FedFacts

New Fed Web Site Supports Minority-Owned Institutions and De Novo Banks

Minority-owned depository institutions and de novo banks can receive support from a new Federal Reserve web site, www.fedpartnership.gov. The site is part of the Fed’s Partnership for Progress program, which was created to preserve and promote minority institutions and enhance their ability to thrive in a competitive banking environment. The Philadelphia Fed coordinates the program.

The site provides resources related to the three cycles of a bank’s development: starting a bank, managing its transition and growing its shareholder value. The site also provides diverse data sets bankers may use as benchmarks, a directory of Federal Reserve contacts and a timeline illustrating milestones in minority banking.

Meet the Fed’s Community Development Advisory Council

The St. Louis Fed formed the Community Development Advisory Council late last year to keep the Fed president and Community Affairs staff informed of the District’s community development issues and to suggest ways the Bank might support local development efforts.

Bankers have a formal voice on the council through the participation of Marita Willis, assistant vice president and community consultant of PNC Bank in Louisville, and of Tom Reeves, president of Pulaski Bank in St. Louis.

Christopher Waller To Become St. Louis Fed’s Director of Research

Christopher J. Waller, professor and Gilbert F. Schaefer Chair of Economics at the University of Notre Dame, will be joining the St. Louis Fed as director of Research in approximately July 2009.

The current director of Research, Robert Rasche, will become executive vice president and senior policy adviser at that time.

Waller’s research interests include monetary theory, political economy and macroeconomic theory. He has been extensively published in peer-reviewed journals, including the American Economic Review, the Quarterly Journal of Economics and the Journal of Monetary Economics. View some of his working papers.

A visiting scholar at the St. Louis Fed in 1994-95, he will be returning to the Bank monthly between now and the start of his appointment to ensure a smooth transition.

In announcing Waller’s selection, St. Louis Fed President Jim Bullard said, “I am very excited that we have been able to attract Chris Waller to the Bank. … I expect that Chris will provide outstanding leadership for the Research division and will push the Bank to continue to achieve our strategic objective of System and national leadership in this area.”

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