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January 2021

Finance agency

Housing finance agency DC funds first 2021 development in Anacostia – Commercial Observer

The District of Columbia Housing Finance Agency financed the construction of an affordable rental complex in 2442 Martin Luther King Jr Avenue SE in Anacostia. The agency issued $ 27 million in tax-exempt bond financing and an additional underwriting of $ 20.6 million in low-income housing tax credits at an interest rate of 4%.

Mid-Atlantic Real Estate Partners and Taylor Adams Partners will serve as developers for the $ 52.6 million community. This is DCHFA’s first development funding for 2021.

“MLK will deliver to a historic and rapidly changing part of the city and help provide housing for families across the economic spectrum,” Christophe E. Donald, the acting executive director of the DCHFA said in a statement. “It will preserve economic diversity and a rich cultural tapestry that will anchor long-term residents and welcome new residents moving into the district. “

Located approximately 500 feet from the Anacostia Metro Station, the development will bring 112 new apartments at a price of 30 to 50 percent of the region’s median income to the Anacostia neighborhood of Ward 8.

It will include 24 one, 57 two and 31 three-bedroom apartments, six of which are permanently designated as supportive housing and supported by a local rent supplement program. Community connections by DC will provide support services to these residents.

Facilities will include a business center, community hall and a 49-space parking garage free to residents.


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Financial resources

Epic Charter Schools Adds Human and Financial Resources to Address Gaps Identified by State Auditor | Education






In a Monday night meeting, the Epic Charter School board hired more staff to fill gaps cited by state investigators.


JIM BECKEL, The Oklahoman dossier


Epic Charter Schools statewide virtual charter school added new hires and contracted a second accounting firm on Monday evening in response to issues identified in a recent investigative audit of State.

At the Epic One-on-One monthly board meeting, the hiring of Jeanise Wynn, who served as the business director of Edmond’s public schools, was announced. Wynn will be the school’s new deputy superintendent of finance, reporting directly to the governing board.

Longtime Epic CFO Josh Brock will now only serve the school’s for-profit external management company called Epic Youth Services.

The arrangement of Brock serving as chief financial officer for the two entities was called an “inherent conflict of interest” by the auditor and the state inspector of Oklahoma, because Brock wrote checks for schools at Epic’s charter, then signed their backs to deposit them in the for-profit company’s bank. account “violates most basic accounting principles”.

Additionally, a former Epic teacher named Charlotte Uzzel has become the new Education Quality Assurance Specialist to work alongside the school system’s internal auditor and perform grade audits.

Epic board members also approved a $ 225 per hour contract with a second school accounting firm, Arledge and Associates, to analyze how Epic reported its expenses, including administrative costs. , at the Oklahoma State Department of Education.


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Finance agency

Biden to choose Rohit Chopra to lead consumer finance agency

WASHINGTON — President-elect Joe Biden plans to appoint Rohit Chopra, the former student loan watchdog at the Office of Consumer Financial Protection, as head of the agency, the transition team said Monday.

If confirmed, Mr Chopra would replace Kathy Kraninger, a Trump-appointed official who has headed the office since 2018. The decision to bring in Mr Chopra, a Democrat currently on the Federal Trade Commission, was announced with Gary. Appointment of Gensler as head of the Securities and Exchange Commission. Mr Gensler could give Wall Street its most aggressive regulator in two decades.

The transition team said Chopra “has actively advocated for the promotion of fair and competitive markets that protect honest families and businesses from abuse.”

Mr. Chopra previously served as the office’s student loans ombudsman during the Obama administration, where he used his public arena to push student loan companies to improve their treatment of borrowers. Its tactic of exerting pressure through public means deviated sharply from the more measured style of other financial regulators.

The CFPB has been politically polarized since its inception in the aftermath of the 2008 financial crisis, when President Obama enlisted the help of Elizabeth Warren, then a Harvard law professor, to set it up. Mr Chopra, 38, was one of the first employees of Ms Warren, who is now a Democratic senator from Massachusetts.

Democrats wanted a muscular CFPB to tackle what they saw as financial industry excesses. Republicans and Wall Street criticized the office as an instrument of galloping government regulation, with too much power over a significant slice of the economy.

