EDA: $500,000 Invested to Promote Economic Recovery and Resiliency Following Natural Disasters in Dallas County, AL
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to the Alabama-Tombigbee Regional Commission, Camden, Alabama, to promote economic recovery and resiliency in Dallas County, Alabama, following a series of natural disasters. This project will develop disaster guidance and a long-term planning strategy that will incorporate federal, state, and…
ABA: Foundation Accepting Submissions for Community Commitment Awards
The American Bankers Association Foundation is accepting submissions for its 11th annual Community Commitment Awards and encouraging banks of all sizes to enter their successful community initiatives. The awards, ABA’s highest honors for extraordinary community engagement, recognize innovative, high-impact bank programs that improve the quality of life for the communities they serve. The entry period for submitting…
FDIC: Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform Released
The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, Options for Deposit Insurance Reform, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as policies and…
CFPB: New Consumer Protections Proposed for Homeowners Seeking Clean Energy Financing
Proposed rule would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a…
CDFI Fund: Update Provided on Revisions to the CDFI Certification Application
CDFI Fund expects to open the new CDFI Certification process in the Fall of 2023 after revising the CDFI Certification Application A request for public comment on a draft of the CDFI Fund’s CDFI Certification Application was published in the Federal Register last fall. The draft Application was developed after approximately six years of consideration and two…
FDIC: JPMorgan Chase Bank of Columbus, OH Assumes All the Deposits of First Republic Bank, San Francisco, CA
First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits…
FEMA: President Biden Approves Major Disaster Declaration for Nevada
FEMA announced that federal disaster assistance has been made available to the state of Nevada to supplement state, tribal and local recovery efforts in the areas affected by the severe winter storms, flooding, landslides and mudslides March 8-19, 2023. Public Assistance federal funding is available to the state, tribal and eligible local governments and certain…
FEMA: President Biden Approves Major Disaster Declaration for Florida
FEMA announced that federal disaster assistance has been made available to the state of Florida to supplement state and local recovery efforts in the areas affected by severe storms, tornadoes and flooding from April 12-14, 2023. The President’s action makes federal funding available to affected individuals in Broward County. Assistance can include grants for temporary…
FDIC: Report Released Detailing Supervision of the Former Signature Bank, New York, NY
Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of…
Federal Reserve: Results from the Review of the Supervison and Regulation of Silicon Valley Bank Announced
The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their…