FDIC: New National Survey Finds that Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021
Latest FDIC national survey finds record low six million households remain unbanked Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released today by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s 2021 National Survey of Unbanked and Underbanked Households also…
OCC: Agency Joins Military Spouse Partnership
The Office of the Comptroller of the Currency (OCC) affirmed its commitment to military families by joining the Military Spouse Employment Partnership (MSEP) at a ceremony today in Arlington, Va. MSEP is a Department of Defense program that connects military spouses with partner employers who have committed to recruit, hire, promote, and retain military spouses….
HUD: First Round of Funding through New Rapid Response Program Deployed to Address Homelessness in Areas Hit by Disaster
Initial Allocation of $6.8 Million to Florida and Seven of the State’s Localities Today, U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge will travel to Orlando, Florida, where she will announce the first round of funding allocations through the department’s new Rapid Unsheltered Survivor Housing (RUSH) program, a rapid response program…
HUD: $84 Million Awarded to Help End Youth Homelessness
Grants to support innovative housing programs in 17 communities The U.S. Department of Housing and Urban Development (HUD) today awarded $83.7 million to build systems to end youth homelessness in 17 local communities, including 6 rural communities. The funding was awarded through HUD’s Youth Homelessness Demonstration Program (YHDP) to support a wide range of housing…
FHFA: Targeted Pricing Changes to Enterprise Pricing Framework Announced
The Federal Housing Finance Agency (FHFA) today announced targeted changes to Fannie Mae and Freddie Mac’s (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from the Agency’s…
FHFA: New Uniform Appraisal Dataset (UAD) Aggregate Statistic Data File Published
The Federal Housing Finance Agency (FHFA) today published its new Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File. FHFA also launched UAD Aggregate Statistics Dashboards on its website to provide user-friendly visualizations of the newly available data. “As home valuations are a vital component of the mortgage process, publishing transparent, aggregate data on appraisals provides…
FHFA: Validation of FICO 10T and Vantage Score 4.0 Announced for Use by Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) today announced the validation and approval of both the FICO 10T credit score model and the VantageScore 4.0 credit score model for use by Fannie Mae and Freddie Mac (the Enterprises). “Today’s decision will benefit borrowers and the Enterprises, along with maintaining safety and soundness,” said FHFA Director Sandra…
CFPB: Guidance Issued to Address Junk Data in Credit Reports
Effort seeks to address false information on the credit reports of children in foster care and the general public Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably…
ABA: National Consumer Survey Highlights Major Banking Policy Issues
National survey finds strong majorities believe Congress should allow cannabis banking, find overdraft protection valuable, and think fintechs and credit unions should be held to same standards as banks U.S. consumers support cannabis banking, value overdraft protection and believe financial technology companies and credit unions should be held to the same standards as banks, according…
HUD: More than $15 Billion in Construction Investment Facilitated by Rental Assistance Demonstration
Significant achievement represents investments in construction, rehabilitation, and preservation of affordable rental homes over nine-year period. The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs (HUD) is announcing today that construction investment for affordable housing preservation through the Rental Assistance Demonstration (RAD) program has surpassed $15 billion since the program’s…