CFPB: Interagency Inquiry Launched into Costly Credit Cards and Loans Provided to Patients for Health Care Costs
Public input will bolster agencies’ broad efforts to safeguard consumers against predatory medical debt and collections practices Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that…
CDFI Fund: Program and Policy Input Requested on Capital Magnet Fund
The Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) requests public comments on how it can enhance and improve the impact of the Capital Magnet Fund (CMF), streamline or minimize the administrative burden on CMF Applicants and Award Recipients, as well as safeguard public funds. Information provided in response to this Request…
CDFI Fund: FY 2023 Bank Enterprise Award Program Application Deadline Extended to June 8th
On March 31, 2023, the Community Development Financial Institutions Fund (CDFI Fund) announced the publication of the Fiscal Year (FY) 2023 Bank Enterprise Award Program (BEA Program) Notice of Funds Availability (NOFA) with a deadline for submitting a FY 2023 BEA Program Application in the Awards Management Information System (AMIS), the CDFI Fund’s web-based portal,…
CDFI Fund: Application Demand Released for FY Round of Capital Magnet Fund
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the application data for the fiscal year (FY) 2023 round of its Capital Magnet Fund (CMF) program. A total of 144 organizations submitted applications requesting more than $1.1 billion in funding. The applicants propose to serve 49 states, the District…
CDFI Fund: Updated FAQ Posted for BEA Program Applicants
The Community Development Financial Institutions Fund (CDFI Fund) has posted on its website a revised Supplemental Guidance and Frequently Asked Questions (FAQs) document and Application Guidance document related to the fiscal year (FY) 2023 Bank Enterprise Award Program (BEA Program) Application round. Revised information is highlighted in green in these documents. The updates to these…
CDFI Fund: FY 2023 CDFI Bond Guarantee Program Application Period Opens
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2023 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2023. Through the CDFI…
CDFI Fund: More than $1.73 Billion Awarded in Response to Economic Impacts Caused by COVID-19 Pandemic
Funding will aid those communities experiencing disproportional economic effects of the pandemic Washington, DC – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over $1.73 billion in grants to 603 Community Development Financial Institutions…
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC Regarding First Republic Bank
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large…
Federal Reserve: New FedNow Service Launch Scheduled for July 2023
The Service will Debut with Financial Institutions and the U.S. Treasury on Board The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters…
Joint Statement by Treasury, Federal Reserve and FDIC on Banking System
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues…