OCC: CRA Evaluations for 11 National Banks and Federal Savings Associations Released
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of February 1, 2022 through February 28, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…
CFPB: Agency Estimates $88 Billion In Medical Bills on Credit Reports
Inaccurate medical billing data contaminates credit reporting system The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are…
FEMA: President Biden Approves Major Disaster Declaration for Kentucky
FEMA announced that federal disaster assistance has been made available to the commonwealth of Kentucky to supplement commonwealth and local recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides from Dec. 31, 2021 to Jan. 2, 2022. Federal funding is available to commonwealth and eligible local governments and…
FEMA: President Biden Amends Major Disaster Declaration for Puerto Rico
FEMA announced that additional disaster assistance is available to the commonwealth of Puerto Rico for the earthquake disaster declared on Jan. 16, 2020. This assistance allows for additional federal funding at 90% of the total eligible cost for public assistance projectsundertaken as a result of the earthquakes during Dec. 28, 2019 to July 3, 2020. Previously,…
HUD: FHA Insures $24.5 Million Mortgage for Affordable Multifamily Housing in Northeast Denver
Insurance endorsement provided by FHA supports affordable financing to create 119 rental homes The Federal Housing Administration (FHA) announced on [February 28] that it has closed on a $24.5 million loan insured under FHA’s 221(d)(4) new construction mortgage insurance program for Wildhorse Ridge in Denver, Colorado. The insured loan will be used to finance the…
HUD: Better Climate Challange Announced
Secretary Fudge Announces Inaugural Low Carbon Multifamily Housing Partners Today, Housing and Urban Development (HUD) Secretary Marcia L. Fudge joined Department of Energy (DOE) Secretary Jennifer M. Granholm and White House National Climate Advisor Gina McCarthy to announce the inaugural Better Climate Challenge, a private-public partnership led by DOE with over 80 American businesses and…
FHFA: $1.1 Billion Announced for Affordable Housing Programs
Largest amount ever disbursed to Housing Trust Fund and Capital Magnet Fund Today, FHFA Acting Director Sandra L. Thompson announced that the Housing Trust Fund and Capital Magnet Fund will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). This is the largest amount ever provided…
FDIC: CRA Examination Schedules for Second Quarter 2022 and Third Quarter 2022 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2022 and third quarter 2022. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. …
CFPB: Agency Takes Action to Thwart Illegal Auto Repossessions
High Car Prices Increase Risk of Improper Repossession by Lenders, Servicers, and Investors The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance…
CDFI Fund: Application Demand for CY 2021 Round of NMTC Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 199 applications under the calendar year (CY) 2021 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development…