Social Security Board of Trustees says Outlook of Combined Trust Funds Improves

Social Security Board of Trustees says Outlook of Combined Trust Funds Improves | site |




Information contained in U.S. Social Security Administration press release dated: June 2, 2022

The Social Security Board of Trustees today released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2035, one year later than projected last year, with 80 percent of benefits payable at that time.

The OASI Trust Fund is projected to become depleted in 2034, one year later than last year’s estimate, with 77 percent of benefits payable at that time. The DI Trust Fund asset reserves are not projected to become depleted during the 75-year projection period.

In the 2022 Annual Report to Congress, the Trustees announced:

• The asset reserves of the combined

...

Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service | site |



Information contained in Board of Governors of the Federal Reserve System press release dated: May 19, 2022 The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023. The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service. ...

U.S. Environmental Protection Agency Announces Additional $1.9 Billion in State Revolving Loan Funds for Water Infrastructure Upgrades | site |


$1.9 Billion in annual appropriations adds to $7.7 billion in SRF funding through the Bipartisan Infrastructure Law in 2022


Information contained in U.S. Environmental Protection Agency press release dated: May 13, 2022 Washington - - Today, the U.S. Environmental Protection Agency (EPA) announced $1.9 billion in grant funding to the State Revolving Funds (SRF) to accelerate progress on water infrastructure projects. Combined with historic investments through the Bipartisan Infrastructure Law, this funding will help states, Tribes, and territories upgrade water infrastructure to provide safe drinking water, protect vital water resources, and create thousands of new jobs in communities across the country. “Our nation’s water infrastructure is in significant need ...

IRS Letters going out to Taxpayers who may need to take Action related to Qualified Opportunity Funds | site |



Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 12, 2022

Washington - - The Internal Revenue Service announced today that taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters in the mail in April.

Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their return may receive Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard. This letter lets them know that information needed to support the annual certification of investment standard is missing, invalid or the calculation isn't supported by the amounts reported. If they intend to maintain their certification as a QOF, they may need to take additional action to meet the annual self-certification of the investment standard requirement. T...

U.S. Department of Housing and Urban Development releases more than $13 Million in American Rescue Plan Funds to assist Victims of Housing Discrimination related to the Coronavirus Pandemic | site |



Funds will support the efforts of fair housing enforcement organizations


(Information contained in U.S. Department of Housing and Urban Development press release dated: November 3, 2021)

Washington - - The U.S. Department of Housing and Urban Development (HUD) announced today that it is providing $13.6 million in American Rescue Plan (ARP) funding to enable 51 HUD Fair Housing Initiatives Program (FHIP) agencies to conduct a range of fair housing enforcement and education and outreach activities related to the COVID-19 pandemic. Among the activities that will be conducted by the organizations is addressing discriminatory practices in underserved communities. “Discriminatory policies have no place in a nation...

U.S. Social Security Board of Trustees: Combined Trust Funds Projected Depletion One Year Sooner Than Last Year | site |



(Information contained in U.S. Social Security Administration press release dated: August 31, 2021) The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 78 percent of benefits payable at that time. The OASI Trust Fund is projected to become depleted in 2033, one year sooner than last year’s estimate, with 76 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2057, eight years earlier than last year’s estimate, with 91 percent of benefits still payable. In the 2021 Annual Report...

U.S. Department of Housing and Urban Development Deputy Secretary Todman, Officials discuss $5.5 Million in Federal Disaster Recovery and Resilience Funds for Midland, Michigan | site |



(Information contained in U.S. Department of Housing and Urban Development press release dated: August 10, 2021)

Washington - - U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Adrianne Todman today held a Zoom call to discuss the nearly $5.5 million in new federal disaster relief awarded by HUD to Midland, Michigan to assist in the city’s recovery from severe storms and floods in May 2020. The new Community Development Block Grant Declared Disaster Recovery Fund (DDR) money will help Midland communities rebuild and become more resilient to future disasters. Deputy Secretary Todman was joined on the call by Midland, Michigan Mayor Maureen Donker, Midland City Manager Brad Kaye, and Michigan State Housing Development Authority Acting Exec...

U.S. Department of Homeland Security Releases Plan for Use of Border Barrier Funds | site |



DHS says Biden Administration Reaffirms Commitment to Serious Policy Solutions for Border Management


(Information contained in U.S. Department of Homeland Security [DHS] press release dated: June 11, 2021) Washington - - Today, the Department of Homeland Security (DHS) released the agency’s plan for funds the previous administration was planning to use for construction of a border wall at the Southwest border of the United States. The plan fulfills a requirement of President Biden’s Proclamation ending the diversion of funds for border wall, and outlines steps DHS will take to end wall expansion to the extent permitted by law and address life, safety, and environmental concerns. The prior administration planned to spend over $15 billion on wall construction, and diverted over $10 billion of those funds from military projects and other sour...

