FHFA: Comment Period Extended on Proposed Minimum Financial Eligibility Requirements for Seller/Services
The Federal Housing Finance Agency (FHFA) today announced a 30-day extension to the comment period for the proposed update to the minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. FHFA released the proposed update to the minimum financial requirements in January to further strengthen the Enterprises’ Seller/Servicer requirements and provide transparency and…
EDA: $4.4 Million Invested to Support Workforce Training in Bennettsville, SC
oday, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.4 million grant to Northeastern Technical College of Cheraw, South Carolina, to establish a new workforce training center. The EDA grant, to be matched with more than $1.1 million in local investment, is expected to create more…
EDA: $1.95 Million Invested to Make Critical Wastewater Infrastructure Improvements in Phenix City, AL
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.95 million grant to the city of Phenix City, Alabama, to upgrade the city’s only wastewater treatment plant to accommodate new and expanding businesses. The EDA grant, to be located near a Tax Cuts and Jobs Act Opportunity Zone,…
EDA: $992,576 Invested to Make Critical Infrastructure Upgrades in Seaboard, NC
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $992,576 grant to the town of Seaboard, North Carolina, to make critical infrastructure improvements needed to support existing businesses, including a major lumber manufacturing facility, and to attract new businesses. This EDA grant, to be matched with $248,144 in local investment, is…
FDIC: Temporary Alternative Procedures for Sending Supervision-Related Mail and Email to the FDIC
Printable Format: FIL-27-2020 – PDF (PDF Help) Summary: During this period of national emergency, the FDIC is encouraging financial institutions and other parties to use alternative procedures to send the agency official mail related to supervisory matters and to use secure email to send official supervisory correspondence. Statement of Applicability to Institutions with Total Assets under…
FDIC: 30-Day Grace Period Announced for the Call Report for First Quarter of 2020
Printable Format: FIL-28-2020 – PDF (PDF Help) Summary: On March 25, 2020, the FDIC, along with the other federal banking agencies that are members of the Federal Financial Institutions Examination Council (FFIEC), issued a press release recognizing that financial institutions may need additional time to submit certain regulatory reports in light of the adverse effects of…
FDIC: Chairman Addresses FSOC; Underscores Banks and Deposits Remain Safe
Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today addressed the Financial Stability Oversight Council (FSOC), highlighting the agency’s ongoing efforts to provide the necessary flexibility to both banks and their customers in response to the coronavirus (COVID-19) pandemic. “I want to underscore that our banks are safe,” said Chairman McWilliams. “Your FDIC-insured deposits are…
Federal Reserve: Regulatory Reporting Relief Offered to Small Financial Institutions Affected by the Coronavirus
The Federal Reserve recognizes that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19). The Federal Reserve will not take action against a financial institution with $5 billion or less in total assets for submitting its March 31,…
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,…