FHFA: COVID-Related Loan Flexibilities Further Extended
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until November 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on October 31, 2020. Extended flexibilities include: Alternative appraisals…
ABA: America’s Banks Urged to Offer Bank On-Certified Accounts
Core Providers Pledge Support for Financial Inclusion Initiative The American Bankers Association today called on every bank in the country to consider offering Bank On-certified accounts to expand access to banking services and reduce the number of unbanked and underbanked Americans. In urging all banks to join ABA in this financial inclusion initiative during his…
EDA: $2.8 Million Invested to Establish Business and Technology North Park in Weatherford, OK
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.8 million grant to the city of Weatherford and the Weatherford Industrial Trust, Weatherford, Oklahoma, to boost manufacturing, energy, industrial, and commercial development by establishing the Weatherford Business and Technology North Park. The EDA grant, to be…
EDA: $1.25 Million Invested to Make Infrastructure Improvements Near Ardmore, OK Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.25 million grant to the Ardmore Development Authority, Ardmore, Oklahoma, to make water infrastructure upgrades needed to support business growth at the Ardmore Industrial AirPark. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity…
FDIC: United Fidelity Bank, FSB, Evansville, Indiana, Assumes All of the Deposits of First City Bank of Florida, Fort Walton Beach, Florida
First City Bank of Florida, Fort Walton Beach, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties dating back to 2009, which are not related to the current economic…
FDIC: Resource Guide Published to Promote Investment Partnerships With FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks). “Investing in the Future of Mission-Driven Banks” is FDIC’s latest effort to build supportive partnerships between these banks and other financial institutions, private companies…
ABA: Statement on House Coronavirus Subcomittee Report on PPP
“Working with the federal government, banks of all sizes worked day and night to get the Paycheck Protection Program off the ground in the middle of a pandemic. The size, scale and speed of their response was unprecedented, delivering more than $500 billion in PPP loans that have allowed struggling small businesses affected by COVID-19…
FEMA: President Trump Approves Major Disaster Declaration for California
FEMA announced that federal disaster assistance has been made available to the state of California to supplement state and local recovery efforts in the areas affected by wildfires from Sept. 4 and continuing. The President’s action makes federal funding available to affected individuals in Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou…
EDA: $7.8 Million Invested to Establish a Bioscience and Technology Incubator Facility in Lawrence, KS Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $7.8 million grant to the Bioscience & Technology Business Center at the University of Kansas in Lawrence, Kansas, to build a new facility to increase entrepreneurial and research opportunities in the bioscience and technology sector. The EDA…
Federal Reserve: Speech by Governor Brainard on Strengthening CRA Provisions Related to Minority Depository Institutions
I want to thank Kim Saunders and Kenneth Kelly for inviting me to join members of the National Bankers Association (NBA) for a conversation today.1 As mission-driven financial institutions with a focus on serving minority households and businesses, you see the significant racial disparities in our economy every day. Going into the crisis, Black and…