Recently, we profiled Seventh District CAC member Bethany Sanchez in the CDPS blog. The other sitting member of the CAC from the Seventh District is Rodrick Miller, who represents Ascendant Global Consulting. We asked him about his role, responsibilities, and outlook. Q: What do you do for Ascendant Global and how does your work relate to community and economic development? Ascendant Global (AG) ... Read More
“The Community Advisory Council (CAC) was formed by the Federal Reserve Board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations. The CAC complements two of the Board's other advisory councils-the Federal Advisory Council and the Community Dep... Read More
Narratives about place - the stories that surface in the news and in popular culture - have implications not only for the perceptions and impressions that circulate about neighborhoods, but for the economic potential of the residents who live there. Decisions about where to invest, how to allocate public resources, whether a home can be financed and so much more are affected by the impres... Read More
The Community Development and Policy Studies (CDPS) division at the Federal Reserve Bank of Chicago has a longstanding interest in community banks, current regulatory developments, and the ways smaller banks adapt to environmental changes, such as the high rates of vacant properties in Chicago's low- and moderate-income neighborhoods. As the landscape of community reinvestment and revitalization ... Read More
Amid new efforts to preserve and expand Detroit's affordable housing stock, policymakers and community development practitioners should continue to note the unique demographic and economic trends underlying the city's rental housing challenges. A recent analysis of Detroit's rental housing trends by the Community Development and Policy Studies (CDPS) division of the Federal Reserve Bank o... Read More
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
