FDIC: Results of Summary of Deposits Annual Survey Released
The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2023. The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 77,000 domestic offices operated by more than 4,600 FDIC-insured commercial and savings banks, savings…
SBA: Data Shows Major Increase in Loans to Black-Owned Businesses Since 2020
The number and share of SBA-backed 7(a) and 504 loans going to Black-Owned businesses more than doubled since 2020 Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), joined Congressman Steven Horsford at the 2023 Congressional Black Caucus Foundation’s Annual Legislative Conference today to announce new data showing the rate of SBA-backed loans going to Black-owned businesses…
FHFA: Second Quarter 2023 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its second quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 47,370 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,818,471 since the start of conservatorships in September…
Census Bureau: Household Pulse Survey Phase 3.10 Monthly Data Released
The U.S. Census Bureau today released new data from phase 3.10 of the experimental Household Pulse Survey (HPS). The HPS is an effort by the Census Bureau and other federal statistical agencies to inform federal and state response and recovery planning by providing near real-time data on the social and economic effects of the COVID-19 pandemic and…
CFPB: Report Finds College Tuition Payment Plans Can Put Student Borrowers At Risk
Some payment plans can be confusing, carry expensive fees, and lead students further into debt The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment…
ABA: Bank Economists Note “Soft Landing” Odds Have Improved but Recession Risks Remain
Despite an expected loss of momentum in U.S. economic growth over the next few quarters, the U.S. economy is likely to dodge a recession, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. The committee, composed of 14 chief economists from some of North America’s largest banks, sees real economic growth…
CFPB: New Report Highlights Role of Big Tech Firms in Mobile Payments
Apple and Google set regulations on “tap-to-pay” which can impact innovation and competition The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. Apple currently forbids banks and payment apps from accessing the tap-to-pay…
Census Bureau: New 2022 Annual Integrated Economic Survey Announced
The U.S. Census Bureau this week announced the launch of the 2022 Annual Integrated Economic Survey (AIES), a limited-scope collection of the 2023 AIES that will launch in March 2024. The AIES provides key yearly measures of economic activity, including the only comprehensive national and subnational data on business revenues, employment, expenses and assets on…
CDFI Fund: Updated Eligiblity Data for the New Markets Tax Credit Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today updated Eligibility Data for the New Markets Tax Credit Program (NMTC Program). The update of this information—based on more recent, Census Bureau 2016-2020 American Community Survey (ACS) 5-year estimates data—is part of a larger effort to ensure that the data used to…