EDA: $1.1 Million Invested to Protect Iowa Businesses from Future Floods
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million grant to the M&P Missouri River Levee District of Glenwood, Iowa, to support resiliency planning to protect the region from future flooding disasters. The EDA grant will be matched with $279,149 in local investment. “The…
EDA: $3 Million Invested to Provide Critical Infrastructure Improvements in Tulsa County, OK Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to Tulsa County, Oklahoma, to improve critical infrastructure needed to protect businesses from flood damage. The EDA grant, which is located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $750,000 in…
HUD: $1.5 Million in Funding Awarded to Support COVID-19 Related Fair Housing Activities
The U.S. Department of Housing and Urban Development (HUD) today announced it is awarding $1.5 million in Partnership and Special Enforcement Effort funds to HUD Fair Housing Assistance Program (FHAP) agencies to support COVID-19 education activities. The funds are being provided through the Coronavirus Aid, Relief, and Economic Security Act (CARES) of 2020, which President Trump…
ABA: Bankers Celebrate Financial Capability Month by Taking Teach Children to Save Online
While schools may be closed due to COVID-19, bankers across the country are finding new and innovative ways to share the Teach Children to Save program this year, including virtual financial education lessons for children across the nation. Since 1997, the ABA Foundation’s financial education initiatives have reached 11.1 million young people through more than…
FEMA: President Trump Approves Major Disaster Declaration for Mississippi Due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the state of Mississippi to supplement state, tribal and local recovery efforts in the areas affected by severe storms, tornadoes, straight-line winds and flooding on April 12, 2020. The President’s action makes federal funding available to affected individuals in Covington, Jefferson Davis and Jones…
FEMA: President Trump Approves Major Disaster Declaration for American Samoa
FEMA announced that federal emergency aid has been made available to the territory of American Samoa to supplement territorial and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on Jan. 20, 2020 and continuing. Federal funding is available to territorial and eligible local governments and certain private nonprofit…
Federal Reserve: Rule Change Announced to Bolster the Effectiveness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Friday announced a rule change to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The change will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply for PPP loans for their small businesses. To prevent favoritism, Board rules limit the…
EDA: $4.5 Million Invested to Convert Former Naval Station Roosevelt Roads to Commercial Use in Puerto Rico
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.5 million grant to the Local Redevelopment Authority for Roosevelt Roads, San Juan, Puerto Rico, to rehabilitate a building and make other infrastructure improvements on former Naval Station Roosevelt Roads. The EDA grant will support early-stage businesses…
CFPB: Final Rule Issued Raising Data Reporting Thresholds Under HMDA
The Consumer Financial Protection Bureau (Bureau) issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA). The final rule, amending Regulation C, increases the permanent threshold for collecting and reporting data about closed-end mortgage loans from 25 to 100 loans effective July 1, 2020….
Federal Reserve: “Revitalize or Stabilize”: Does Community Development Financing Work?
Daniel Ringo Abstract: Banks in the United States originate $100 billion in community development loans every year and hold a similar amount of community development investments on their balance sheets. A number of federal place-based policies encourage the provision of these loans and investments to promote growth, employment and the availability of affordable housing to…