ABA: ABA, Financial Trades and Banks File Lawsuit Against CFPB’s Overdraft Final Rule
The American Bankers Association today announced it is jointly pursuing legal action alongside the Consumer Bankers Association (CBA), America’s Credit Unions, Mississippi Bankers Association, and banks directly affected by the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services. With its new regulation, the CFPB exceeds its regulatory authority. More importantly, the CFPB fails to appropriately…
ABA: Statement on CFPB’s Final Overdraft Rule
“We’re deeply disappointed that the CFPB has chosen to finalize this misguided rule at a time when every other federal bank regulator has stopped issuing new regulations. By taking this action, the Bureau has once again chosen to prioritize demonizing highly regulated and transparent bank fees over its mission to help consumers. This rule, and…
ABA: New Analysis Shows Vast Majority of Commenters Oppose Federal Reserve’s Changes to Debit Card Regulations
Nearly 80% of commenters find Fed’s debit card rule will negatively impact community financial institutions and consumers Nearly 80% of commenters – including academics, activists, banks and credit unions, consultants and fintechs, individuals, non-profits, payment card networks, and trade associations – oppose the Federal Reserve’s proposed rule that would lower the cap on debit card…
FEMA: Territories and Tribal Nations Designated to Receive Targeted Assistance for Disaster Resilience
Today, FEMA is announcing the designation of 275 census tracts in territories and on Tribal Nation lands as Community Disaster Resilience Zones. These zones will be eligible for increased federal support to become more resilient to natural hazards and extreme weather. Congress directed FEMA to designate these zones in the Community Disaster Resilience Zones Act of…
HUD: $400,000 Awarded to West Virginia University for Research on Innovative Housing Construction
The project will test and standardize innovative construction practices for greener housing systems. Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Policy Development and Research awarded a grant of $400,000 to West Virginia University (WVU) to support research on innovative housing construction methods. “There are not enough quality affordable homes in…
HUD: ConnectHomeUSA Summit Announced to Bridge the Digital Divide
Agency to host federal leaders in broadband, digital equity practitioners, and ConnectHomeUSA Sites The U.S. Department of Housing and Urban Development (HUD) will host the 2024 ConnectHomeUSA Summit from December 10-12th. This hybrid event will convene representatives from ConnectHomeUSA Sites from across the country, along with federal broadband leaders and organizations from various sectors to…
EDA: $600,000 Invested to Support Small Business Growth in Puerto Rico
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to Friends of Puerto Rico in Aguadilla, to support small business growth in the region. This grant will establish a technical assistance program to provide training, education, and access to funding for small businesses impacted by Hurricane Fiona. This EDA…
CDFI Fund: ACR Snapshot Reports for FY 2021 through 2023 Released
This month, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a series of summary snapshot reports for the fiscal years (FYs) 2021, 2022, and 2023 Annual Certification and Data Collection Report (ACR) reporting cycles. Community Development Financial Institutions (CDFIs) are required to submit an ACR on an annual basis…
FEMA: President Biden Approves Major Disaster Declaration for West Virginia
FEMA announced today that federal disaster assistance is available to the state of West Virginia to supplement recovery efforts in the areas affected by Post-Tropical Storm Helene from Sept. 25-28, 2024. The President’s action makes federal funding available to affected individuals in Mercer County. Assistance can include grants for temporary housing and home repairs, low-cost…
HUD: More Than $72 Million Awarded to Empower Native American Communities Across the Nation
Funds support community development, affordable housing, infrastructure, and community facilities. Today, the U.S. Department of Housing and Urban Development (HUD) awarded $72.6 million to 38 communities through the Indian Community Development Block Grant (ICDBG) program. These grant funds may be used for infrastructure, community buildings, housing rehabilitation, land acquisition, economic development, and more to support…