA
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $13.3 million grant to the city of Chico, California, to make roadway improvements needed to increase access to an airport and three major job centers. The EDA grant is expected to create 620 jobs, retain 200 jobs,…
EDA: $4.4 Million Invested to Support Commercial Fishing Workforce Development Efforts in American Samoa Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.4 million grant to the American Samoa Government, Pago Pago, American Samoa, to support commercial fishing workforce development and economic diversification efforts. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will create…
EDA: $1.49 Million in CARES Act Recovery Assistance Invested to Expand Healthcare Delivery Capacity on Coquille Indian Tribe’s Kilkich Reservation
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.49 million CARES Act Recovery Assistance grant to the Coquille Indian Tribe, North Bend, Oregon, to purchase equipment and supplies needed to expand patient capacity and respond to the coronavirus pandemic through the Ko-Kwel Wellness Center, currently…
EDA: $1.45 Million Invested to Make Water System Infrastructure Improvements in Georgetown, SC
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.45 million grant to the city of Georgetown, South Carolina, to make water infrastructure improvements needed to support commercial and industrial growth following destruction caused by Hurricane Florence. The EDA grant will be matched with $364,740 in…
CFPB: Bureau Launches Refreshed Website with a New Interactive Enforcement Database
Today, the Consumer Financial Protection Bureau (Bureau) launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information. Notably, the refresh will also include a new interactive enforcement database to help the public track the Bureau’s enforcement actions. Through these…
HUD: Recovery Housing Program to Aid Americans Recovering from Substance Abuse Launched
The pilot program would provide housing and stability to those who are currently in recovery from substance abuse disorder U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced the publication of the Notice for HUD’s pilot Recovery Housing Program (RHP). The program was authorized by the SUPPORT Act to provide stable, temporary housing…
FHFA: Conforming Loan Limits Announced for 2021
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250,…
EDA: $1.2 Million Invested to Provide Critial Utility Infrastructure Improvements in Tecumseh, NE
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the City of Tecumseh, Nebraska, to make critical utility infrastructure improvements needed to increase electricity generation capacity and stability. The EDA grant, to be matched with $304,863 in local investment, is expected to…