CDFI Fund: Public Comment Period Extended for CDFI Certification Application, ACR and CTLR
Deadline to Submit Responses to CDFI Fund Now November 5, 2020 The Community Development Financial Institutions Fund (CDFI Fund) will extend the deadline to submit comments in response to its solicitation for public feedback on a revised Community Development Financial Institution (CDFI) Certification Application, Annual Certification and Data Collection Report (ACR), and new Certification Transaction Level Report (CTLR). The…
EDA: $1.5 Million Invested to Modernize Shipyard Service Facility in American Samoa Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the American Samoa Shipyard Services Authority, Pago Pago, American Samoa, to support the acquisition of equipment, machinery, and tools needed to modernize the Shipyard Service Facility located in a Tax Cuts and Jobs Act Opportunity…
FHFA: 2021 Housing Goals for Fannie Mae and Freddie Mac Proposed
Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020. Once finalized, the…
FDIC: Input Sought on Voluntary Certification Program to Promote New Technologies
Public/Private standard-setting partnership could foster innovation and cut costs The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public’s input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. Given rapid technological developments and…
OCC: Proposed True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
ABA: America’s Banks Urged to Adopt Mask Policy
In light of the continuing health threat posed by the COVID-19 pandemic, the American Bankers Association is urging banks across the nation to adopt a policy requiring anyone who enters a branch to wear a mask or face covering to protect the health of bank employees and customers. Requiring the use of masks and face…
OCC: Acting Comptroller Brooks Promotes Access to Capital in Underserved Areas
Acting Comptroller of the Currency Brian Brooks today joined Senator Tim Scott and Secretary of Housing and Urban Development Ben Carson to raise awareness of investment and lending related to Opportunity Zones, which also may receive credit under the Office of the Comptroller of the Currency’s (OCC) new Community Reinvestment Act (CRA) rule. “Today, bankers,…
EDA: Over $100 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: July 17, 2020 – U.S. Department of Commerce Invests $8.4 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small…
Federal Reserve: Main Street Lending Program Modified to Provide Greater Access to Credit for Nonprofit Organizations
The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. As detailed in term sheets released today, the Board approved two new loan options to provide support to a broad set of nonprofit organizations that…
CFPB: New Resources Released to Help Employers Develop Emergency Savings Programs for Workers
The Consumer Financial Protection Bureau (Bureau) today announced that it issued a Compliance Assistance Statement of Terms Template (CAST Template) under its Compliance Assistance Sandbox (CAS) Policy to Build Commonwealth, Inc (Commonwealth). Employers interested in creating an automatic savings (Autosave) program as a way for employees to build emergency savings and increase their financial resiliency…