CFPB: Interpretive Rule Issued on Method for Determining Underserved Areas
The Consumer Financial Protection Bureau (Bureau) today issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year. The Bureau’s annual list of rural and underserved counties and areas is…
CFPB: Interim Final Rule Issued on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships
The Consumer Financial Protection Bureau (Bureau) issued today an interim final rule (IFR) that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those consumers. The CARES Act provides forbearance relief for consumers with federally-backed mortgage loans. The mortgage industry…
Census Bureau: New Data on Community Resilience Released
The U.S. Census Bureau today released the Community Resilience Estimates on <www.census.gov> to measure the ability of a population to absorb, endure and recover from the impacts of disasters, including weather-related and disease-related hazard events such as COVID-19. The new experimental data product will be available through a tool which shows risk level by state, county and tract. These…
FDIC: Final Rule Issued to Mitigate the Deposit Insurance Assessment Effect of Participation in the PPP, the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility
The Federal Deposit Insurance Corporation (FDIC) today approved a final rule that mitigates the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors…
FDIC: Agency Unveils Redesigned Website
For the first time in nearly a decade, the Federal Deposit Insurance Corporation (FDIC) today unveiled a comprehensive overhaul of the agency’s flagship website. The newly redesigned FDIC.gov offers consumers, bankers, and analysts easier access to the agency’s most popular content, including information critical to financial institutions and consumers impacted by COVID-19. FDIC’s homepage prominently features a…
EDA: $800,000 Invested to Establish Revolving Loan Fund to Support Business Recovery Near Opporunity Zone in South Dakota
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the South Eastern Development Foundation, Sioux Falls, South Dakota, to capitalize a Revolving Loan Fund (RLF) that will provide gap financing to businesses in a six-county region impacted by 2019 floods and storms. The EDA grant project, to be…
EDA: $500,000 Invested to Improve Critical Infrastructe in Exclesior Springs, MO Opportunity Zone
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant the city of Excelsior Springs, Missouri, to improve critical roadway and sewer infrastructure to accommodate new business development. The EDA grant project, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $400,000 in state funds…
CDFI Fund: Application Reminders and Updates for FY 2020 Capital Magnet Fund Applicants
As a reminder for fiscal year (FY) 2020 Capital Magnet Fund applicants, the deadline for online submission of the SF-424 Mandatory through Grants.gov for this year’s funding round is June 26, 2020 at 11:59 p.m. Eastern Time (ET). The deadline for online submission of the rest of the application materials through the CDFI Fund’s Awards Management Information…
SBA: New Dedicated Tool Rolled Out to Connect Small Businesses with CDFIs, Small Asset Lenders Participating in PPP
Today, U.S. Small Business Administration Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP)….
EDA: $12.2 Million Invested to Constructe New Wastewater Treatment Facility near Opportunity Zone in South Sioux City, NE
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $12.2 million grant to South Sioux City, Nebraska, to construct a new wastewater treatment facility that will support business growth following severe flood damage in 2019. The EDA grant, to be located near a Tax Cuts and Jobs…