FDIC: Agency to Centralize Key Aspects of Its Large, Complex Financial Institutions Activities
The Federal Deposit Insurance Corporation (FDIC) today announced its intentions to centralize the supervision and resolution activities for the largest banks and complex financial institutions in a new division to be named the Division of Complex Institution Supervision and Resolution (CISR). “Centralizing the FDIC’s expertise of large, complex financial institutions into a single division within…
FDIC: Agency Hosts Roundtable on Collaborations with Minority Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) today hosted a roundtable with large FDIC-supervised banks and minority depository institutions (MDIs) to foster collaboration in support of the continued vibrancy of MDIs and their communities. “Collaborative partnerships among large banks and MDIs are critically important not only for individual insured institutions, but also for their communities and…
EDA: Investment Made to Support Small Business Growth and Resiliency in California
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $880,000 grant to California Capital FDC of Sacramento, California, to capitalize a Revolving Loan Fund (RLF) and provide technical assistance to potential borrowers in the disaster-impacted counties of Sacramento, Yolo, Placer, El Dorado, and Nevada. This EDA grant will be matched with…
EDA: $600,000 Invested to Help Northeast Ohio Region Respond to Closure of the GM Lordstown Plant, Loss of Coal Jobs
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Eastgate Regional Council of Governments of Youngstown, Ohio, to contract a recovery coordination team following the recent non-allocation of the General Motors Lordstown facility and the historic downturn of the coal economy. The team will work with local…
ABA: Response Requested from NCUA in Light of Credit Union Industry Research Report
Today the American Bankers Association sent a letter to the National Credit Union Administration (NCUA) requesting a “top-to-bottom assessment” of whether the modern day credit union industry is meeting its targeted, statutory mission to serve people of “small means.” The formal request follows this week’s release of a comprehensive new report from Federal Financial Analytics that documents how many…
EDA: Investment Made to Improve Hardeeville Commerce Park in South Carolina Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.86 million grant to the city of Hardeeville, South Carolina, to make infrastructure improvements to the Hardeeville Commerce Park to increase extreme weather resiliency in the future. The project, to be located in a Tax Cuts and Jobs…
HUD: Secretary Ben Carson to Chair White House Council on Affordable Housing
Today, President Donald Trump signed an Executive Order establishing the White House Council on Eliminating Barriers to Affordable Housing, and named Housing and Urban Development (HUD) Secretary Ben Carson as its chairperson. The Council will consist of members across eight Federal agencies and engage with State, local, and tribal leaders across the country to identify…
FDIC: Agency Hosts Interagency Conference Focusing on Minority Depository Institutions
Announces New MDI Initiatives and Publishes Results of New MDI Study The Federal Deposit Insurance Corporation (FDIC) hosted the2019 Interagency Minority Depository Institution and CDFI Bank Conference this week in partnership with the Federal Reserve Board and the Office of the Comptroller of the Currency. The two-day conference, held June 25–26, 2019, includes discussions on…
CDFI Fund: FY 2019 Capital Magnet Fund Funding Round Opens
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened today the fiscal year (FY) 2019 funding round for the Capital Magnet Fund. Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities,…
EDA: Investment Made to Help Establish Industrial Park in Opportunity Zone in Berryville, AR
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the city of Berryville, Arkansas, to provide critical infrastructure needed to establish a 160-acre industrial park. The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $401,100…