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04/09/2021

FDIC Minority Depository Institutions subcommittee meets Monday

An open meeting of the FDIC Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will be held Monday, April 12, at 1 p.m. EDT. During the public portion of the meeting, the MDI Subcommittee members will share insights into key challenges and opportunities facing their communities and financial institutions. During the MDI Spotlight feature, Robert James II, Director of Strategic Initiatives and Board Member of Carver State Bank in Savannah, Georgia, will discuss collaboration best practices by a group of Black MDIs that came together to syndicate a $35 million loan to refinance the Atlanta Hawks Emory Sports Medicine Complex. Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC’s strategies to preserve and promote MDIs. Topics include the U.S. Department of the Treasury’s new Emergency Capital Investment Program.

The subcommittee meeting will be webcast live at http://fdic.windrosemedia.com/.

04/09/2021

Missouri bank assessed $11,000 flood penalty

The Federal Reserve Board has announced its assessment of an $11,000 civil money penalty on a Missouri bank for violations of the National Flood Insurance Act.

04/09/2021

HUD allocates $5B in American Rescue Plan funds

HUD has announced the allocation of nearly $5 billion in American Rescue Plan funds to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness. The supplemental funding is allocated through the HOME Investment Partnerships Program to 651 grantees, including states, insular areas, and local governments.

04/08/2021

March FOMC minutes posted

The Federal Reserve Board has released the minutes of the Federal Open Market Committee meeting held March 16–17, 2021.

04/08/2021

Vets business outreach center application deadline extended

The SBA has announced that private organizations, colleges and universities, private sector firms, nonprofit organizations, and state, local or tribal governmental agencies in Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada have an extended deadline to apply for funding no later than 11:59 p.m. EDT on Sunday, April 25, 2021. This grant opportunity assists with training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center.

The grant awardees will provide training to service members and military spouses through the Boots to Business entrepreneurship training program, which is part of the Department of Defense’s Transition Assistance Program. Additionally, applicants will provide counseling, technical and financial skill development, comprehensive business assessments, and mentoring services to veterans, transitioning and active-duty service members, Reserve, National Guard, and military spouses interested in starting or growing a small business.

04/08/2021

February Consumer Credit data posted

The Federal Reserve has posted February 2021 G.19 Consumer Credit data. Consumer credit increased at a seasonally adjusted annual rate of 7.9 percent. Revolving credit increased at an annual rate of 10.1 percent, while nonrevolving credit increased at an annual rate of 7.3 percent.

04/08/2021

CFPB proposes delay of debt collection rules

The CFPB announced on Wednesday a proposed rule that would delay by 60 days the effective dates of its two recent rules amending Regulation F under the Fair Debt Collection Practices Act. The two rules are to become effective November 30, 2021. The proposal would postpone the effective date of those rules to January 29, 2022, to give affected parties more time to comply due to the ongoing COVID-19 pandemic.

The first debt collection rule, issued in October 2020, focuses on the use of communications related to debt collection, and clarifies prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt.

The second debt collection rule, issued in December 2020, clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications. The rule also prohibits debt collectors from making threats to sue, or from suing, consumers on time-barred debt. The rule requires debt collectors to take specific steps to disclose the existence of a debt to consumers before reporting information about the debt to a consumer reporting agency.

Comments on the proposal to delay the effective date to January 29, 2022, will be accepted for 30 days following its publication in the Federal Register.

04/07/2021

HUD awards $36M+ in ROSS grant funds

HUD has awarded $36.9 million to public housing authorities, public housing resident associations, Native American tribes, and nonprofit organizations across the nation. Grantees will use these Resident Opportunity and Self-Sufficiency (ROSS) grant funds to hire and/or retain Service Coordinators to help public and Native American housing families meet their professional, financial, health, and educational goals. In so doing, ROSS Service Coordinators will help remove barriers so that residents can improve their economic mobility, health outcomes, and overall quality of life.

04/07/2021

$689M for Housing Trust Fund from HUD

HUD yesterday announced the allocation of $689,565,492.92 through the nation’s Housing Trust Fund (HTF) for affordable housing. The Housing Trust Fund is capitalized through the contributions made by Fannie Mae and Freddie Mac. This year’s allocation is a significant increase in funding from last year’s allocation of $322,564,267.66. This program is specifically focused on housing for some of our most vulnerable populations. HUD annually allocates HTF funds by formula. A state must use at least 80 percent of each annual grant for rental housing; up to 10 percent for homeownership; and up to 10 percent for the grantee's reasonable administrative and planning costs. HTF funds may be used for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of non-luxury housing with suitable amenities. All HTF-assisted units will be required to have a minimum affordability period of 30 years.

04/07/2021

CFPB issues consent order to debt collector

The CFPB announced Tuesday it had issued a consent order against a debt collector and its owner for harassing consumers, falsely threatening them with legal action. The CFPB found that Yorba Capital Management, LLC (Yorba) and its former owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act of 2010 (CFPA) and that Yorba violated the Fair Debt Collection Practices Act (FDCPA). The consent order permanently bans both Yorba and Portilla from the debt collection business, and orders restitution and penalties. Yorba and Portilla agreed to the order without admitting or denying any of the findings of fact, conclusions of law, or wrongdoing.

The order calls for Yorba and Portilla to make consumer redress of $860,000, but that provision is suspended based on a purported inability to pay, except that any reimbursement or indemnification they receive, whether under an insurance policy, as a tax deduction or tax credit, or otherwise, must be transferred in full to the CFPB. The CFPB will use any such funds for consumer redress or will pay them to the U.S. Treasury. The order also requires Yorba and Portilla to pay a $2,200 civil money penalty.

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