FEMA: President Biden Amends New Mexico Disaster Declaration
Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of New Mexico by authorizing an increase in the level of Federal funding for debris removal and emergency protective measures undertaken in the State of New Mexico as a result of wildfires and straight-line winds beginning on April 5, 2022, and…
EDA: Over $29 in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program of the CARES Act Recovery Assistance program: June 9, 2022 – U.S. Department of Commerce Invests $1.7 Million in American Rescue Plan Funds to Increase High-Speed Internet Connectivity in Monticello, New York June 7, 2022 – U.S. Department of Commerce Invests $8.4 Million…
OCC: Acting Comptroller Discusses Importance of CDFIs and MDIs
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of community development financial institutions (CDFI) and minority depository institutions (MDI) at the 2022 Community Development Bankers Association Peer Forum. In his remarks, the Acting Comptroller highlighted initiatives to revitalize MDIs and increase investments in CDFIs, and the Office of the Comptroller of…
CFPB: Inquiry Launched into Practices that Leave Workers Indebted to Employers
Emerging products require employees to sign up for debt The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into practices and financial products that may leave employees indebted to their employers. In today’s Request for Information, the CFPB seeks data about, and worker experiences with, these emerging practices and financial products referred to as…
CDFI Fund: FY 2022 Small Dollar Loan Program Application Deadlines Approaching
As a reminder for fiscal year (FY) 2022 Small Dollar Loan Program (SDL Program) applicants, the deadline for online submission of the SF-424 through Grants.gov for this year’s SDL Program funding round is June 15, 2022 at 11:59 PM ET. Applicants must also have created an Awards Management Information System (AMIS) account and entered their Employer Identification…
ABA: Credit Market Conditions Expected to Weaken in Months Ahead Amid High Inflation
While the consumer and business credit markets remain on generally solid footing, bank economists expect credit conditions to weaken over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets…
FHFA: Equitable Housing Finance Plans for Fannie Mae and Freddie Mac Announced
The Federal Housing Finance Agency (FHFA) today announced the release of Fannie Mae’s and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plans for 2022-2024. These plans are designed to complement the initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises’ safety and soundness and foster housing finance markets that provide equitable access to…
CFPB: Order Issued to Terminate Upstart Network from List of Approved No-Action Letters
Upstart requested termination of 2020 “no-action letter” to change its underwriting and pricing models Today, the Consumer Financial Protection Bureau (CFPB) issued an order to terminate Upstart Network from its list of approved “no-action letters.” The CFPB had granted special regulatory treatment to Upstart by immunizing the lender from being charged with fair lending law…
HUD: Awards Funding Provided to Fight Housing Discrimination
The U.S. Department of Housing and Urban Development (HUD) today awarded $125,000 to support fair housing organizations working to help end housing discrimination. These funds are provided through the Department’s Fair Housing Initiatives Program (FHIP) both to help people who believe they have been victims of housing discrimination and to educate housing providers about fair housing…