CFPB: Guidance Issued to Address Abusive Conduct in Consumer Financial Markets
Policy statement details post-financial crisis prohibition on illegal abusive conduct Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct against consumers….
OCC: Office of Financial Technology Established
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…
FHFA: Enhanced Payment Deferral Policies Announced for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments. The enhanced payment deferral policies will promote sustainable homeownership and will further support the safety and soundness of…
HUD: Process Begins to Strengthen Standards for Conditions in HUD Assisted and Insured Housing
Public comment on proposed scoring methodology for inspections now open for the first time in 20+ years as part of system-wide overhaul Today, the U.S. Department of Housing and Urban Development (HUD) published the proposed scoring notice for the National Standards for the Physical Inspection of Real Estate (NSPIRE) in the Federal Register. This updated scoring notice,…
HUD: Updated Guidance Published for Section 8 Project-Based Rental Assistance Contract Renewals
Section 8 Renewal Guidebook provides updated policies and processes for rent comparability studies required as part of Section 8 Housing Assistance Payment Contract renewals. The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs announced today newly updated guidance for owners of properties participating in its Section 8 Project-Based Rental Assistance (PBRA) program….
SBA: 2023 Exporter of the Year Announced
Today, the U.S. Small Business Administration (SBA) announced that Sciencix, headquartered in North Carolina, has been named the 2023 Small Business Exporter of the Year. The company will be recognized during SBA’s National Small Business Week, an annual event honoring the accomplishments and contributions of small businesses from across the Nation. “With a growing list of clients…
SBA: Small Business Investment Companies of the Year Announced
Companies and their managers to be formally recognized during National Small Business Week Awards Ceremony Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s 33 million small businesses, announced Stonehenge Community Impact Fund, L.P. of Columbus, Ohio, and Balance Point Capital Partners, L.L.C. of Westport, CT…
FDIC: First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., from the FDIC
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday,…
SBA: Second Annual Women’s Business Summit Announced for March 28-29, 2023
The summit convenes women entrepreneurs and thought leaders from across the public and private sectors In honor of Women’s History Month, the U.S. Small Business Administration (SBA) will hold its 2023 Women’s Business Summit from March 28-29, 2023. The two-day hybrid summit will feature virtual panels, “Ask an Expert” workshops, and fireside chats to help women-owned small businesses…
FHFA: Public Engagement Process Announced for Implementation of Updated Credit Score Requirements
Enterprises to conduct stakeholder outreach and gather feedback The Federal Housing Finance Agency (FHFA) today announced plans for stakeholder input on proposed milestones as Fannie Mae and Freddie Mac (the Enterprises) work to replace the Classic FICO credit score model with the FICO 10T and the VantageScore 4.0 credit score models, and transition from requiring…