CDFI Fund: Update to the CY 2024-2025 NMTC Program Application FAQs Released
The Community Development Financial Institutions Fund (CDFI Fund) has posted on its website an updated calendar year (CY) 2024-2025 New Markets Tax Credit Program (NMTC Program) Allocation Application Frequently Asked Questions (FAQs) document. The updates to this document are provided in response to questions submitted in response to the CDFI Fund’s Paperwork Reduction Act request for comments…
HUD: $12 Million Invested to Strengthen Rural Communities
With nearly $550 million invested, grants empower non-profits to expand affordable housing and boost community development for families in rural America. The U.S. Department of Housing and Urban Development (HUD) today awarded $12 million in capacity-building grants to five national non-profit organizations through the FY 23-24 Rural Capacity Building program which will fund rural housing…
CFPB: Major Actions Taken on Bait-and-Switch Credit Card Rewards Tactics
Agency warns companies against illegal devaluation of rewards and other unlawful practices, highlights issues with retail credit cards, and launches a tool to help find cards with lower rates The Consumer Financial Protection Bureau (CFPB) announced major actions today to protect consumers from illegal credit card practices and help people save money on interest and…
FHFA: Update of Enterprise Sales of Non-Performing Loans Released
The latest report on the transactions by Fannie Mae and Freddie Mac, intended to transfer credit risk and improve outcomes for borrowers, reflects a steady drop in delinquencies since the pandemic The Federal Housing Finance Agency (FHFA) today released a report on non-performing loans (NPLs) sold by by Fannie Mae and Freddie Mac (the Enterprises)…
OCC: Mortgage Performance Report Released for Third Quarter of 2024
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2024. The OCC Mortgage Metrics Report, Third Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, a slight…
CFPB: New Report Finds Mortgage Companies Create Obstacles for Homeowners After Death or Divorce
Surviving family members or spouses report being caught in a customer service doom loop Today, the Consumer Financial Protection Bureau (CFPB) issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower. Many homeowners report that their servicers push them to take on new, higher-interest loans…
CFPB: Final Rule Issued to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes
Lenders offering ‘PACE products’ banned from setting borrowers up to fail on clean energy and disaster readiness loans Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule mandated by Congress that applies existing residential mortgage protections to Property Assessed Clean Energy (PACE) loans. PACE loans are used by homeowners for clean energy upgrades and disaster readiness…
FFIEC: Federal Bank Regulatory Agencies Release 2023 Small Business, Small Farm, and Community Development Lending Data
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2023. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The FFIEC also prepared aggregate disclosure statements of small business and small farm…
CFPB: New Report Summarizes Illegal Practices Across Student Loan Refinancing, Servicing, and Debt Collection
Report addresses issues faced by borrowers with federal and private loans Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets. The report covers violations related to student loan refinancing, private lending and servicing, debt collection, and federal…
CDFI Fund: FY 2025 Bond Guarantee Program Application Period Now Open
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2025 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is estimated to be available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2025,…