HUD: Agency Announces Efforts to Reduce Risk from Cash-Out Refinance Lending
FHA and Ginnie Mae seek to preserve homeowner equity and, boost investor confidence The U.S. Department of Housing and Urban Development (HUD) today announced joint policy actions designed to reduce risk associated with cash-out refinance lending. The changes preserve homeowners’ ability to convert home equity to cash via a government-sponsored mortgage but also improves the…
EDA: $5 Million Investment Made to Help UT Austin Recover from Hurricane Harvey in Port Aransas, TX
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $5 million grant to the University of Texas at Austin to renovate the University’s Marine Science Institute Campus in Port Aransas and help establish the Center for Coastal Ocean Science. This grant will be matched with $1.25…
EDA: $3 Million Grant Made to Spur Small Business Development in Hurricane Harvey-Impacted Dickinson, TX
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to Dickinson Economic Development Corporation in Texas, to help establish the Gulf Coast Market by renovating a storm-damaged, 30,000 sq. ft., building. The EDA grant, to be matched with $1.3 million in local investment,…
EDA: $2.4 Grant Made to Established Workforce Training Facility at Florida Gateway College
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.4 million grant to Florida Gateway College of Lake City, Florida, to support the construction of the Gateway College Commercial Vehicle Driving Postsecondary Adult Vocational Facility. The project, to be located in a Tax Cuts and Jobs Act designated Opportunity…
ABA: Report Shows Credit Card Market Moderated in First Quarter 2019
Credit card use moderated in the first quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, seasonally adjusted purchase volumes declined across risk tiers. Compared to year-ago levels, purchase volumes rose among super-prime (+5.2 percent) and subprime (+4.3 percent) accounts and were essentially unchanged…
FEMA: Humphreys and Holmes Counties in Mississippi Eligible for Federal Disaster Assistance
Two Mississippi counties are now eligible to receive federal disaster funding to supplement state and local recovery from storms that occurred earlier this year. The Federal Emergency Management Agency (FEMA) has added Humphreys County to the federal designation in response to severe storms, tornadoes and flooding that affected the state Feb. 22-24. Holmes County was…
OCC: Supervision Support Functions Consolidated, New Units Announced
The Office of the Comptroller of the Currency today announced realignment of approximately 150 staff members to create two new units, consolidating bank supervision support, risk analysis, and oversight of national trust banks and significant service providers. “This realignment will improve the agency’s ability to supervise the federal banking system by aligning like work, eliminating…
EDA: $4.1 Million Provided for Critical Rail Infrastructure Serving Industrial Site in Huntsville, AL
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $4.1 million grant to the city of Huntsville, Alabama, to help construct a bridge to serve a major automotive manufacturer and provide opportunities for further industrial and commercial development adjacent to the site. This grant will be matched…