ABA: New Report Shows Farm Bank Lending Increased in 2022
Banks reported holding over 1.1 million small farm loans worth $69 billion. Despite headwinds in 2022 due to supply chain disruptions, shocks to supply and demand, volatility in commodity prices, and geopolitical uncertainty, agricultural lending by U.S. farm banks increased 8.1% in 2022 to $103.1 billion, according to the American Bankers Association’s annual Farm Bank Performance…
CDFI Fund: Update Provided on the Implementation of the 2016-2020 American Community Survey Datasets
In June 2022, the Community Development Financial Institutions Fund (CDFI Fund) announced a plan for releasing updated program eligibility information based upon Census Bureau data from the American Community Survey (ACS) 2016-2020 5-year data series. Eligibility requirements for the Bank Enterprise Award Program (BEA Program), Capital Magnet Fund (CMF), Community Development Financial Institutions Program (CDFI Program), Native…
CFPB: Tool Enhanced to Promote Competition and Comparison Shopping in Credit Card Market
Price transparency will help families find better credit card deals in a time of rising interest rates Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay $120 billion…
HUD: New High-Speed Internet Guide Highlights Unprecedented Funding to Support Underserved Communities
Today, the U.S. Department of Housing and Urban Development announced a new guidebook for states and organizations to consider when deploying high-speed Internet service projects. The guide will help Public Housing Authorities, Multifamily Owners and Operators, and Tribes understand the mechanics of these two programs and the role they can play in ensuring that funds come to…
CFPB: 2022 HMDA Data on Mortgage Lending Released for HMDA Filers
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2022 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 4,394 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…
CFPB: Inquiry Launched into the Business Practices of Data Brokers
Public input will help to inform planned rulemaking under the Fair Credit Reporting Act The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers…
SBA: Research Sheds New Light on Small Business Exporters
Today, the U.S. Small Business Administration (SBA) released new findings from a commissioned study on the Total Addressable Market (TAM) of small business exporters in America. Among the key findings from the study is new data, based on recent business surveys, that places the number of exporting small businesses at 1.3 million – an almost fivefold increase over the estimates…
CDFI Fund: Application Demand for CY 2022 Round of NMTC Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development…
CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans
Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…
CDFI Fund: 2023 Annual Certification & Data Collection Report Guidance Materials and Conference Call Announced
The Community Development Financial Institutions Fund (CDFI Fund) has released updated information for Certified Community Development Financial Institutions (CDFIs) regarding the 2023 reporting round for the Annual Certification and Data Collection Report (ACR). The CDFI Fund has updated the supporting information for the ACR to reflect the changes made for the 2023 reporting round, which…