FHFA: Second Quarter 2023 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its second quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 47,370 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,818,471 since the start of conservatorships in September…
CFPB: New Proposed Rulemaking Announced to Remove Medical Bills from Credit Reports
Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical…
CFPB: New Guidance Issued on Credit Denials by Lenders Using Artificial Intelligence
Consumers must receive accurate and specific reasons for credit denials Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. This means…
SBA: Proposed Rule Empowers Returning Citizens to Start and Grow Businesses
Updated regulations would remove barriers to capital for entrepreneurs with certain types of justice involvement Today, the U.S. Small Business Administration (SBA) invited public comment on a proposed rule that would help expand access to SBA loan programs for people with certain criminal history records. These proposed reforms would open up entrepreneurship opportunities to the one in…
HUD: Ginnie Mae Announces First-Ever Social Bond Enhancements to Define Its Significant Impact in Promoting Broader Access to Mortgage Financing
Updates to Mortgage-Backed Securities Prospectuses and Social Impact and Sustainability Framework Support Ginnie Mae’s Mission Today, Ginnie Mae announced the launch of its “Social Bond” label for Single-Family Forward Mortgage-Backed Securities (MBS) prospectuses and released the Social Impact and Sustainability Framework. Together, these updates support Ginnie Mae’s mission-oriented work and communicate the positive social impact…
CFPB: Report Finds College Tuition Payment Plans Can Put Student Borrowers At Risk
Some payment plans can be confusing, carry expensive fees, and lead students further into debt The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment…
FEMA: First Recipients Selected to Administer Innovative Climate Resilience Loan Fund
Today, FEMA is announcing that seven states and the District of Columbia will receive a combined $50 million in capitalization grants to help communities reduce vulnerability to natural hazards and disasters. These capitalization grants, provided through the Safeguarding Tomorrow Revolving Loan Fund Program, and made possible by President Biden’s Investing in America agenda, will enable states, territories,…
EDA: $1.2 Million Invested to Support Disaster Relief and Recovery Efforts in Berea, KY
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to the Mountain Association for Community Economic Development (MACED) in Berea, Kentucky, to support disaster relief and recovery efforts following severe storms and flooding in July 2022. This investment will support a disaster recovery coordinator…
FHFA: New Phase of Public Engagement Process Announced for Updated Credit Score Requirements
Today, the Federal Housing Finance Agency (FHFA) announced additional opportunities for ongoing public engagement to facilitate the transition to updated credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). This engagement, which will include stakeholder forums and listening sessions, will allow for identification of a wide…
SBA: Nearly $40 Million in Disaster Assistance Loans Provided to Those Impacted by Maui Wildfires
Today, SBA Administrator Isabella Casillas Guzman announced that the U.S. Small Business Administration (SBA) has approved nearly $40 million in federal disaster loans for Hawaii business owners and residents impacted by wildfires that began August 8. The SBA, through its Disaster Field Operations Center West (FOCW), has approved nearly $8 million for businesses and more than $30 million for homeowners…