PUBLIC HEARINGS

CRA

The federal regulatory agencies (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision) have announced a series of public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA). Interested parties are invited to provide testimony and written comments.

The agencies will consider how to update the regulations to reflect changes in the financial services industry, changes in how banking services are delivered to consumers today, and current housing and community development needs.

Written comments on the CRA regulations may be submitted to any of the agencies until August 31, 2010. The agencies are particularly interested in comments on topics and questions specified in the joint agency release. The hearing dates and cities are July 19, 2010, Arlington, VA; August 6, 2010, Atlanta; August 12, 2010, Chicago; and August 17, 2010, Los Angeles.

Separately, the agencies announced that they are proposing a change to the CRA rules to encourage depository institutions to support the HUD-funded Neighborhood Stabilization Program.

HMDA

In April, the Federal Reserve Board of Governors announced that it will hold four public hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).The hearings will be held July 15, Federal Reserve Bank of Atlanta; August 5, FRB San Francisco; September 16, FRB Chicago; and September 24, Federal Reserve Board.

Discussion topics include whether the Board should add, modify, or delete any of the data institutions are required to report under the act; whether the Board should change rules regarding which types of institutions must report HMDA data; and which emerging issues in the mortgage market are likely to affect the usefulness and accuracy of HMDA data.

Following Regulatory Changes

A regulatory calendar produced by the Philadelphia Fed can help you keep abreast of regulatory changes. The calendar, which is updated periodically, includes background documents on individual regulatory changes.

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RESOURCES

Trend Data

A new resource produced by Community Affairs, Trend Data, provides snapshots of trends in key economic and housing indicators by state, metropolitan statistical area (MSA), and metropolitan division (MD). The trend data include graphs highlighting selected economic data from 1990 through 2009 in Delaware, New Jersey, and Pennsylvania and related MSAs and MDs. The charts will be updated periodically. Data charted include housing permits and unemployment rates by month and the house-price index by quarter. Graphs of residential purchase loans, residential refinance loans, median residential loan amounts, and the percentage of high-cost loans are shown by year.

Rental Housing

Affordability and Availability of Rental Housing in Pennsylvania provides an in-depth analysis of the housing needs of Pennsylvania's lower-income renter households and explores how these needs vary across the state. You can order printed copies by going to the Bank’s website.

Renters in Foreclosure Toolkit

The Protecting Tenants in Foreclosure Act (Title VII of Public Law 111-22) contains provisions protecting tenants living in foreclosed buildings. The National Low Income Housing Coalition has posted on its website a toolkit of letters and other resources that can be used by tenants and advocates.

Subprime Securitization

Understanding the Securitization of Subprime Mortgage Credit is a staff report prepared by the Federal Reserve Bank of New York.

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COMMUNITY AND ECONOMIC DEVELOPMENT

Small Business Peer Review Loan Program Launched in Lehigh Valley

Eleven financial institutions have joined together to consider commercial loans for new or existing businesses that have previously been declined by a participating institution. Eligible businesses must be at least marginally creditworthy, in operation for less than two years, and requesting an amount of more than $25,000.

The Lehigh Valley Economic Development Corporation and the Community Action Committee of the Lehigh Valley organized the program. The Small Business Development Center at Lehigh Valley is also participating in the program. The first loan approval under this program has been made.

For information, contact Stephen Althouse at (610) 266-3817 or salthouse@lehighvalley.org; www.lehighvalley.org.

FHL Bank Pittsburgh Announces 2010 AHP Funding Round

Applications for the Affordable Housing Program (AHP) will be accepted starting July 7 for one competitive 2010 AHP funding round, which has $3 million available. Applications are due by September 9 at 5 p.m.

Applications are now made through an online system on the FHL Bank’s website. A series of workshops are planned, including one on July 13 in King of Prussia, PA, and on July 14 in Harrisburg. For information, contact the bank’s Community Investment Department at (412) 288-2826.

Choice Neighborhoods

HUD recently announced a new program, Choice Neighborhoods. Building on experience with HOPE VI, the initiative is designed to transform distressed neighborhoods into viable and sustainable mixed-income neighborhoods. HUD has issued a pre-notice of funds availability; the notice of funds availability is expected this summer.

Funding for Rural Entrepreneurs

The USDA has announced the availability of $45.1 million in funding for the Rural Microentrepreneurs Assistance Program (RMAP), which will provide loans of $50,000 to $500,000 and/or technical assistance to entrepreneurs in rural areas. Applications are accepted on an ongoing basis and awards are made quarterly. There is a July 16 deadline for awards that will be made by the end of September.

