SBA: Small Business Loan Program Improvements Launched to Expand Access to Capital
Lending program improvements expand access to capital for small businesses and increases protection against fraud On August 1, the U.S. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs. Today’s loan program updates build on Administrator Isabella Casillas Guzman’s previous announcements that address…
ABA: U.S. District Court Grants Injunction on CFPB Section 1071 Final Rule
Court Order Pauses Final Rule Implementation for Texas Bankers Association and American Bankers Association Members The Texas Bankers Association (TBA) and co-plaintiffs, Rio Bank of McAllen, Texas, and the American Bankers Association (ABA), have been successful in their motion to halt implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Final Rule. In an order…
CFPB: New Report Shows Workers Face Risks from Employer-Driven Credit
Report follows launch of public inquiry into the challenges and prevalence of employer-driven debt Today, the Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers. After a review of responses to the CFPB’s public inquiry, the analysis describes the growing prevalence of employer-driven debt and challenges workers and consumers…
EDA: $2 Million Invested to Capitalize a Revolving Loan Fund and Support Small Businesses in Nashville, TN
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the Greater Nashville Regional Council in Nashville, Tennessee, to capitalize and administer a Revolving Loan Fund (RLF) serving small businesses in thirteen counties throughout Northern Middle Tennessee. The RLF will support businesses facing obstacles…
CFPB: Interagency Inquiry Launched into Costly Credit Cards and Loans Provided to Patients for Health Care Costs
Public input will bolster agencies’ broad efforts to safeguard consumers against predatory medical debt and collections practices Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that…
FFIEC: Availability of 2022 Data on Mortgage Lending Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market activity. The…
Agencies Finalize Policy Statement on Commercial Real Estate Loan Accommodations and Workouts
Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress. The statement is substantially similar to a proposal issued…
CFPB: FFIEC Announces Availability of 2022 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market activity. The…
HUD: FHA Increases Dollar Amount Threshold for Large Multifamily Loans to Be Eligible for Standard Underwriting
Change facilitates greater flexibility for lenders when underwriting Multifamily transactions up to $120 million. The Federal Housing Administration (FHA) today published a Mortgagee Letter that increases the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This is the first increase in the threshold since 2014 and will enable…
SBA: Report Released on Anti-Fraud Control Measures in Pandemic Relief Programs including PPP and EIDL Loans
Eighty-six percent of fraud in small business pandemic relief programs occurred in first nine months of pandemic according to findings in new agency report The U.S. Small Business Administration (SBA) today released a report detailing analysis of anti-fraud protocols put in place by the Biden-Harris Administration in SBA’s four largest pandemic programs. The report “Protecting the Integrity…