SBA: Second Annual America’s Seed Fund Week Connecting Entrepreneurs to Early-Stage R&D Funding Announced
America’s Seed Fund Week brings together tech startups and America’s Seed Fund agencies and resources to support economic growth Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced the 2nd annual America’s Seed Fund Week. Taking place from May 15 – 18, the…
HUD: Standards and Inspection Regulations Strengthened for Evaluating Conditions in HUD Assisted and Insured Housing
NSPIRE Final Rule Effective July 1 and October 1 for all HUD Rental Assistance Programs Today, the U.S. Department of Housing and Urban Development (HUD) published the Final Rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE) in the Federal Register. The rule proposes a new approach to defining and assessing…
FHFA: Rescission of Enterprise Upfront Fees Based on Debt-to-Income (DTI) Ratio Announced
Agency to also issue Request for Input on the Enterprise single-family pricing framework The Federal Housing Finance Agency (FHFA) today announced that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). FHFA announced in March it would delay implementation in order to engage with…
CFPB: Guidance Issued Regarding Reopening of Deposit Accounts
New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in…
FEMA: Cleveland County, Oklahoma Added to FEMA Major Disaster Declaration
Cleveland County has been added to the major disaster declaration for Oklahoma’s tornadoes, straight-line wind and severe storms April 19-20. Residents who had damage or losses from the storms may now apply for FEMA disaster assistance. The federal disaster declaration now allows FEMA to provide direct support to individuals and households in three counties under…
Census Bureau: New Report Released About Persistent Poverty at County and Census Tract Levels
Today the U.S. Census Bureau released a new report, “Persistent Poverty in Counties and Census Tracts.” While definitions vary, geographies are typically considered to be in persistent poverty if they maintained poverty rates of 20% or more for 30 years. The report examines county and subcounty geographies (specifically, census tracts), identifying additional populations that may benefit…
EDA: $1.3 Million Invested for Infrastructure Upgrades to Support Business Expansion and Job Growth in Lexington, NC
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.3 million grant to the city of Lexington, North Carolina, for infrastructure improvements to support business expansion and job creation. This grant will provide upgraded natural gas capacity at an industrial site necessary for the expansion of a…
EDA: $729,560 Invested to Boost Minority-Owned Business Growth in Mobile, AL
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $729,560 grant to Vivian’s Door, Mobile, Alabama, to provide technical assistance to minority-owned and distressed local businesses. This grant will support the Vivian’s Door Initiative to continue to build the capacity of small business owners, with a focus on marginalized and underserved…
FEMA: President Biden Approves Major Disaster Declaration for Alabama
FEMA announced federal emergency aid has been made available to the state of Alabama to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds and tornadoes March 24-27, 2023. The President’s action makes federal funding available to state, tribal, eligible local governments and certain private nonprofit organizations on a cost-sharing basis…
CFPB: New Report Highlights Costly Credit Cards and Loans Provided to Medical Patients
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care….