OCC: Office of Financial Technology Established

The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon […]

CFPB: Final Rule Issued to Create New Data Set on Small Business Lending Under Section 1071 Requirements

Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small […]

ABA: Statement on CFPB Small Business Data Collection Rule Released

“America’s banks oppose discrimination in any form and support enforcement of fair lending laws and the goals of Section 1071. Banks of all sizes have a long history of lending to creditworthy small businesses across the country, and ABA supports bank efforts to lend to underserved small businesses. “While today’s final […]

FHFA: Enhanced Payment Deferral Policies Announced for Borrowers Facing Financial Hardship

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments. The enhanced payment deferral policies will promote sustainable homeownership and will further support […]

EDA: $1.5 Million Invested for Infrastructure Improvements Needed to Support Business Growth in Greeneville, TN

Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the Greeneville Water Commission, Greeneville, Tennessee, for sewer infrastructure improvements to support business expansion and job creation in a region impacted by fluctuations in the energy economy. This grant […]

EDA: $1 Million Invested to Capitalize Revolving Loan Fund to Support Small Businesses in Northeast Ohio

Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Valley Economic Development Partners, Youngstown, Ohio, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Mahoning and Trumbull counties, a region impacted by fluctuations […]

EDA: $500,000 Invested to Boost Advanced Manufacturing Training Opportunities and Jobs in North Central Indiana

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to Ivy Tech Community College, Kokomo, Indiana, to help establish the Center of Excellence in Advanced Manufacturing. This project will provide autonomous robots and other equipment needed to help the Center prepare trainees for in-demand […]

ABA: Foundation Accepting Donations to Support Mississippi Tornado Relief Efforts; ABA to Contribute $50K

At the request of the Mississippi Bankers Association, the ABA Foundation will activate its online disaster relief fundraising platform to support relief efforts in the state after the severe storms  The American Bankers Association Foundation today announced it will start collecting tax-exempt contributions through its Disaster Relief Program to help aid relief […]

FEMA: Assistance Expanded to Boost Climate Resilience and Support Communities Using Low-Carbon Materials

As part of the Biden-Harris Administration’s historic investments in America and climate resilience, FEMA announced today that it will make grant funds available to communities for low-carbon materials used in disaster recovery and climate resilience projects. States, tribes, territories and local communities will now have more access to cleaner building materials […]

HUD: $5.5 Million Awarded to HBCUs to Conduct Housing and Community Development Research

Funding a part of HUD efforts to diversify housing research Today, the U.S. Department of Housing and Urban Development (HUD) announced awards totaling $5.5 million for Historically Black Colleges and Universities (HBCUs) to Texas Southern University and North Carolina A&T University to establish or bolster existing Centers of Excellence (COE) […]