OCC: Brian Brooks Becomes Acting Comptroller
Brian P. Brooks today released the following statement on becoming Acting Comptroller of the Currency. I am deeply honored to serve my country as Acting Comptroller of the Currency and lead this important and prestigious agency during this challenging time. Over the past several months, the federal banking system has been integral to the nation’s…
ABA: Bank Economists See Recovery from Deep Recession Beginning in Third Quarter 2020
The U.S. economy will experience about a 6% contraction this year, but will begin to recover from a severe second-quarter downturn in the third quarter, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. While the group, made up of 16 chief economists from some of the North America’s largest banks,…
SBA: Treasury and SBA Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program
Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial…
FHFA: Fannie Mae and Freddie Mac Announce New LIBOR Transition Resources
Joint Enterprise LIBOR Transition Playbook and Frequently Asked Questions Now Online Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to…
CDFI Fund: CDFI Fund Opens FY 2020 Capital Magnet Fund Funding Round
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened today the fiscal year (FY) 2020 funding round for the Capital Magnet Fund. Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing, as…
SBA: Launch of New Maryland Women’s Business Centers Celebrated
Increases Opportunities and Recovery Solutions for Women Entrepreneurs with Two New Women’s Business Centers The U.S. Small Business Administration announced today the launching of two Maryland Women’s Business Centers hosted by Morgan State University in Baltimore and Maryland Capital Enterprises in Salisbury. These new centers will carry out the mission of helping women-owned small businesses start, grow, and expand…
Census Bureau: Over 60 Percent of U.S. Households Have Responded to 2020 Census
Internet Response Option Preferred by Majority of Households Responses to the 2020 Census are on track as more than 60% of U.S. households have responded to the 2020 Census, with approximately four out of every five households that responded on their own choosing to do so online at 2020census.gov. Current internet self-response rates are 9.2 percentage…
Interagency Joint FAQs on CRA Consideration for Activities in Response to the Coronaviurs
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued the attached Frequently Asked Questions (FAQ) on CRA consideration for activities in response to the Coronavirus Disease (referred to as COVID-19). This FAQ provides additional clarification of the information included…
EDA: $4.8 Million Invested to Establish Small Business Center in North Carolina Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.8 million grant to the town of Fair Bluff, North Carolina, to construct the Town of Fair Bluff Small Business Center. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched…
EDA: $1.8 Million Invested to Improve Infrastructure in McCreary County, KY Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million grant to the McCreary County Water District of Whitley City, Kentucky, to upgrade existing sewer infrastructure to accommodate business growth, including the expansion of a local manufacturer. The EDA grant, to be located in a Tax…