EDA: $3.4 Million Invested to Support Growth of Manufacturing Sector in Hornell, NY
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3.4 million grant to the City of Hornell Industrial Development Agency, Hornell, New York, to grow the region’s manufacturing sector by making infrastructure improvements at Shawmut Industrial Park needed to facilitate the construction of a new…
Interagency Statement on Community Reinvestment Act Joint Agency Action
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a…
OCC: Statement on Rescinding the 2020 CRA Rule
The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens and modernizes the CRA. This…
ABA: Statement on Joint Agency Effort to Modernize CRA Rules
“We welcome today’s proposal by the OCC to rescind the final rule modernizing the agency’s regulations under the Community Reinvestment Act. We firmly believe that there is a need to update and modernize the CRA rules to reflect today’s modern banking system and the needs of communities, but those rules must be consistent across all…
FHFA: Adverse Market Refinance Fee Eliminated
Allows certain borrowers to save more money when refinancing Today, to help families reduce their housing costs, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021. To allow families to save more money, lenders will…
FDIC: Minority Depository Institutions Subcommittee to Meet Virtually July 21st
July 21st virtual meeting to address issues important to minority banks The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at 1 p.m. EDT on Wednesday, July 21, 2021. During the public portion of the meeting, subcommittee members…
Census Bureau: Small Business Pulse Survey Phase 5 Weekly Data Released
The U.S. Census Bureau today released new data from the fifth phase of the Small Business Pulse Survey (SBPS). Data collection began May 17. Results will be released weekly May 27 to July 22. The SBPS includes questions on small business operations and finances, requests and receipt of assistance, COVID-19 vaccinations and testing, measures of overall well-being, and…
FDIC: Meeting of the Advisory Committee on Community Banking Announced for July 22nd
The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Advisory Committee on Community Banking will meet on Thursday, July 22nd to discuss local banking conditions as well as the work of the Minority Depository Institutions Subcommittee. FDIC senior staff will also provide updates on supervision matters, regulatory financial inclusion efforts, and initiatives of the FDIC’s…
ABA: Report Shows Consumer Delinquencies Fell in First Quarter 2021
Consumer credit delinquencies fell in the first quarter of 2021 as the economy rebounded strongly, according to results from the American Bankers Association’s latest Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in seven of the 11 loan categories tracked by ABA. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 48…
FEMA: President Biden Approves Major Disaster Declaration for Michigan
FEMA announced that federal disaster assistance has been made available to the state of Michigan to supplement state, tribal and local recovery efforts in the areas affected by severe storms, flooding and tornadoes from June 25-26, 2021. The President’s action makes federal funding available to affected individuals in the counties of Washtenaw and Wayne. Assistance can…