OCC: Members Sought for Minority Depository Institutions Advisory Committee
The Office of the Comptroller of the Currency (OCC) is seeking nominations for members of its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC assists the OCC in assessing the needs and challenges facing minority depository institutions. The OCC is seeking nominations of officers or directors of OCC-regulated minority depository institutions, or officers or directors…
OCC: Minority Depository Institutions Advisory Committee Charter Renewed
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. “The Minority Depository Institutions Advisory Committee provides the OCC with important insight on the issues affecting minority depository institutions and their customers,”…
CFPB: New Online Tool Released to Help College Students Determine How to Pay for College
To help students navigate paying for college, the Consumer Financial Protection Bureau (Bureau) today released the “Your Financial Path to Graduation” web tool designed to help students clearly understand the total cost of attending college and make informed decisions about paying for their education. “Your Financial Path to Graduation” helps students turn financial aid offers…
CDFI Fund: More Than $3.5 Billion in New Markets Tax Credits Announced
Awards will spur economic and community development nationwide. The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $3,548,485,000 in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 76 Community Development Entities (CDEs) were awarded tax credit…
HUD: FHA Proposes Streamlined Single Family Servicing Policies
Proposed overhaul focuses on expediting homeowner assistance and achieving operational efficiencies that reduce the cost of servicing The Federal Housing Administration (FHA) today published proposed revisions to its Single Family servicing policies that are designed to remove unnecessary barriers for homeowners seeking mortgage payment relief, achieve operational consistency with industry standard best practices, and reduce…
CFPB: New Study Shows Credit Builder Loan Could Help Consumers Build Credit
The Consumer Financial Protection Bureau (Bureau) today released a report indicating that a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt. The Bureau issued “Targeting Credit Builder Loans: Insights from a Credit Builder…
CFPB: New “Making Ends Meet” Survey Results Released
The Bureau released the first results from the Making Ends Meet survey today. The results provide a deeper understanding of how often U.S. consumers have difficulty making ends meet and how they cope with financial shortfalls. Key results from the survey Among survey respondents, 52 percent reported they could cover expenses for two months or…
CDFI Fund: Application Demand for FY 2020 Round of BEA Program Released
Over $469 Million in Increased Investments, Lending and Services in Highly Distressed Communities and to CDFIs The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today the application data for the fiscal year (FY) 2020 round of its Bank Enterprise Award Program (BEA Program). A total of 144 applications were…
FEMA: President Trump Approves Major Disaster Declaration for Arkansas due to Severe Storms and Straight-Line Winds
FEMA announced yesterday that federal disaster assistance has been made available to the state of Arkansas to supplement state, tribal and local recovery efforts in the areas affected by severe storms and straight-line winds on April 12, 2020. Federal funding also is available to state, tribal and eligible local governments and certain private nonprofit organizations…
SBA: $20 Billion Provided to Small Businesses and Nonprofits through Economic Injury Disaster Loan Advance Program
Today, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding. In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up…