News
"Today, the Biden-Harris Administration announced the indefinite extension of the Federal Housing Administration (FHA) and Federal Financing Bank (FFB) Risk-Sharing program (FFB Risk-Sharing) as part of a fact sheet on actions to boost housing supply and lower housing costs. The National Association of Affordable Housing Lenders (NAAHL) strongly supports the Administration's action to indefinitely extend FFB Risk-Sharing program.
'The FFB Risk-Sharing program is a proven lever to boost the construction and preservation of affordable multifamily rental housing, which we have a national shortage of,' said Sarah Brundage, President and CEO of NAAHL. 'We commend the Administration for indefinitely extending FFB Risk-Sharing which signals to housing finance agencies the stability of this program and to fully utilize it.'"
"Lawmakers averted a partial government shutdown after the Senate on Thursday cleared a two-step continuing resolution to allow final appropriations work to wrap up in the coming weeks.
The Senate voted 77-13 to send the short-term spending measure to President Joe Biden's desk. The House earlier Thursday passed the bill (HR 7463) on a 320-99 vote under the suspension of the rules, which requires a two-thirds majority of lawmakers present and voting. . .
The vote will set up a first tranche of full-year spending bills that the House is expected to vote on next Wednesday: the Agriculture, Commerce-Justice-Science, Energy-Water, Interior-Environment, Military Construction-VA and Transportation-HUD measures. Enactment of the bills will fund those agencies through Sept. 30. . .
The second batch of bills will be considered by the March 22 deadline to avoid a partial government shutdown, lawmakers have said. That package includes the Defense, Financial Services (CDBA note: Including the CDFI Fund), Legislative Branch, Homeland Security, Labor-HHS-Education and State-Foreign Operations measures."
"Today, Congresswoman Nydia M. Velázquez (D-NY) and Senator Tina Smith (D-MN) introduced the Survivor Financial Safety and Inclusion Working Group Act, a bill aimed at increasing support for survivors of intimate partner violence within the financial system.
The bill would create an interagency working group comprised of the federal financial regulators and relevant stakeholders, including a representative of historically underserved communities. The working group would be tasked with collecting data on the impacts of economic abuse of survivors carried out through regulated financial institutions. The working group would also provide recommendations on how Congress and federal regulators can help financial institutions improve existing products and services and launch new ones to meet survivors' financial and safety needs."
"House Democrats led by Rep. Maxine Waters, ranking member of the House Financial Services Committee, are asking regulators to update their merger review procedures.
The lawmakers said they are concerned about how long the regulators are taking to update their merger guidelines in light of President Biden's executive order from 2021 ordering agencies to revamp the bank merger review process."
"Mitch McConnell, the longest-serving Senate leader in history who maintained his power in the face of dramatic convulsions in the Republican Party for almost two decades, will step down from that position in November.
McConnell, who turned 82 last week, announced his decision Wednesday in the well of the Senate, the chamber where he looked in awe from its back benches in 1985 when he arrived and where he grew increasingly comfortable in the front row seat afforded the party leaders."
"The Southeast has become distinctly more prosperous in just a few years — part of a shift in the geography of economic distress in the U.S., according to new data reported first by Axios."
"To ensure the United States continues to lead the world in financial innovation, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), reintroduced the Financial Services Innovation Act. This legislation establishes federal regulatory 'sandboxes' through Financial Services Innovation Offices (FSIOs) at federal financial regulators, allowing entrepreneurs to test new products and services without sacrificing critical consumer protections."
"Jack Henry™ (Nasdaq: JKHY) announced today that Legacy Bank & Trust has doubled its asset size in two years by implementing a differentiated business strategy and revamping its technology stack to meet new growth areas and complex needs. The bank grew from $800 million assets in the first quarter 2022 to $1.7 billion today.
The 117-year-old Springfield, Missouri-based bank has a long history in rural markets. Over the last decade, the leadership team saw market needs and opportunities for growth in three new niche areas of business: affordable housing, new markets tax credits and commercial banking. New growth also led to competing in larger urban areas in Oklahoma and Texas. The bank's timely response to strong demand from financially underserved communities made it one of the largest affordable housing lenders in the Midwest and a reputable Community Development Financial Institution (CDFI)."
"A New York State program is funding community-based organizations to help low-income families gain financial literacy. News 4's Lynda Baquero reports."
"The murder of George Floyd in the spring of 2020 pushed discussions about racial equity to the center of national attention. Though sparked by murderous police brutality, the wave of protests across every major American city that summer explicitly extended beyond the critique of state-sponsored racial violence. Protesters and pundits expanded their lens to include wider structural racism across American society – and throughout the US economy.
The resulting movement, broadly associated with Black Lives Matter, challenged all sorts of institutions to take action in support of increased racial economic equity – including many that had no direct role in policing. Corporate America found itself confronted with its own role in shaping and retrenching such inequities – and many firms responded by publicly embracing various initiatives designed to redress their legacies of inequitable investment and curtailed economic opportunity.
The corporate embrace of racial equity efforts has taken various forms, including pledges of philanthropic capital, revamped internal policies related to diversity in the workplace and commitments to expand or invent new lines of business tailored to the issues that summer made unavoidable."