CFPB: New Category of Qualified Mortgages Proposed to Encourage Innovation and Access to Affrodable Mortgage Credit
The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the proposal, loans would have to…
FEMA: President Trump Approves Major Disaster Declaration for Iowa
FEMA announced that federal disaster assistance has been made available to the state of Iowa to supplement state and local recovery efforts in the areas affected by severe storms on Aug. 10, 2020. Federal funding is available to the state, eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work…
FEMA: First States to Receive Lost Wages Grants Announced
On August 8, 2020, President Trump made available up to $44 billion from FEMA’s Disaster Relief Fund to provide financial assistance to Americans who have lost wages due to the COVID-19 pandemic. The states of Arizona, Iowa, Louisiana, and New Mexico are the first states to agree to administer a lost wages program for its…
EDA: $2.3 Million Invested to Establish Advanced Materials Innovation Center Near Rhode Island Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.3 million grant to the University of Rhode Island Research Foundation, Kingston, Rhode Island, to establish the “401 Tech Bridge” advanced materials innovation center at two sites: the University of Rhode Island in Kingston for direct university…
EDA: $3 Million Invested to Build Apprenticeship and Industrial Trades Center for Workforce Development in Klamath Falls, OR
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to Klamath Community College, Klamath Falls, Oregon, to build an on-campus Apprenticeship and Industrial Trades Center. The EDA grant, to be matched with $3.4 million in state funding, is expected to create 166 jobs…
EDA: Over $83 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: August 14, 2020 – U.S. Department of Commerce Invests $4 Million in CARES Act Funding to Boost Economic Development Programs Critical to Helping…
EDA: $1.5 Million Invested to Improve Critical Wastewater Infrastructure in Banks County, GA
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 Banks County, Georgia, to make critical wastewater infrastructure improvements needed to support the region’s growing manufacturing base. The EDA grant, to be matched with $3 million in local funds, is expected to generate…
HUD: New Uses for Communities’ Coronavirus Relief Funds Approved
New flexibilities allow communities to effectively use over 3 billion in HUD relief funds U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced new flexibilities states and local government can use in order to best utilize Community Development Block Grant (CDBG-CV) funds appropriated by the CARES Act, as well as other…
ABA: New Report Shows Closed-End Loan Delinquencies Rise in First Quarter at Onset of COVID-19
Credit card and HELOC loan delinquencies fall during first three months of 2020 Consumer credit delinquencies rose in the first quarter of 2020 as the onset of the COVID-19 pandemic triggered an abrupt economic slowdown, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in all of the 11…
OCC: Minority Depository Institution Advisory Committee Remote Meeting Scheduled for September 1st
The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 1, 2020, via remote means. The meeting is open to the public and will begin at 1 p.m., Eastern Daylight Time (EDT). The MDIAC advises the OCC…