SBA: Treasury and SBA Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program
Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial…
FHFA: Fannie Mae and Freddie Mac Announce New LIBOR Transition Resources
Joint Enterprise LIBOR Transition Playbook and Frequently Asked Questions Now Online Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to…
Interagency Joint FAQs on CRA Consideration for Activities in Response to the Coronaviurs
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued the attached Frequently Asked Questions (FAQ) on CRA consideration for activities in response to the Coronavirus Disease (referred to as COVID-19). This FAQ provides additional clarification of the information included…
EDA: $1 Million Invested to Establish Revolving Loan Fund for Businesses in Opportunity Zones in Southeast New Hampshire
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Rockingham Economic Development Corporation (REDC) of Raymond, New Hampshire, to establish a Revolving Loan Fund (RLF) to provide critical gap financing to businesses and entrepreneurs in the REDC service area. The EDA…
Federal Agencies Share Joint Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered…
FHFA: Refinance and Home Purchase Eligiblity for Borrowers in Forbearance Announced
Agency also extends the Enterprises’ ability to buy loans in forbearance Today, to support borrowers and mortgage servicers, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance…
EDA: $800,000 Invested to Establish Revolving Loan Fund to Serve Small Businesses in Seven Disaster-Impacted South Dakota Counties
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the West River Foundation for Economic and Community Development in Sturgis, South Dakota, to establish a Revolving Loan Fund (RLF) to assist small businesses impacted by natural disasters in Bennett, Butte, Custer, Fall River, Meade, Pennington, and Perkins counties….
SBA: Treasury and SBA Release Paycheck Protection Program Loan Forgiveness Application
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES…
CFPB: FAQs Issued to Support Small Businesses Applying for PPP Loans
The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Creditors are generally required under the Equal Credit Opportunity Act and Regulation B to notify applicants within 30 days of receiving a…
ABA: Report Shows More Consumers Paid Credit Card Balances in Full Amid Rising Card Use in Fourth Quarter 2019
Even as credit card use increased in the fourth quarter of 2019, a record share of consumers paid off their bill in full each month, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted monthly purchase volumes rose compared to the previous quarter, particularly among super-prime (+4.0%) and prime (+2.9%) accounts,…