COVID-19 continues to have a profound effect on people nationwide. The Federal Reserve System is identifying specific challenges that low- to moderate-income (LMI) communities are facing. “Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them” summarizes a nationwide survey of nonprofits, financial institutions, government agencies and other organizations serving urban, suburban and rural communities. It will be updated throughout 2020 and is co-authored by the St. Louis Fed.
How have organizations throughout the region responded to the urgent needs of low- to moderate-income individuals and communities?
The Bank On movement is designed to improve the financial stability of America’s unbanked and underbanked. The St. Louis Fed and Cities for Financial Empowerment (CFE) Fund established the Bank On National Data Hub to show metrics from financial institutions related to account openings, account usage and consistency, and online access. This national reporting infrastructure represents an important step forward for accessible banking efforts.
The Center for Household Financial Stability documents racial economic inequality across the United States.
See more articles in the most recent Bridges.
The Community Investment Explorer tool draws on publicly available data from 500,000-plus transactions through the Community Development Financial Institution, New Markets Tax Credit and Low-Income Housing Tax Credit programs. The tool is customizable, and the 2019 update lets users conduct county-level analysis.
This report features an overview of impact investing in St. Louis and emerging trends taking place nationally. It also includes case studies of bank partnerships, foundation partnerships and tax credit investor partnerships in St. Louis.
What We're Reading
Check out a curated list of articles on a variety of community development topics that staff have found insightful.