HUD: More Housing Choices Expanded to a Total of 800,000 Households with Rental Assistance
Today’s action expands rule to provide housing choices and neighborhood opportunities for additional 440,000 households who use Housing Choice Vouchers Today, the U.S. Department of Housing and Urban Development (HUD) announced action that will cover expanded housing and neighborhood choices for more than 800,000 total households using Housing Choice Vouchers to find and secure affordable…
Census Bureau: Current Population Survey Modernization Efforts Set to Launch
The U.S. Census Bureau and the U.S. Bureau of Labor Statistics (BLS) are launching a joint effort to modernize the Current Population Survey (CPS) and announce proposed plans to implement changes to ensure sustainability. Developed in the 1930s to meet the increased needs for unemployment, the CPS has been conducted in its present form since 1948. It…
SBA: Significant Increase in Lending to Black-Owned Small Businesses Announced
Total Number and Dollar Amount of SBA-backed Loans to Black-Owned Small Businesses See 2.5x Increase Under Biden-Harris Administration Today, Administrator Isabel Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced new SBA data showing that SBA-backed loans to Black-owned small businesses…
FDIC: Notice of Proposed Rulemaking to Revise FDIC Regulations Concerning Section 19 of the FDIA to Conform with the Fair Hiring in Banking Act
The Federal Deposit Insurance Corporation (FDIC) issued a proposal that would revise 12 C.F.R. part 303, subpart L, and part 308, subpart M, thereby updating the FDIC’s regulations concerning section 19 of the Federal Deposit Insurance Act to conform with the Fair Hiring in Banking Act (Act). On December 23, 2022, the James M. Inhofe…
FDIC: Agencies Issue Principles for Climate-Related Financial Risk Management for Large Financial Institutions
Federal bank regulatory agencies today jointly finalized principles that provide a high–level framework for the safe and sound management of exposures to climate–related financial risks for large financial institutions. The principles are consistent with the risk management framework described in the agencies’ existing rules and guidance. The principles are intended for the largest financial institutions,…
FDIC: Agencies Issue Final Rule to Strengthen and Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their entire communities, especially in low– and…
Federal Reserve: Agencies Issue Principles for Climate-Related Financial Risk Management for Large Financial Institutions
Federal bank regulatory agencies today jointly finalized principles that provide a high-level framework for the safe and sound management of exposures to climate-related financial risks for large financial institutions. The principles are consistent with the risk management framework described in the agencies’ existing rules and guidance. The principles are intended for the largest financial institutions,…
Federal Reserve: Agencies Issue Final Rule to Strengthen and Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their entire communities, especially in…
CFPB: Statement on the Final Rule Implementing the Community Reinvestment Act
Banks are not ordinary businesses. They are critical infrastructure of the economy. This is why we provide them with many public benefits, and in exchange, they have obligations to meet the “convenience and needs” of the communities they serve. The final rule is the product of compromise between the Federal Deposit Insurance Corporation, the Office…
OCC: Acting Comptroller Issues Statements on FDIC Board Meeting on CRA and Climate-Related Financial Risk Management
Acting Comptroller of the Currency Michael J. Hsu today issued statements at the Federal Deposit Insurance Corporation Board Meeting in support of rulemakings on the Community Reinvestment Act (CRA) and the finalization of interagency principles for climate-related financial risk management for large banks. In his remarks, Mr. Hsu discussed how modernizing and strengthening the CRA…