EDA: $24.6 Million in American Rescue Plan Funds Invested in Communities Across the Nation
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding the following new grants funded by the American Rescue Plan. U.S. Department of Commerce Invests $1.6 Million in American Rescue Plan Funds to Support Small Businesses in Southwestern Oregon U.S. Department of Commerce Invests $500,000 in American…
EDA: $3 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Small Businesses in Northwest and Central Oklahoma
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Southwestern Intermediary Finance Team, Inc. (SWIFT), Weatherford, Oklahoma, to capitalize and administer a Revolving Loan Fund to support small businesses in 23 counties. Through this grant, SWIFT will…
CFPB: New Report Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee penalties a…
FHFA: Fourth Quarter 2021 Foreclosure Prevention and Refinance Report Released
More than 6.3 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2021 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 153,793 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,364,278…
CFPB: 2021 HMDA Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy. To increase public accessibility, the annual loan-level (LAR) data…
SBA: Immediate Relief through Additional Deferment Provided to Existing COVID Economic Injury Disaster Loan Program Borrowers
Starting immediately, Agency extends additional relief to small businesses Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total…
ABA: New Consumer Polling Data on Major Bank Policy Issues Unveiled at 2022 ABA Washington Summit
U.S. consumers are happy with their bank, value overdraft protection and support cannabis banking, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey found that 9 in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their primary bank and…
CFPB: Agency Estimates $88 Billion In Medical Bills on Credit Reports
Inaccurate medical billing data contaminates credit reporting system The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are…
CFPB: Agency Takes Action to Thwart Illegal Auto Repossessions
High Car Prices Increase Risk of Improper Repossession by Lenders, Servicers, and Investors The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance…
FHFA: Final Rule Amending the Enterprise Regulatory Capital Framework Announced
Amendments to the capital framework for Fannie Mae and Freddie Mac refine the leverage buffer and risk-based capital treatment of Credit Risk Transfer The Federal Housing Finance Agency (FHFA) today published a final rule that amends the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount (leverage buffer) and risk-based capital treatment of retained…