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01/13/2021

CDFI application Information

The NCUA has announced that federally insured, low-income credit unions seeking Community Development Financial Institution certification can apply to use the National Credit Union Administration’s streamlined qualification process beginning January 24.

CDFI certification makes credit unions eligible for CDFI Fund training and competitive award programs that enhance their capacity to provide underserved communities with access to insured, affordable financial services. The Consolidated Appropriations Act, 2021 authorizes additional COVID-19 relief funding for community development financial institutions that predominantly serve minority communities. Approximately a third of this additional funding includes a set-aside for smaller financial institutions with less than $2 billion in assets.

01/13/2021

Minutes of Fed Board discount rate meetings

The Federal Reserve Board has released the minutes of its interest rate meetings from November 16 through December 16, 2020.

01/13/2021

2021 NMLS annual conference agenda

The NMLS has posted the agenda for or the 2021 NMLS Annual Conference & Training. The conference will be a virtual experience.

01/13/2021

HUD proposes national standards for real estate inspection

The Department of Housing and Urban Development has published at 86 FR 2582 a proposed rule that would implement a new approach to defining and assessing housing quality: The National Standards for the Physical Inspection of Real Estate (NSPIRE). This proposed rule is part of a broader effort across HUD to revise the way HUD-assisted housing is inspected and evaluated. The purpose of NSPIRE is to reduce regulatory burden and improve HUD oversight through the alignment and consolidation of the inspection regulations used to evaluate HUD housing across multiple programs, which are currently evaluating housing quality through differing standards, protocols, and frequencies. The goal of this alignment and consolidation is to create a unified assessment of housing quality.

Comments on the proposal will be accepted for 61 days, through March 15, 2021.

01/13/2021

Flood insurance program suspensions in 5 states

The Federal Emergency Management Agency has given notice in a final rule published today [86 FR 2558] that communities in five states have been scheduled for suspension from the National Flood Insurance Program on Friday, January 15.

  • Colorado: Arvada, Berthoud, Jefferson County (unincorporated areas), and Johnstown
  • Iowa: Ames, Cambridge, Collins, Huxley, Maxwell, McCallsburg, Nevada, Slater, Story City, and Zearing
  • South Dakota: Union County (unincorporated areas)
  • Tennessee: Charlotte, Clarksville, Dover, Stewart Count (unincorporated areas), and Tennessee Ridge
  • Texas: Palacios

01/12/2021

Free digital e-learning platform launched by SBA

SBA Administrator Carranza yesterday announced the launch of Ascent, a first-of-its-kind, free digital e-learning platform geared to help women entrepreneurs grow and expand their businesses. Ascent has valuable content such as tips on preparing and recovering from disasters, strategic marketing and business financial strategy development. The platform is a joint initiative between the White House, the SBA, the U.S. Department of Labor’s Women’s Bureau, and the U.S. Department of the Treasury.

01/11/2021

Fed posts November 2020 G.19 Consumer Credit data

The Federal Reserve Board has posted its G.19 Consumer Credit data for November 2020 indicating consumer credit increased at a seasonally adjusted annual rate of 4.4 percent. Revolving credit decreased at an annual rate of 1.0 percent, while nonrevolving credit increased at an annual rate of 6.1 percent.

01/11/2021

PPP reopens today

The SBA and Treasury have announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. Updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

01/11/2021

Federal Reserve December CRA evaluations

As we've previously noted, the Federal Reserve Board does not publicly announce its release of Community Reinvestment Act evaluation ratings. But in our review of the Fed's archives, we found that 16 evaluations were made public in December, 2020. Fourteen of those were rated "Satisfactory." We congratulate these two banks whose evaluations were rated "Outstanding":

01/08/2021

OCC releases CRA evaluations

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the month of December. Of the 23 evaluations listed, 16 are rated satisfactory, and the evaluations of the following seven banks are rated outstanding:

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