The U.S. Small Business Administration Funds 16,000 Restaurant Revitalization Fund Awards | site |



(Information contained in U.S. Small Business Administration [SBA] press release dated: May 10, 2021) Washington - - Today, the U.S. Small Business Administration will begin delivering economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, to more than 16,000 approved applicants. This first round of funding represents over $2 billion of relief awarded since last Monday’s successful program launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, May 11. “Just one week after launching the $28.6 billion Restaurant Revitalization Fund, I am pleased to officially report that the SBA has begun to fund applications and that more than 16,000 restaurants and other food and beverage business o...

U.S. Department of Education Makes Available $36 Billion in American Rescue Plan Funds to Support Students and Institutions | site |


(Information contained in U.S. Department of Education press release dated: May 11, 2021) The U.S. Department of Education (ED) announced more than $36 billion in emergency grants today provided under the American Rescue Plan (ARP) Act for postsecondary education. These grants will help over 5,000 institutions of higher education (institutions), including HBCUs, TCCUs, and HSIs, provide emergency financial aid to millions of students and ensure learning continues during the COVID-19 national emergency. Emergency funds provided by ARP more than double the emergency relief aid available to students and institutions already authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES) and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) relief legislation. This funding is provided by the ARP�...

U.S. Department of the Treasury Launches Coronavirus State and Local Fiscal Recovery Funds to Deliver $350 Billion | site |


Aid to state, local, territorial, and Tribal governments will help bring back jobs, address pandemic’s economic fallout, and lay the foundation for a strong, equitable recovery


(Information contained in U.S. Department of the Treasury press release dated: May 10, 2021)

Washington - - Today, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments. Treasury also released details on the ways funds can be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis. Eligible state,...

President’s Working Group on Financial Markets Releases Report on Money Market Funds | site |


(Information contained in U.S. Department of the Treasury press release: December 22, 2020) Washington - - In March 2020, short-term funding markets came under sharp stress amid growing economic concerns related to the COVID-19 pandemic and an overall flight to liquidity and quality among investors. Today the President's Working Group on Financial Markets (PWG) released a report that examines these events and sets forth potential policy measures to improve the resilience of money market funds and broader short-term funding markets. “During March, money markets experienced significant outflows, forcing Treasury and the Federal Reserve to step in to prevent a destabilizing run. We must now consider reforms to ensure this vulnerability does not threaten financial stability in the future,” said Deputy Secretary Justin Muzinich. The PWG agrees that while many of t...

U.S. Securities and Exchange Commission Staff Supplements Quarterly Private Funds Statistics | site |



(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: December 10, 2020)

Washington D.C., Dec. 10, 2020 - - The Securities and Exchange Commission staff today published an expanded suite of data and analyses of private fund statistics and trends.

The Private Funds Statistics, released quarterly since October 2015 by the Division of Investment Management’s Analytics Office, offers investors and other market participants valuable insights by aggregating data reported by private fund advisers on Form ADV and Form PF. The most recent version of the report, published today, includes new statistics that offer more detailed reporting of the aggregate investment exposures by asset type for certain hedge funds as well as new analysis of private funds' borrowing, beneficial ownership, and use...

Federal Trade Commission Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates | site |


(November (18, 2020) - - On November 18, 2020 the Federal Trade Commission (FTC) published the following information:

The Federal Trade Commission sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds.

In a complaint filed in federal court, the FTC alleges that Beam Financial Inc. and its founder and CEO Yinan Du, also known as Aaron Du, promised users of their free mobile banking app that they could make transfers out of their accounts and would receive their requested funds within three to five business days. Instead, some users waited weeks or even months to receive their money despite repeated complaints to Beam, while others said they never received their money, according to the...

National Institutes of Health Funds Community Engagement Research Efforts in Areas Hardest Hit by COVID-19 | site |




(September 16, 2020) - - Today, September 16, 2020, the U.S. Department of Health and Human Services (HHS) published the following information:

The National Institutes of Health today announced a $12 million award for outreach and engagement efforts in ethnic and racial minority communities disproportionately affected by the COVID-19 pandemic. The award to RTI International, a non-profit research institution, will support teams in 11 states established as part of the NIH Community Engagement Alliance (CEAL) Against COVID-19 Disparities. These teams have received initial funding to immediately create CEAL programs, and RTI will serve as the Technical and Administrative Support and Coordination (TASC) center.

The CEAL research teams will focus on COVID-19 awareness and education research, especially among African Americans,...