Federal Reserve: Governor Bowman Discusses the Pandemic’s Effect on the Economy and Banking
Speech: The Pandemic’s Effect on the Economy and Banking Governor Michelle W. Bowman At the Kansas Bankers Association CEO and Senior Management Forum/Annual Meeting, Topeka, Kansas (via webcast) Good afternoon. It’s great to be with you, and I look forward to our discussion. As you all know, the COVID-19 pandemic has caused significant disruption and…
HUD: Disaster Assistance Announced for California Wildfire Victims
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced it will speed federal disaster assistance to the State of California and provide support to homeowners and low-income renters forced from their homes in areas affected by the wildfires. On August 22nd, President Trump issued a major disaster declaration for…
HUD & Census Bureau: New Residental Sales Report Released for July 2020
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for July 2020: New Home Sales Sales of new single-family houses in July 2020 were at a seasonally adjusted annual rate of 901,000. This is 13.9 percent (±20.0 percent)* above the revised June…
HUD: New Report Shows Opportunity Zones on Track to Lift One Million Americans Out of Poverty
Poverty rate to be reduced by 11% in Opportunity Zones through billions in investment and new job opportunities The White House Council of Economic Advisers (CEA) yesterday delivered a Progress Report on President Trump’s Opportunity Zones initiative to White House Opportunity and Revitalization Council Chairman Ben Carson, Secretary of the U.S. Department of Housing and Urban Development….
FHFA: U.S. House Prices Up 5.4 Percent from Last Year; Rise 0.8 Percent in Second Quarter Despite COVID
U.S. house prices rose 5.4 percent from the second quarter of 2019 to the second quarter of 2020 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices were up 0.8 percent in the second quarter of 2019. FHFA’s seasonally adjusted monthly index for June was up 0.9 percent from May. “Home prices grew by 5.4 percent in the…
FHFA: $6 Billion in COVID Losses Projected at Fannie Mae and Freddie Mac
Low-Balance Refinances now Exempt; Adverse Market Refinance Fee Implementation now December 1 The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020. FHFA is…
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of…
FEMA: President Trump Approves Emergency Disaster Declaration for Mississippi
FEMA announced that federal emergency aid has been made available to the state of Mississippito supplementstate, local and tribal response efforts to the emergency conditions in the area affected by Tropical Storms Marco and Laura beginning on Aug. 23, 2020 and continuing. The President’s action authorizes FEMA to coordinate all disaster relief efforts which have the purpose of alleviating the hardship and suffering caused…