EDA: $600,000 Invested to Support Advanced Manufacturing in Kihei, HI
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Maui Economic Development Board, Inc., in Kīhei, Hawaii, to support advanced manufacturing and increased economic capacity. This grant will support an assessment of the existing advanced manufacturing infrastructure in Maui, the creation of workforce development programs, the promotion…
CDFI Fund: CY 2024-2025 Round of New Markets Tax Credit Program Opens
$10 Billion in Allocation Authority Available The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the next round of the New Markets Tax Credit Program (NMTC Program). A total of $10 billion in Allocation Authority is available through this combined round that…
Census Bureau: Public Comment Sought on Proposed Updates to the Census Bureau’s Race/Ethnicity Code List
Today the U.S. Census Bureau published a Federal Register notice (FRN) asking for public comment on proposed updates to its race/ethnicity code list as part of the Race/Ethnicity Coding Improvement Project. The updated code list will be used when the combined race/ethnicity question is implemented in the American Community Survey (ACS) and the 2030 Census. This effort is designed to…
FDIC: Comment Period Extension Announced for Deposit Insurance Recordkeeping Rule for Banks’ Third-Party Accounts
The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDIC’s proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits. Comments on the proposal must be received by the FDIC…
FHFA: Fannie Mae and Freddie Mac Expand Support for Rental Housing
The Federal Housing Finance Agency announced higher caps for 2025 that allow the Enterprises to purchase up to $146 billion in multifamily loans and will continue to exempt workforce housing from the limit The Federal Housing Finance Agency (FHFA) will allow greater rental housing support from Fannie Mae and Freddie Mac (the Enterprises) by raising…
ABA: Associations Representing Banks and Credit Unions of All Sizes Call on Congress to Reject New Credit Card Mandates
Any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm small businesses and consumers across the country, the American Bankers Association, America’s Credit Unions, Bank Policy Institute, Consumer Bankers Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and…
FEMA: President Biden Approves Major Disaster Declaration for the Crow Tribe of Montana
FEMA announced today that federal disaster assistance is available to the Crow Tribe to supplement recovery efforts in the areas affected by the severe storm and straight-line winds that occurred on Aug. 6, 2024. The President’s action makes federal funding available to affected individuals of the Crow Tribe. Assistance can include grants for temporary housing and…
HUD: In 2024, FHA Supported Homeownership for More Than 790,000 Americans
Annual Report to Congress shows the Biden-Harris Administration has removed barriers to homeownership and helped borrowers with hardships while maintaining a well-capitalized Mutual Mortgage Insurance Fund Today, the U.S. Department of Housing and Urban Development (HUD) announced that through the Federal Housing Administration (FHA), in 2024, HUD served more than 790,000 people. This announcement is…
FHFA: FY 2024 Performance and Accountability Report Released
The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2024. For the sixteenth consecutive year, FHFA received an unmodified audit opinion on its…
CFPB: Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
Analysis of 18,000 borrower complaints reveals payment processing errors, inaccurate bills and repayment information, and unhelpful customer service The Consumer Financial Protection Bureau (CFPB) today released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions. The report details how millions…