St. Louis Fed Annual Report: Connecting Communities

ST. LOUIS – A commitment to public outreach is central to the Federal Reserve Bank of St. Louis’ mission, including during unprecedented economic times. In its latest annual report, “Connecting Communities,” the St. Louis Fed highlights ongoing Community Development work across the Eighth Federal Reserve District.

The 2019 report discusses several initiatives helping to shape economic progress. These include:

• Investment Connection: This program provides a platform for community and economic development organizations to explore Community Reinvestment Act (CRA)-eligible projects with financial institutions and other funders. While the St. Louis Fed is not a grant-making organization, it facilitates connections and helps stakeholders learn about the CRA. Since the program’s inception, participating organizations have made 572 documented connections and committed nearly $2.6 million in grants, loans and investments to projects.
• Delta Communities Outreach: The Arkansas and Mississippi Delta has faced decades of intergenerational poverty and a lack of resources to address this situation. St. Louis Fed Community Development staff started this initiative to build awareness of potential tools and strategies for community and economic development. More than 30 regional forums have taken place since 2016, featuring topics such as the small-business development credit environment.
• Bank On National Data Hub: The Bank On movement seeks to improve the financial stability of unbanked/underbanked Americans, and the St. Louis Fed is helping to analyze the effectiveness of this effort. Community Development staff recently launched a national hub aggregating data from 10 financial institutions with certified Bank On accounts.

The annual report features a message from President and CEO James Bullard, in which he discusses a variety of ways the St. Louis Fed connects with the communities it serves.

It also includes essays from Carl White, senior vice president of Supervision, Credit, Community Development and Learning Innovation; Julie Stackhouse, former executive vice president; and Suzanne Sitherwood, chair, Board of Directors.

To view the report and learn about innovative programs making a positive impact, see https://www.stlouisfed.org/annual-report/2019.