For information, see the notice of funding availability and the interim final rule or call the USDA: in Pennsylvania, (717) 237-2299; in New Jersey, (856) 787-7700; and in Delaware, (302) 857-3585.

Call for Papers: The Changing Landscape of Community Development

Paper submissions are requested for the seventh annual Federal Reserve Community Affairs Research Conference, which will be held April 28-29, 2011, in Arlington, VA. The goal of the conference is to highlight new research that can directly inform community development policy and practice in the wake of the deepest recession since the Great Depression.

Community First Fund

Community First Fund has been named the Small Business Administration’s 2010 Community/Rural Lender of the Year. Community First is one of only a few CDFIs in the country to make SBA 7(a) loans. It also makes SBA microloans of under $35,000.

Community First provides financing for small businesses, community revitalization, and affordable housing in a 13-county region of central Pennsylvania. Its headquarters are in Lancaster, PA, and it has offices in Harrisburg, York, Reading, and Exton, PA.

Reinventing Older Communities

Videos of plenary sessions and presentations from concurrent sessions at the Philadelphia Fed’s conference Rethink. Recover. Rebuild: Reinventing Older Communities are now on the Philadelphia Fed’s website.

Foreclosure

Foreclosures by Race and Ethnicity: The Demographics of a Crisis is a report prepared by the Center for Responsible Lending.

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FINANCIAL EDUCATION

Women and Money

Women and Money: Challenging the Myths is a speech delivered by Federal Reserve Governor Elizabeth Duke at a Financially Hers program sponsored by the Consumer Credit Counseling Services of Delaware Valley in Philadelphia.

Consumer Information

Consumer information brochures are available on subjects such as avoiding foreclosure scams, dealing with a home equity line freeze or reduction, getting the most from your credit card, and improving your credit score. The brochures are available in English and Spanish.

The Federal Reserve’s Financial Education website gives teachers, students, and the general public improved access to a variety of educational resources made available by the Reserve Banks and the Federal Reserve Board of Governors.

My Money.gov, a portal to the financial literacy information of 21 federal agencies that are part of the Financial Literacy and Education Commission (FLEC), includes many financial education publications for consumers, financial resources for different life events and professions, and money management tools such as calculators and checklists.

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SPEECHES AND ESSAYS

Philadelphia Fed Annual Report

The Philadelphia Fed’s annual report features President Charles Plosser's essay “The Importance of a Regional and Independent Federal Reserve,” which discusses how the Fed’s structure and independence from short-term political pressures help the central bank pursue its mission.

Lessons from History

Economic Policy: Lessons from History is a speech given by Federal Reserve Chairman Ben S. Bernanke.

The Economics of Happiness

The Economics of Happiness is a commencement address delivered by Federal Reserve Chairman Ben S. Bernanke at the University of South Carolina.

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CALENDAR

Building One Pennsylvania: A Statewide Summit on Regional Opportunity

July 16, 2010, 10 a.m. to 4 p.m., Thaddeus Stevens College of Technology, Lancaster, PA

NeighborWorks Training Institute

August 16–20, 2010, Philadelphia Marriott Downtown and Loews Philadelphia Hotel

New Jersey Governor’s Conference on Housing and Community Development

September 28-29, 2010, Atlantic City Convention Center

Sponsored by the New Jersey Department of Community Affairs and the New Jersey Housing and Mortgage Finance Agency.

Asset Development and Financial Education Opportunities at Volunteer Income Tax Assistance (VITA) Sites

October 1, 2010, Federal Reserve Bank of Philadelphia
Financial Education Network event

For details, contact Keith Rolland at keith.rolland@phil.frb.org.

Reclaiming Vacant Properties

October 13-15, 2010, Cleveland

The National Vacant Properties Campaign and its principal planning partner, Neighborhood Progress, Inc., are sponsoring this conference to teach policies, tools, and strategies to catalyze long-term, sustainable revitalization and allow peers to share experiences and insights. For information, contact Jennifer Leonard at (877) 542-4842, extension 152.

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PEOPLE IN THE NEWS

Paige Carlson-Heim, previously with the Housing and Community Development Network of New Jersey, has joined TD Bank as community development manager. She can be reached at (856) 470-6157 or paige.carlson-heim@tdbanknorth.com.

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