SBA: Statement on the Closure of the Paycheck Protection Program
PPP has provided nearly $800 billion to small businesses and nonprofits across the nation, fueling the economy by supporting over 8.5 million small businesses and nonprofits Today, U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over $798 billion…
FHFA: Latest Report on Non-Performing Loan Sales Released
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2020. Borrower outcomes reflect NPLs sold through June 30th, 2020 and reported through December 31,…
CFPB: New Report Finds that Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks and Barriers to Credit
Consumers tend to be rural and lower income, and those who do not own the underlying land have the greatest challenges Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners. Manufactured housing is a small…
EDA: $750,000 in CARES Act Recovery Assistance Invested to Provide Technical Assistance and Enhance Lending to Small Businesses in Metro Atlanta Area, GA
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $750,000 CARES Act Recovery Assistance grant to Trufund Financial Services, Inc., New York, New York, to provide training and affordable capital to small businesses impacted by the coronavirus pandemic in the Metro Atlanta area, Georgia. This EDA grant will be matched with…
CDFI Fund: Upcoming Deadline Reminder for FY 2021 Small Dollar Loan Program Applicants
As a reminder for fiscal year (FY) 2021 Small Dollar Loan Program (SDL Program) applicants, the deadline for online submission of the SF-424 through Grants.gov for this year’s SDL Program funding round is May 28, 2021 at 11:59 PM ET. Applicants must also have created an Awards Management Information System (AMIS) account and entered their EIN and…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing or acquiring branches outside of…
FHFA: First-of-its-Kind Comprehensive Dataset on Mortgage Risk from 1990-2019 Published
Data included in a revised working paper leads researchers to challenge some long-held assumptions about the impetus of the 2008 financial crisis Today, to improve policymakers’ understanding of how mortgage risk has evolved over time and the role it played in the 2008 recession, FHFA released a revised staff working paper, “A Quarter Century of…
FHFA: Fannie Mae’s and Freddie Mac’s Proposed Duty to Serve Underserved Markets Plans for 2022-2024 Announced
The Federal Housing Finance Agency (FHFA) today published the proposed 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2022 to December 31, 2024. FHFA issued a final rule in 2016 that implemented the DTS provisions as…
OCC: Report Examines Key Risks, Effects of COVID-19 Pandemic on Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2021. Banks maintained sound capital and liquidity levels but profitability remains stressed due to low interest rates and…
Federal Reserve: Third Extension Announced of Rule to Bolster the Effectiveness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Friday announced the third extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for…