Interagency Guidance Proposed on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified…
Census Bureau: Household Pulse Survey Phase 3.9 Begins
The U.S. Census Bureau today announced the beginning of data collection for phase 3.9 of the experimental Household Pulse Survey (HPS). The HPS is an effort by the Census Bureau and other federal statistical agencies to inform federal and state response and recovery planning by providing near real-time data on the social and economic effects of the…
HUD: $22.5 Million in Funding Made Available to Public Housing Authorities for Jobs Plus Program
Funding will help public housing residents gain employment and education opportunities The U.S. Department of Housing and Urban Development (HUD) today announced that it will make available $22.5 million to public housing authorities (PHAs) to help families increase their earned income and improve their economic mobility through the Jobs Plus program. HUD’s Jobs Plus program…
EDA: $1.7 Million Invested to Expand Truck Driver Workforce Training Efforts in North Carolina
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.7 million grant to Guilford Technical Community College, Jamestown, North Carolina, to construct a truck driver training facility on the college’s East Greensboro campus. This project will provide an asphalt training pad, parking lot and other infrastructure upgrades…
Agencies Issue Final Guidance on Third-Party Risk Management
Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’ risk management of third-party relationships. The final guidance covers risk management practices for the stages in the life cycle…
CFPB: Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes…
SBA: Law Implemented to Enhance Ability to Declare Disasters and Deliver Support to Rural Communities
Today, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced full implementation of the Disaster Assistance for Rural Communities Act (the “Act”) authored by Senators James Risch (R-ID) and Jeanne Shaheen (D-NH). Rural communities often face more severe impacts from natural disasters due to limited access to resources and infrastructure, which limits a community’s ability to recover and…
HUD: $45 Million in Funding Provided to Public Housing Authorities to Help Households Experiencing or at Risk of Homelessness
This funding builds on the Biden-Harris Administration’s commitment to coordinated efforts to addressing unsheltered homelessness and homelessness in rural areas Today, the U.S. Department of Housing and Urban Development (HUD) is announcing communities to receive housing vouchers to address homelessness among people in unsheltered settings and in rural communities. HUD is awarding $45 Million for…
FEMA: President Biden Approves Disaster Declaration for the Commonwealth of the Northern Mariana Islands
FEMA announced that federal disaster assistance has been made available to the Commonwealth of the Northern Mariana Islands to supplement commonwealth and local recovery efforts in the areas affected by Typhoon Mawar during the period of May 22, 2023, and continuing. Federal funding is available to the Commonwealth and eligible local governments and certain private…