HUD: Dana Wade Confirmed as New FHA Commissioner
Wade’s housing expertise includes her previous role as Acting Federal Housing Commissioner and Assistant Secretary for Housing U.S. Department of Housing and Urban Development Secretary Ben Carson today applauded the confirmation of Dana Wade to serve as the Federal Housing Administration’s (FHA) Commissioner. FHA currently insures more than 8 million single family mortgages, almost 12,000…
CFPB: Information Requested on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction. The Equal Credit Opportunity Act (ECOA) and…
EDA: Over $49 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: July 24, 2020 – U.S. Department of Commerce Invests $300,000 in CARES Act Funding to Boost University of Tennessee’s Capacity to Help Communities…
CDFI Fund: Information Requested on Small Dollar Loan Program
The Community Development Financial Institutions Fund (CDFI Fund) is currently seeking information from Certified Community Development Financial Institutions (CDFIs), Federally Insured Depository Institutions, trade organizations, and the general public about the Small Dollar Loan Program (SDLP). Authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), SDLP was established to provide grants for Loan Loss Reserves…
HUD: Secretary Carson Terminates 2015 Affirmatively Furthering Fair Housing Rule
Removal of rule returns power to localities in effort to advance fair housing nationwide U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the Department will ultimately terminate the Obama Administration’s Affirmatively Furthering Fair Housing (AFFH) regulation issued in 2015, which proved to be complicated, costly, and ineffective— so much so…
FHFA: House Price Index Down 0.3 in May; Up 4.9 Percent from Last Year
U.S. house prices fell in May, down 0.3 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 4.9 percent from May 2019 to May 2020. The previously reported 0.2 percentincrease for April 2020 was revised downward to 0.1 percent. For the nine census divisions, seasonally adjusted monthly house…
OCC: Proposed True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
EDA: Over $100 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: July 17, 2020 – U.S. Department of Commerce Invests $8.4 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small…
Federal Reserve: Main Street Lending Program Modified to Provide Greater Access to Credit for Nonprofit Organizations
The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. As detailed in term sheets released today, the Board approved two new loan options to provide support to a broad set of nonprofit organizations that…
CFPB: New Capability for the Consumer Complaint Database Announced Including Viewing Complaints Over Time
The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using a robust set of filter options. For several years, the database has provided users with the ability to filter complaints by date,…