OCC: Third and Fourth Quarter 2024 CRA Evaluation Schedule Issued
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2024. The OCC encourages public comment on the CRA-related activities of the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…
CFPB: Inquiry Launched into Junk Fees in Mortgage Closing Costs
Rising fees are draining down payments, pushing homeownership out of reach The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB…
CDFI Fund: Application Demand for FY 2024 Round of the Capital Magnet Fund Released
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the application data for the fiscal year (FY) 2024 round of its Capital Magnet Fund (CMF) program. This is the ninth round of funding for the CMF program. A total of 136 organizations submitted applications requesting more than $1.06 billion…
HUD: $150 Million Made Available for Affordable Housing in Tribal Communities
Funding focuses on the construction of new homes, housing rehabilitation, and support for low-income families across Indian Country. Today, the U.S. Department of Housing and Urban Development (HUD) announced the availability of $150 million in funding. This funding is designated for affordable housing projects benefiting low-income families in American Indian and Alaska Native communities through…
FHFA: Enhancements Announced to Flex Modification for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their Flex Modification policies to allow more borrowers facing longer-term hardships to achieve meaningful payment reductions. The updated Flex Modification policies will promote sustainable homeownership and the safety and soundness of the Enterprises. “The Enterprises have completed over half a million modifications through their Flex Modification offerings since…
OCC: Project REACh 2.0 Launched
The Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit. Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal,…
FEMA: President Biden Approves Major Disaster Declaration for West Virginia
FEMA announced that federal disaster assistance is available to the state of West Virginia to supplement recovery efforts in the areas affected by severe storms, flooding, landslides and mudslides from April 11-12, 2024. Public Assistance federal funding is available to the state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency…
FEMA: President Biden Approves Major Disaster Declaration for Maine
FEMA announced that federal disaster assistance is available to the state of Maine to supplement recovery efforts in the areas affected by a severe winter storm from April 3-5, 2024. Public Assistance federal funding is available to the state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and…
FEMA: President Biden Approves Major Disaster Declaration for Nebraska
FEMA announced that federal disaster assistance is available to the state of Nebraska to supplement recovery efforts in the areas affected by a severe winter storm and straight-line winds from April 6-7, 2024. Public Assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing…
HUD: Disaster Assistance Announced for West Virginia Survivors
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of West Virginia and ordered Federal assistance to State, tribal, and local recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides from April 2 to April 6, 2024. President…