EDA: $600,000 Invested to Help Northeast Ohio Region Respond to Closure of the GM Lordstown Plant, Loss of Coal Jobs
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Eastgate Regional Council of Governments of Youngstown, Ohio, to contract a recovery coordination team following the recent non-allocation of the General Motors Lordstown facility and the historic downturn of the coal economy. The team will work with local…
CFPB: Comment Period for ANPR Extended on HMDA Data Points
The Consumer Financial Protection Bureau (Bureau) announced today that it is extending the comment period on its Advance Notice of Proposed Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). The extension will give interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial…
ABA: Response Requested from NCUA in Light of Credit Union Industry Research Report
Today the American Bankers Association sent a letter to the National Credit Union Administration (NCUA) requesting a “top-to-bottom assessment” of whether the modern day credit union industry is meeting its targeted, statutory mission to serve people of “small means.” The formal request follows this week’s release of a comprehensive new report from Federal Financial Analytics that documents how many…
OCC: Improvement in Mortgage Performance Reported for First Quarter 2019
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019. The OCC Mortgage Metrics Report, First Quarter 2019 showed 96.2 percent of mortgages included in the report were current and performing at the end of the quarter,…
EDA: Investment Made to Develop Natural Disaster Resilient Renewable Energy System in Puerto Rico Opportunity Zone
oday, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.1 million grant to Fundación Comunitaria de Puerto Rico, San Juan, Puerto Rico, to install a 100 percent renewable energy system to support businesses in the municipality of Culebra, Puerto Rico. The project, to be located in…
EDA: Investment Made to Improve Hardeeville Commerce Park in South Carolina Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.86 million grant to the city of Hardeeville, South Carolina, to make infrastructure improvements to the Hardeeville Commerce Park to increase extreme weather resiliency in the future. The project, to be located in a Tax Cuts and Jobs…
ABA: Bank Economists See Continued Economic Growth Amid Rising Risks
The U.S. economic expansion, which has now tied the longest post-war period of prosperity at 120 months, is likely to continue even as downside risks are growing, according to the Economic Advisory Committee of the American Bankers Association. The median forecast of 16 chief economists from major North American banks is that economic growth will…
HUD: Secretary Ben Carson to Chair White House Council on Affordable Housing
Today, President Donald Trump signed an Executive Order establishing the White House Council on Eliminating Barriers to Affordable Housing, and named Housing and Urban Development (HUD) Secretary Ben Carson as its chairperson. The Council will consist of members across eight Federal agencies and engage with State, local, and tribal leaders across the country to identify…
HUD and Census Bureau: New Residential Sales Report Released for May 2019
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 May 2019: New Home Sales Sales of new single-family houses in May 2019 were at a seasonally adjusted annual rate of 626,000. This is 7.8 percent (±14.7 percent)* below the revised April…
FHFA: House Price Index Up 0.4 Percent in April 2019; Up 5.2 Percent from Last Year
U.S. house prices rose in April, up 0.4 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.1 percent increase for March 2019 remained unchanged. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by,…