SBA: Historic Small Business Lending for Fiscal Year 2020 Achieved

The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed […]

FHFA: Strategic Plan for FY 2021-2024 Finalized

The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on […]

OCC: Final True Lender Rule Issued

The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with […]

HUD: FHA Launches New Automated Underwriting System for Single Family Forward Mortgages

New FHA Catalyst functionality offers lenders the option to obtain automated mortgage insurance eligibility indicators directly from FHA The Federal Housing Administration (FHA) today announced the launch of its new automated underwriting system (AUS) for use by lenders originating mortgages for FHA insurance. Built on the FHA Catalyst technology platform, […]

HUD: FHA Launches FHA Catalyst Electronic Multifamily Application Submission Capabilities

First FHA Catalyst module for Multifamily lenders will eliminate paper-based submissions of FHA insurance applications  The Federal Housing Administration (FHA) today announced the availability of the first module on its FHA Catalyst technology platform for Multifamily lenders doing business with FHA. The FHA Catalyst: Multifamily Applications module will allow eligible Multifamily lenders to […]

SBA: Simpler PPP Forgiveness for Loans of $50,000 or Less Announced

The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer […]

CFPB: Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards

The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts […]

EDA: Over $24 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 millions in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: October 1, 2020 – U.S. Department of Commerce to Invest $15 Million in CARES Act Recovery Assistance to Aid Reopening […]

EDA: $10.3 Million in CARES Act Funding to Capitalize Revoling Loan Fund Across West Virginia

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $10.3 million EDA CARES Act Recovery Assistance grant to the West Virginia Economic Development Authority, Charleston, West Virginia, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical capital […]