EDA: $675,180 Invested for Infrastructure Improvements to Support Business Expansion and Job Growth in Devens, MA
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $675,180 grant to the Massachusetts Development Finance Agency, Boston, Massachusetts, to provide roadway and stormwater infrastructure improvements needed to support additional development of the Devens Industrial Area and former Fort Devens Military Base. This EDA project will help increase job opportunities in…
CFPB: Inquiry Opened into “Buy Now, Pay Later” Credit
Buy Now, Pay Later Expected to Set New Records for Lending this Holiday Season Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna,…
FEMA: President Biden Amends Kentucky Major Disaster Declaration
FEMA Administrator Deanne Criswell announced today that President Joseph R. Biden, Jr. made additional federal emergency aid available to the Commonwealth of Kentucky in the areas affected by severe storms, straight-line winds, flooding and tornadoes beginning Dec. 10, 2021. This assistance allows for funding at 100% federal cost share for debris removal and emergency protective…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their…
OCC: Bulletin on Final Rule to Rescind and Replace CRA Rule Issued in 2020 Released
On December 14, 2021, the Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the federal banking agencies in 1995, as amended. The final rule aligns the OCC’s CRA…
FEMA: President Biden Approves Emergency Declaration for Tennessee
FEMA announced that federal disaster assistance has been made available to the state of Tennessee to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds and tornadoes on Dec. 10-11, 2021. The President’s action authorizes FEMA to coordinate all disaster relief efforts to alleviate the hardship and suffering caused…
FEMA: President Biden Approves Emergency Declaration for Illinois
FEMA announced that federal disaster assistance has been made available to the state of Illinois to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds and tornadoes on Dec. 10, 2021. The President’s action authorizes FEMA to coordinate all disaster relief efforts to alleviate the hardship and suffering caused…
OCC: Final Rule Issued to Rescind 2020 Community Reinvestment Act Rule
The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. This action is intended to facilitate the ongoing interagency work to modernize the…
CDFI Fund: New AMIS Interface Coming in January
In October, the Community Development Financial Institutions Fund (CDFI Fund) reported that its Awards Management Information System (AMIS) would be transitioning to an updated user interface. Originally scheduled to occur in mid-December, the conversion to the Salesforce Lightning environment is now scheduled to take place on January 14, 2022. While the Salesforce Lightning interface will improve the AMIS user…
CDFI Fund: Application Demand for FY 2021 Round of Capital Magnet Fund Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the application data for the fiscal year (FY) 2021 round of its Capital Magnet Fund program. A total of 146 organizations submitted applications requesting more than $991.8 million in funding. The applicants propose to serve 48 states, the District of…