EDA: National Advisory Council on Innovation and Entrepreneurship (NACIE) Releases Recommendations to Fuel and Strengthen U.S. Leadership in Technology Innovation
Today, the National Advisory Council on Innovation and Entrepreneurship (NACIE) released its “Competitiveness Through Entrepreneurship: A Strategy for U.S. Innovation” (PDF) report that includes 10 recommendations for how the U.S. Department of Commerce, the federal government, and the private sector can foster an entrepreneurship ecosystem that ensures the United States leads in critical technology innovation. U.S. Secretary…
HUD: Almost $20 Million Awarded for Affordable Housing and Community Development in Native American Communities
Funds support development of infrastructure and community facilities Today, the U.S. Department of Housing and Urban Development (HUD) awarded nearly $20 million to 11 communities through the Indian Community Development Block Grant (ICDBG) program. These grant funds may be used for infrastructure, community buildings, housing rehabilitation, land acquisition, economic development, and more to support American…
Federal Reserve: New Paper Reexamines the Role of the CRA in Mortgage Supply and the U.S. Housing Boom
Abstract: Concerns have lingered since the 2007 subprime crisis that government housing policies promote risky mortgage lending. The first peer-reviewed evidence of a causal effect was published by the Review of Financial Studies in a paper (Saadi, 2020) linking the crisis to changes in the Community Reinvestment Act (CRA) in 1995. A review of that…
EDA: $3.3 Million Invested to Support Business and Green Industry Growth in Louisiana
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $3.3 million in the state of Louisiana to support business and green industry growth. The EDA investments announced today are: “President Biden’s Investing in America agenda is spurring economic growth through targeted investments in Louisiana and across the country,” said…
Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today published their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise…
ABA: Trade Associations Sue Regulators for Exceeding Statutory Authority in New Community Reinvestment Act Rules
Groups ask court to vacate new CRA rules and will seek preliminary injunction to block implementation until case is decided. The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce today filed a lawsuit in the…
FHFA: Latest Report on Non-Performing Loan Sales Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through June 30, 2023. Borrower outcomes reflect NPLs sold through December 31, 2022. The sale of NPLs…
FEMA: President Biden Approves Major Disaster Declaration for West Virginia
FEMA announced today that federal disaster assistance has been made available to the state of West Virginia to supplement recovery efforts in the areas affected by severe storms, flooding, landslides and mudslides from Aug. 28-30, 2023. The President’s action makes federal funding available to affected individuals in Boone, Calhoun, Clay, Harrison and Kanawha counties. Assistance can…