Fed Communities

In today’s world, we all require access to financial services. With the number of brick-and-mortar bank branches declining and low digital accessibility in many areas of the nation, #bankingdeserts are more of a concern now than ever. Read on to find out how two community banks, Bank of Bird-in-Hand and BankOnBuffalo, uniquely combat banking deserts by bringing access to financial services into their communities. https://lnkd.in/eKXM2Xc7

While many applicants seek credit to expand their business, not all businesses experience the same outcomes in accessing credit. Results from the 2022 SBCS revealed that startup firms owned by people of color were significantly less likely than white-owned start-ups to receive funding through financial institutions or lenders, despite being likely—and, among nonemployers, more likely—to apply for financing from a lender. Data also reveal that people of color who own startups of color are less likely than their white counterparts to be fully approved for the financing. In this blog by Garvester Kelley, principal community development specialist at the Federal Reserve Bank of Chicago, and Jennie Blizzard, writer and communications advisor at Fed Communities, explore how data and conversations work together to help inform why Black business owners sometimes hesitate to apply for credit. https://bit.ly/46N8gdQ

Happy Thanksgiving from your friends at Fed Communities! 🧡

Research that engages communities as equal partners can yield unique, authentic insights. Community-engaged research practitioners connect with communities as partners to build trust, remove bias, and empower participants to share their lived experiences. For example, learning about the first-hand experiences of everyday workers and jobseekers through the Worker Voices project helped add depth and breadth to the Federal Reserve’s understanding of economic conditions. Insights from that project also helped inform the Fed’s dual mandate of price stability and maximum employment. Designed with researchers, policymakers, employers, and workforce organizations interested in engaging directly with the populations they serve in mind, check out Using Qualitative Research to Understand the Economy: A Toolkit. This toolkit shows how the Fed used qualitative research to inform the Worker Voices Project, and offers insights others can use to employ community-engaged qualitative research practices in their own community impact assessments and research. Utilizing these approaches and insights may help elevate those populations’ perspectives in policy, programming, and practice. https://bit.ly/4eJ5vxc

Benefits cliffs can arise when someone receiving public assistance accepts a new job or raise, or increases their work hours. Their benefits—including food, housing, health care, child care, or other assistance—may decrease faster than their rising income can make up the difference, leaving them staring down sudden gaps in their economic resources. Dozens of experiments across the country aim to mitigate workers’ benefits cliffs as their incomes rise and assistance lessens. Leaders from 13 of these regional pilots have come together in a coalition called Beyond the Cliff to share what they have learned and practiced with one another, and then with policymakers, employers, and funders. The pilot leaders know based on their experience that it will cost money to solve this problem. But they hope to show decision-makers that can be money well spent. Read on to explore the pilot leaders' findings in a new blog post. #BenefitsCliff #Assistance https://bit.ly/49jUrVD

As extreme weather becomes increasingly frequent and severe, its disproportionate impact on low- and moderate-income (LMI) communities grows. The recent regional devastation of Hurricanes Helene and Milton reemphasized this reality. The community development teams at the Federal Reserve Bank of New York, the Federal Reserve Bank of Philadelphia, and the Federal Reserve Bank of Cleveland each conducted studies shedding light on these communities’ vulnerabilities and their flood-risk exposure. The studies delve into the economic, social, and environmental consequences of flooding. They aim to inform policymakers and community leaders on resiliency measures most needed. Check out a recent blog that sheds light on the disproportionate impacts of flooding in lower-income communities and the economic challenges lower-income households face when recovering from such events. https://lnkd.in/d_EMAwFX

Efficient, inexpensive, and in-demand – two of those words are often missing when referring to homeownership options in the United States.    Manufactured homes are making a comeback and challenging that convention. With much of the country’s for-purchase housing out of affordable reach for a growing number of households, these inexpensive homes offer a uniquely affordable onramp to homeownership.    Available in a wide range of sizes and designs, manufactured housing units are smaller by an average of about 1,000 square feet than single-family homes. They’re also more affordable. Excluding any land costs, the average manufactured home purchase price is half that per square foot of a new site-built home.    Explore this blog for more on these efficient, inexpensive, and in-demand units and how they’re building and empowering residents. https://bit.ly/4cMtMk4

Findings show community colleges are outpacing four-year institutions when it comes to addressing labor shortages in skilled trades like carpentry and aviation maintenance. And in some states, enrollment in non-credit programs is surpassing for-credit enrollment. Both community colleges and four-year institutions offer non-credit, skills-based programs, but community colleges are more likely to see enrollment in these courses which efficiently train workers for available jobs. Read on to learn more about the Federal Reserve Bank of Richmond’s findings, including the funding differences between four-year institutions and community colleges, what this support means for students preparing for careers, and the downstream impacts seen by employers seeking these workers. https://bit.ly/3yTRXPN

The struggle of work-life balance comes as no surprise to many women. Explore the real stories of four women striving for work-life balance, as revealed through the Aspen Institute’s Women in the Economy survey. Written by Jennifer Fernandez, senior community development analyst at the Federal Reserve Board, this blog post discusses ideas about how the economy could work better for women. #workingwomen #workingmoms #worklifebalance https://lnkd.in/esQjk-Fc

A new #Inspire story just published! In her role at the Federal Reserve Bank of Philadelphia, Samantha Porter uses research to help inform and solve community issues. “When an opportunity to work at the Fed opened, I jumped at the chance to be a part of developing research. I enjoy thinking about what questions people are attempting to answer, and how our research informs that.” Read on to learn about the other facets of Sam’s work, including leading the Equitable Wealth Initiative which focuses on the racial wealth gap in Philadelphia. https://lnkd.in/eDUTsFGg