A series of four recently released videos commemorate the 40th anniversary of the Community Reinvestment Act (CRA). Passed in 1977, CRA “is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.”1 The first video, “Ge... Read More
As part of our ongoing work exploring the lessons and recommendations offered in Looking for Progress in America's Smaller Legacy Cities: A Report for Place-based Funders, we asked some of the participants in the study: "How has revitalization proceeded in your community, and how might your foundation and local partners ensure that economic growth and economic opportunity develop ... Read More
The Federal Reserve Bank of Chicago (FRBC) recently introduced the Peer City Identification Tool. The tool identifies peer or “sister” cities that are experiencing similar trends and challenges in equity, economics, and resiliency. It's meant to provide policymakers, community advocates, and practitioners with context on how their city compares to similar cities. However, it does not mean... Read More
Final revisions to the Interagency Questions and Answers (Q and A's) Regarding Community Reinvestment were recently released1 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). This blog focuses on changes to the definition of community development, specifically refer... Read More
Community Development and Policy Studies (CDPS) of the Chicago Federal Reserve, along with all the other Federal Reserve Banks in the system, is now participating in the Small Business Credit Survey. “More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year,” according to the Small Business Administrat... Read More
What do Wauwatosa, WI and Waltham, MA have in common? A new online data visualization instrument from the Federal Reserve Bank of Chicago's Community Development and Policy Studies division sheds light on common trends within groups of peer cities, sometimes revealing unexpected connections. This blog demonstrates how the Peer City Identification Tool (PCIT) can help municipaliti... Read More
In an effort to focus consumer attention on the importance of managing personal finances, the Federal Reserve Bank of Chicago coordinates Money Smart Week (MSW) during Financial Literacy Month every year in April. During Money Smart Week, April 22 through 29, the Federal Reserve brings together a wide range of organizations - government agencies, financial institutions, libraries, schools... Read More
The Federal Reserve Banks of Atlanta, Boston, Chicago, and New York recently released, in partnership with The Funders' Network, a whitepaper presenting findings from a four-city study tour of older, legacy cities. This blog is the first in an occasional series stemming from that report. Future installments will reflect the views of some of the place-based funders that collabora... Read More
The Federal Reserve Board of Governors (the Board) announced on April 4, 2017, that it is accepting applications1 from individuals who wish to be considered for membership on the Community Advisory Council (CAC). Community Development and Policies Studies (CDPS) - a division of the Economic Research Department of the Federal Reserve Bank of Chicago,2 is working with the Bo... Read More
Community Development and Policy Studies (CDPS) works to improve the socioeconomic prospects of low- and moderate-income (LMI) people by helping to facilitate the flow of credit and financial services to their communities. This is accomplished by monitoring credit conditions within communities, but also by noting the emergence of financial products and services with the potential to remov... Read More