The CFPB has also come under criticism over how it was created, with Congress limiting the president’s ability to remove the director. In June, the Supreme Court ruled that its structure was unconstitutional because the director had too much uncontrolled power. To deal with the problem, the court ruled that the president can remove the director for any reason.

Progressive groups and consumer advocates have also called on the CFPB to review rules relaxed by the Trump administration, such as cracking down on payday lenders – who charge high interest rates on short-term loans – and to restart work on a rule to curb overdraft fees on checking accounts that were set aside during the Trump administration.

“What we’re hoping for is a comprehensive rule that will solve all of the problems with overdraft fees,” said Rebecca Borné, senior policy advisor at the Center for Responsible Lending.

At the FTC, where he has served since 2018, Mr Chopra has always taken progressive positions on enforcement action, often writing separate statements saying he wanted the commission to take bolder action in various cases. For example, he and another Democrat on the commission opposed a 2019 settlement in which Facebook Inc.

agreed to pay $ 5 billion for an investigation into the tech giant’s privacy missteps, saying it wasn’t difficult enough.

Mr Chopra’s departure could leave Democrats in the minority on the FTC, complicating his move to the CFPB if the Biden administration fails to quickly install Democrats on the trade committee.

Mr. Gensler headed the Commodity Futures Trading Commission, a regulatory little brother of the SEC, for more than four years under President Obama.

Mr Gensler’s aggressive record as a regulator matches the progressive wing of the Democratic Party, which hopes to use the SEC as leverage to achieve national policy goals, on issues such as climate change and racial injustice . SEC-regulated companies hope that Gensler’s understanding of finance will give him a pragmatic eye on the balance between progressive goals and market impacts.

Write to Andrew Ackerman at [email protected] and Andrew Restuccia at [email protected]

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the print edition of January 19, 2021 under the title “Chopra is chosen for the consumer agency”.


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Financial resources

Fifth Third Bank supports refugees with financial resources

Posted:
Update:

Grand Rapids, Michigan (WOOD) – As an immigrant from Bosnia, Alma Dzebo is dedicated to helping refugees and other immigrants from Bethany Christian Services and Samaritas receive the support and resources they need.

Before moving to her current position as Vice-Present and Director of the Financial Center, Dzebo worked as a part-time cashier. Thanks to his hard work and determination, Dzebo now shares his knowledge with other refugees helping them to support themselves financially. The resources she is able to provide include presentations, seminars on opening a savings account, setting up a secure credit card, and step-by-step advice along the journey of each. refugee and immigrant.

For Fifth Third Bank, it’s not just about giving advice and helping financially. The most important part of it all is to show love and support to all refugees. Fifth Third Bank sees this wonderful initiative as a way to make an impact in the community through philanthropy, volunteering and giving.

For more information and to get help with your personal finances, visit 53.com.

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Finance agency

Announces the duty of Fannie Mae and Freddie Mac to serve underserved markets for …

Washington DC – The Federal Housing Finance Agency (FHFA) today released the 2021 plans for underserved markets for Fannie Mae and Freddie Mac (the companies) as part of the Duty to Serve (DTS) program. The plans came into effect on January 1, 2021.

The FHFA issued a final rule in 2016 that implemented the provisions of the SDR in accordance with the Housing and Economic Recovery Act of 2008. The law requires businesses to serve three specified underserved markets – manufactured housing. , preservation of affordable housing and rural housing – by increasing the liquidity of mortgage financing for very low, low and moderate income families.

Normally, each company would have submitted a 2021-2023 three-year plan in accordance with the mandate of the DTS. Due to the potential market disruption and uncertainty resulting from the COVID-19 pandemic, the FHFA has asked companies to submit plans for one year (2021) only, as an extension of their 2018-2020 plans.

The activities described by the companies to achieve the plan’s objectives will remain subject to the review and approval of the FHFA to ensure compliance with the laws on the company charter, safety and soundness measures and others. supervisory and regulatory requirements.

The FHFA published the plans today on its dedicated web page, www.fhfa.gov/DTS.

View Fannie Mae’s underserved markets map

View Freddie Mac’s Underserved Markets Map

Disclaimer

FHFA – Federal Housing Finance Agency published this content on January 05, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 05 January 2021 07:09:00 PM UTC


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