Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the California Wildfires and Straight-Line Winds
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and…
ABA: Key Policy Priorities Unveiled in Newly Released 2025 Blueprint for Growth
With the pending change in administration and the start of the 119th Congress, the American Bankers Association today released its 2025 Blueprint for Growth outlining ABA’s top policy priorities for 2025. As the voice of the nation’s banking industry, and the only trade association representing banks of all sizes, charters and business models, the Blueprint for Growth…
CFPB: New Study Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans
More than 60 percent of users had simultaneous loans, borrowers held higher balances on other credit lines, and most loans went to consumers with subprime or lower credit scores Today, the Consumer Financial Protection Bureau (CFPB) released a study of Buy Now, Pay Later (BNPL) borrowers, finding that more than one-fifth of consumers with a…
CFPB: New Report Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest U.S. Likely Underinsured Against Flood Risk
Homeowners facing flooding from rivers and creeks more likely to be underinsured than coastal residents Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. According to findings,…
SBA: Financial Relief Offered to Los Angeles County Businesses and Residents Impacted by Devastating Wildfires
Today, SBA Administrator Isabel Casillas Guzman announced that low-interest federal disaster loans are now available to Southern California businesses, homeowners, renters and private nonprofit (PNP) organizations following President Joe Biden’s major disaster declaration(Link is external). The declaration covers Los Angeles and the contiguous counties of Kern, Orange, San Bernardino, and Ventura due to wildfires and straight-line winds that began Jan….
HUD: Aid Offered to California Disaster Victims
The U.S. Department of Housing and Urban Development (HUD) announced the implementation of federal disaster assistance for the state of California and ordered federal assistance for state, tribal, and local recovery efforts in areas affected by wildfires and straight-line winds beginning on January 7, 2025, and continuing.President Biden issued a major disaster declaration in the State of…
CFPB: Application Approved from Financial Data Exchange to Issue Standards for Open Banking Under Personal Financial Data Rights Rule
Agency also issues updated procedures for companies requesting special regulatory treatment Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data…
SBA: Financial Relief Offered to Louisiana Businesses Impacted by New Year’s Tragedy in New Orleans
Biden-Harris Administration quickly deploying resources to assist all those impacted by horrific attack In response to the request from Louisiana Gov. Jeff Landry, the U.S. Small Business Administration (SBA)announced that small businesses and private nonprofit organizations (PNPs) in Louisiana may now apply for federal disaster loans to offset economic losses caused by the mass casualty incident that…
SBA: Lending Network Strengthened with New Public-Private Partnerships Supporting Underserved Communities
Four New Small Business Lending Companies Authorized to Support America’s Entrepreneurs in Underserved Communities Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s more than 34 million small businesses in President Biden’s Cabinet, announced that the SBA has granted Small Business Lending Company (SBLC) licenses to four lending institutions committed…
SBA: President Biden Signs Law to Deliver Funding to SBA to Reopen Its Disaster Loan Program and Support Recovery in Communities Across the Country
SBA can now confirm loan offers to over 21,000 qualified disaster loan applicants waiting for financial assistance to recover Today, President Joe Biden signed(Link is external) the American Relief Act, 2025(Link is external) into law, providing funding for the U.S. Small Business Administration’s Disaster Loan Program. With this funding, which required Congressional approval, the SBA can resume processing urgently needed…