July 2009

As part of the Obama Administration’s effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $20.2  million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units in the U.S. Virgin Islands.    

"Today’s announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin.  "This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country." Continue Reading Obama Administration Announces $20.2 M in Housing Funds for Virgin Islands

On June 29, 2009, the United States Supreme Court decided Cuomo v. Clearing House Association which invalidated, by a vote of 5 to 4, a regulation issued by the Comptroller of the Currency that broadly preempted the states and territories from enforcing their fair lending laws against national banks. Under the broad language of the majority opinion, the Virgin Islands Division of Banking & Insurance and its sister state regulators now implicitly have the authority to enforce other consumer protection laws against national banks.Continue Reading Territory’s National Banks Subject to Virgin Islands Law