HUD: New FHA Loan Program Launched to Invest in Manufactured Home Communities
New program offers affordable financing for organizations to purchase or refinance and revitalize manufactured home communities to lower housing costs across the country. Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), announced the launch of its new Manufactured Home Community loan product, which will provide an FHA-insured financing option for…
HUD: Agency Celebrates Annual National Homeownership Month
The June celebration reinforces the Biden-Harris Administration’s commitment to supporting affordable homeownership and lowering housing costs for American families. Today, the U.S. Department of Housing and Urban Development (HUD) joined President Joe Biden to celebrate June as the 22nd Annual National Homeownership Month. During National Homeownership Month, HUD is proud to double down on its ongoing leadership and…
FDIC: New Survey Highlights Potential Bankable Moments at IRS’ Volunteer Income Tax Assistance Providers
The Federal Deposit Insurance Corporation (FDIC) released a report today providing insight into the role the Internal Revenue Service’s (IRS) Volunteer Income Tax Assistance (VITA) providers have in helping unbanked Americans access banking products and services. The FDIC’s research suggests VITA providers are well-positioned to expand economic inclusion during bankable moments, such as when a client opens a…
SBA: New Actions and Resources Announced to Advance Clean Energy Economy
SBA Removes Cap on Loans for Clean Energy Projects Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that the agency has removed its 504 Loan Program’s cap on lending for clean energy projects as part of broader…
CFPB: Inquiry Launched into Junk Fees in Mortgage Closing Costs
Rising fees are draining down payments, pushing homeownership out of reach The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB…
FHFA: Enhancements Announced to Flex Modification for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their Flex Modification policies to allow more borrowers facing longer-term hardships to achieve meaningful payment reductions. The updated Flex Modification policies will promote sustainable homeownership and the safety and soundness of the Enterprises. “The Enterprises have completed over half a million modifications through their Flex Modification offerings since…
OCC: Project REACh 2.0 Launched
The Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit. Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal,…
FDIC: Advisory Committee on Economic Inclusion to Meet June 4th
Two New Members also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 4, 2024, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss enhancing deposit insurance awareness, insights from our research about Volunteer Income Tax Assistance…
FDIC: 2024 Risk Review Published
Report highlights risks in banking system including Commercial Real Estate and Consumer Loans The Federal Deposit Insurance Corporation (FDIC) today published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry. The FDIC’s Risk Review is an annual publication and based on year-end banking data from the prior year….
FHFA: Input Requested on FHLBank System Mission
Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on the mission of the Federal Home Loan Bank (FHLBank) System as the Agency considers next steps for related rulemakings. The RFI provides an opportunity for the public to provide feedback on a core recommendation of FHFA’s Federal Home Loan Bank System at…