ABA: Report Shows Credit Card Use Expanded in Third Quarter 2019
Credit card use increased in the third quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted purchase volumes rose among prime (+0.8% or $3.85/month) and super-prime (+0.2% or $1.07/month) accounts compared to the previous quarter, consistent with solid consumer spending growth during the same period, while subprime…
FHFA: Updated Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Seller/Servicers Proposed
The Federal Housing Finance Agency (FHFA) today proposed updated minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. The updated minimum financial requirements will further strengthen the Enterprises’ Seller/Servicer requirements and provide transparency and consistency of capital and liquidity required for Seller/Servicers with different business models. A key improvement from the minimum financial…
Federal Reserve: Do Minorities Pay More for Mortgages?
Read the full paper here. Abstract: We test for racial discrimination in the prices charged by mortgage lenders. We construct a unique dataset where we observe all three dimensions of a mortgage’s price: the interest rate, discount points, and fees. While we find statistically significant gaps by race and ethnicity in interest rates, these gaps…
Federal Reserve: Evaluating the Success of President Johnson’s War on Poverty
Revisiting the Historical Record Using a Full-Income Poverty Measure Read the full report here. Abstract: We evaluate progress in President’s Johnson’s War on Poverty. We do so relative to the scientifically arbitrary but policy relevant 20 percent baseline poverty rate he established for 1963. No existing poverty measure fully captures poverty reductions based on the…
OCC: Promoting Earned Income Tax Credit Awareness Day
In an effort to make more eligible working families aware of the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is promoting the 14th annual EITC Awareness Day on January 31. “We encourage more eligible, hard-working Americans to take advantage of this valuable tax break,” said Comptroller of the Currency…
HUD: Final Rule Announced to Update Manufactured Home Construction and Safety Standards
During Bus Tour, Secretary Carson Cuts Federal Barriers to Manufactured Housing. During a visit to Clayton Homes as part of the “Driving Affordable Housing Across America Bus Tour,” U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced a final rule on formaldehyde emissions for manufactured homes, and a proposed rule to revise the federal Manufactured Home Construction…
HUD: Secretary Carson Visits Nashville, TN during Affordable Housing Bus Tour
Carson’s nationwide tour is focused on eliminating barriers to affordable housing development. U.S. Department of Housing and Urban Development Secretary Ben Carson today visited Tennessee as part of his “Driving Affordable Housing Across America Bus Tour.” Secretary Carson participated in an Affordable Housing Roundtable at the state capitol with Governor Bill Lee and community members…
SBA: FDIC & SBA Update Money Smart for Small Business Credit and Banking Modules
The U.S. Small Business Administration and the Federal Deposit Insurance Corporation have released two updates to the popular Money Smart for Small Business curriculum. The updated modules focus on banking and credit. They are available for SBA Resource Partners, financial institutions and economic development organizations to help train entrepreneurs and small business owners. Money Smart for Small Business is an…
FHFA: Realignment of Agency Structure Announced
Today, the Federal Housing Finance Agency (FHFA) announced a realignment that will further bolster FHFA’s capacity as a world-class regulator of Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks. The realignment of its structure is designed to ensure that the Agency is well-positioned for the Enterprises to responsibly exit conservatorship. “The changes we are…
OCC: Comptroller Discusses Efforts to Strengthen CRA Regulations, Condition of the Federal Banking System
Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the House Financial Services Committee. The Comptroller’s testimony discussed efforts to strengthen and modernize Community Reinvestment Act regulations, the condition of the federal banking system, the agency’s diversity and inclusion programs, and work to implement regulatory reform that encourages economic opportunity…