Federal Reserve: Are Central Cities Poor and Non-White?
By: Jenny Schuetz, Arturo Gonzalez, Jeff Larrimore, Ellen A. Merry, and Barbara J. Robles1 In the U.S., geography has long been viewed as a proxy for income and race. The terms central city or “inner city” are often used as a short-hand for poor and minority neighborhoods, particularly African-American, while suburban dwellers are assumed to be…
CFPB: New Data Documents a Disturbing Cycle of Defaults for Struggling Student Loan Borrowers
New data shows a staggering number of struggling student loan borrowers are trapped in a cycle of default. Last year, nearly 1.2 million borrowers defaulted on a Federal Direct Loan—more than two borrowers every minute. In total, more than 8 million borrowers in the U.S. are in default on a student loan. A default can…
HUD: Rental Assistance Demonstration Generates $4 Billion in Public-Private Investment in Distressed Public Housing
WASHINGTON – Each year, thousands of units of public housing are demolished and thousands more sit vacant because they are no longer decent, safe or sanitary. Today, the U.S. Department of Housing and Urban Development (HUD) announced that its Rental Assistance Demonstration officially surpassed $4 billion in capital investment in order to make critical repairs and improvements…
CDFI Fund: Update on CDFI Program and NACA Program Funds Availability for FY 2017 Round
The Community Development Financial Institutions Fund (CDFI Fund) will be awarding up to $196 million under the fiscal year (FY) 2017 round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). This funding was provided in the Consolidated Appropriations Act, 2017 (the Act) that was signed into…
ABA: 6 Financial Traps New College Graduates Should Avoid
WASHINGTON — More than 70 percent of college graduates began their career owing more than $37,000 in student loans in 2016. Considering this debt load and other living expenses that lead young adults to delay major life events like getting married or buying a home, it’s critical for new college graduates to focus on their…
CFPB: Request for Information on Small Business Lending
We have issued a Request for Information on the small business lending marketplace. We aim to learn more about how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses. Your responses will enhance our current expertise of the small business lending space, and help us as we work…
CFPB: Exploring Ways to Assess the Availability of Credit for Small Business
WASHINGTON, D.C. – The Consumer Financial Protection Bureau today launched an inquiry into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. Small businesses typically need access to credit to take advantage of growth opportunities, yet public information on this…
SBA: SBA Administrator to Deliver Keynote Address at International Entrepreneurship Summit in New York
WASHINGTON, D.C. — Administrator Linda McMahon, head of the U.S. Small Business Administration, will deliver the keynote address at the first-ever Micro, Small and Medium Sized Enterprises Knowledge Summit Thursday, May 11 at the United Nations Headquarters in New York City. The MSME Knowledge Summit is organized by the International Council of Small Businesses, a…