Search Results for keywords:"CNMI Economic Vitality

The U.S. Department of the Treasury is seeking public comments on information collection requests related to the Community Development Financial Institutions (CDFI) Fund and Native American CDFI Assistance Program. These requests are under review by the Office of Management and Budget (OMB) as per the Paperwork Reduction Act. The CDFI Fund supports organizations that provide financial services to underserved communities, including Native American communities. The Department has also implemented the CDFI Equitable Recovery Program to address economic impacts from the COVID-19 pandemic, and they are making updates to reporting requirements to accommodate this program. Public comments are invited until February 26, 2025.

The Consumer Financial Protection Bureau (CFPB) has finalized changes to the regulation known as Regulation Z, which enforces the Truth in Lending Act (TILA). These updates adjust the dollar amounts tied to several loan thresholds, including those for high-cost mortgages, qualified mortgages, and credit card interest disclosures. The adjustments are based on the 3.4% increase in the Consumer Price Index (CPI) from April 2023 to April 2024 and will take effect on January 1, 2025. The changes ensure that the thresholds reflect current economic conditions, making it easier for consumers to understand loan costs and requirements.

The Department of Housing and Urban Development (HUD) has announced a total of $12.07 billion in funding through the Community Development Block Grant-Disaster Recovery (CDBG-DR) program. This funding is aimed at aiding areas significantly affected by disasters in 2023 and 2024, with specific allocations for housing recovery, infrastructure restoration, and economic revitalization. Eligible entities, including certain counties and cities, must use the majority of these funds to address unmet disaster needs and can apply for additional waivers if needed. The funds are available until fully used, and grantees have up to six years to disburse them properly.

The Securities and Exchange Commission (SEC) is considering a proposed rule change by the Fixed Income Clearing Corporation (FICC) to introduce a "Volatility Event Charge." This charge is designed to help FICC manage and reduce its risk during periods of significant market upheaval, like major elections or economic announcements, that could cause large market movements. The proposed change is aimed at ensuring FICC has enough financial resources to protect against potential losses if a clearing member defaults during such volatile times. The SEC invites public comments on this proposal, which would add more stability to financial markets by proactively managing associated risks.

The Federal Retirement Thrift Investment Board (FRTIB) has finalized a rule that allows the Thrift Savings Plan (TSP) record keeper to calculate gains and losses on small contributions and loan payments, even if they are less than $1.00. This change updates a previous rule that did not account for these small amounts due to past limitations, which are now considered obsolete. The rule affects federal employees and members of the uniformed services involved in the TSP and ensures accurate financial records for all contributions, regardless of size. No significant economic impact on small entities is expected, and no additional reporting requirements are introduced.

The Department of Education is announcing the availability of new grant funding through the Higher Education Emergency Relief Fund (HEERF) under the COVID-19 relief act, CRRSAA, signed into law on December 27, 2020. Proprietary institutions of higher education can apply for these grants to provide financial aid to students facing economic challenges due to the pandemic. Around $680 million is available, and the funds must be used to assist students with exceptional needs, covering expenses like tuition, housing, or child care. Applications, which must be submitted via Grants.gov, are being accepted on a rolling basis until April 15, 2021.

The Securities and Exchange Commission (SEC) is seeking public comments on reform measures for money market funds to improve their resilience and prevent future economic stress. The reforms, discussed in a report by the President's Working Group on Financial Markets, aim to address issues observed during the COVID-19 pandemic when money market funds experienced significant stress and required government intervention. Measures under consideration include changes to fund liquidity management, new redemption rules, and potential requirements for fund sponsors to provide support. Public input will inform these reforms to enhance the stability of money market funds and related financial markets.

The document is an annual report on actions taken under the Global Magnitsky Human Rights Accountability Act by the U.S. to address serious human rights abuses and corruption worldwide. It highlights the designation of 243 foreign individuals and entities involved in such activities, leading to the blocking of their U.S.-based assets and imposing economic sanctions. Key targets included officials from China, South Sudan, Uganda, and Russia, among others, who have been identified for severe human rights violations or corrupt practices. The report also details efforts to collaborate with other countries, like the UK and EU, in adopting similar sanctions measures.

The Department of Defense (DoD) has announced a new arms sales notification to the Government of the Netherlands. This proposal involves the sale of various types of missiles, including 120 advanced Joint Air-to-Surface Standoff Missiles, along with test vehicles, training equipment, and other necessary support, all valued at approximately $908 million. The sale aims to strengthen the defense capabilities of the Netherlands, a NATO ally, without affecting the U.S.'s own military readiness. The principal contractor for the sale will be Lockheed Martin, and the sale is designed to enhance political stability and economic progress in Europe.

The Community Development Financial Institutions (CDFI) Rapid Response Program (RRP) is a funding initiative by the Treasury Department aimed at aiding Certified CDFIs to tackle the economic repercussions of the COVID-19 pandemic, with award amounts reaching up to $5 million. The program's grants, backed by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, are intended to help CDFIs provide financial services to underserved communities, including Native Communities. The application process requires compliance with various regulatory and eligibility requirements, and selected applicants must enter into an Assistance Agreement stipulating terms for the grant use.