CFPB: Interpretive Rule Issued on Authority to Resume CFPB Examinations Regarding the Military Lending Act
The Consumer Financial Protection Bureau (CFPB) issued aninterpretive rule today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law protecting the finances of our…
FHFA: 2020 Report to Congress Issued
Highlights FHFA’s actions taken during the pandemic to keep families in their homes The Federal Housing Finance Agency (FHFA) today released its annual Report to Congress (the Report), covering calendar year 2020. The report highlights FHFA’s historic policy response that helped borrowers and renters stay safe in their homes while also ensuring mortgage markets continued to function….
FDIC: New Policy Statement on Minority Depository Institutions Approved by FDIC Board
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final Statement of Policy to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The FDIC’s revised policy statement reflects public comment received in response to a proposal issued in August 2020 and updates, strengthens and clarifies the…
CDFI Fund: U.S. Treasury Awarded $1.25 Billion to Support Economic Relief in Communities Affected by COVID-19
Announcement made by Vice President Harris alongside Treasury Secretary Janet Yellen, U.S. Senator Mark Warner, and U.S. Representative Maxine Waters The U.S. Department of the Treasury today awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The awards were announced today by Vice President Kamala Harris at the White House…
ABA: New Infographic on Homeownership in America Released
In recognition of American Housing Month, the American Bankers Association Foundation today released an infographic outlining current gaps in homeownership rates, barriers faced by younger generations and communities of color trying to own a home, as well as down payment assistance resources banks and other groups offer that can help overcome those barriers. According to the infographic…
EDA: $2.4 Million Invested to Build Disaster Resilient Infrastructure in Guam
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2.4 million grant to the Port Authority of Guam, Santa Rita, Guam, to make disaster-resilient infrastructure improvements needed to ensure continuity of operations. The EDA grant, to be matched with $603,272 in local investment, is expected…
SBA: Funding Competition Announced for Organizations Providing Federal Procurement Training to Veteran Entrepreneuers
The U.S. Small Business Administration today announced that non-profit organizations and private sector firms are now eligible to compete for funding of up to $500,000 to deliver federal procurement training to veteran and service-disabled veteran entrepreneurs. The application period begins today through July 12, 2021. Up to two awardees will use the $500,000 in total funding…
Census Bureau: Small Business Pulse Survey Phase 5 Weekly Data Released
The U.S. Census Bureau today released new data from the fifth phase of the Small Business Pulse Survey (SBPS). Data collection began May 17. Results will be released weekly May 27 to July 22. The SBPS includes questions on small business operations and finances, requests and receipt of assistance, COVID-19 vaccinations and testing, measures of overall well-being, and…
HUD: $1.1 Billion in American Rescue Plan Funds Awarded for Emergency Housing Vouchers
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge today announced the awarding of the first tranche of American Rescue Plan funds for Emergency Housing Vouchers (EHVs) for individuals and families who are experiencing homelessness or at risk of homelessness. Specifically, HUD is awarding $1.1 billion – 70,000 vouchers – for 626…
HUD: Affirmatively Furthering Fair Housing Requirement Restored
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that HUD published an interim final rule on Thursday to restore the implementation of the Fair Housing Act’s Affirmatively Furthering Fair Housing (AFFH) requirement. The publication provides a robust definition of the duty to affirmatively further fair housing, to which many HUD grantees must…