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Discussion Paper
High and Dry: Banking Deserts Increased in the Fifth District During the Pandemic
The number of U.S. bank branches has been shrinking for years, but the COVID-19 pandemic accelerated the rate of closures. After the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 allowed banks to open branches across state lines, branch networks spread steadily across the country. That expansion continued until the Great Recession, after which banks moved from growing their physical footprints to increasing their automated services, like ATMs and online banking.
Discussion Paper
Observing Recent Trends in Job Postings
The number of job postings dropped considerably in the United States and the Fifth District in March and April but showed signs of recovery in May. A look at the data reveals how labor demand has varied by types of jobs amid the COVID-19 pandemic.
Discussion Paper
The Federal Reserve’s COVID-19 Community Impact Survey
The Federal Reserve developed and fielded a survey of community-based organizations to better understand the impacts of COVID-19 on their operations and the communities they serve. Fifth District respondents in April and June expressed that while organizations and communities are experiencing significant disruptions, effects are expected to be longer-lasting for the latter.
Discussion Paper
2025 CDFI Survey: Can Secondary Markets Help CDFI Loan Funds Grow?
Our recent 2025 CDFI Survey Key Findings Report summarized responses from all community development financial institutions (CDFIs) who took the survey. However, "CDFI" is a broad moniker for a very diverse set of organizations. Many people are familiar with community banks and credit unions, but perhaps less so with loan funds. Loan funds are place-based organizations, often nonprofits, that can leverage external funding to deliver financing for undeserved individuals and communities. They are the most common business model type of all certified CDFIs, and they accounted for just under half ...
Discussion Paper
From Incentive to Impact: What Extended Tax Credits Mean for Community Development Finance
In July 2025, H.R.1 (otherwise known as the One Big Beautiful Bill Act) was passed in the United States. Among other things, this legislation expanded three tax credit programs that are designed to spur economic development in disinvested places. Community development financial institutions (CDFIs) have historically participated in all three tax programs: the New Markets Tax Credit (NMTC), the Low-Income Housing Tax Credit (LIHTC), and Opportunity Zones (OZ).The Federal Reserve's 2025 CDFI Survey asked several questions about respondents' use of federal and state programs, including federal ...
Discussion Paper
Unemployment Benefits and Changes under the CARES Act
As part of the U.S. response to COVID-19, unemployment insurance recipients are receiving increased weekly payments. For many individuals in the Fifth District, these enhanced unemployment benefits are greater than the wages they earned while at work.
Discussion Paper
Early Results: The Federal Reserve's 2025 CDFI Survey
This spring, we fielded the 2025 Community Development Financial Institution (CDFI) Survey. The survey provides policymakers and community development stakeholders with information about how CDFIs are faring as they work to close gaps in credit and capital access. We heard from 448 institutions during the survey fielding period from April 10 to June 13, which accounts for nearly 30 percent of all certified CDFIs in the country. CDFIs shared their experiences in the following areas:Goals for scaling their operationsDemand for productsChallenges in meeting demandPublic programs that have ...
Discussion Paper
Understanding Immigration in the Fifth District: Where Did International Migrants Settle?
In 2022, the Census Bureau announced that international migration to the United States had returned to pre-COVID-19 pandemic levels, and recent estimates suggest immigration has surged to unprecedented levels. To understand how the flow of international migration changed in our region from the onset of the pandemic, we analyze recent census data that looks at population change and its components. During this period, population change and migration in the Fifth District differed from the national trend and varied across states. Even though this period includes the height of pandemic-related ...
Discussion Paper
CDFIs on the Prize: Recent Federal Awards for Community Development Financial Institutions
Community Development Financial Institutions (CDFIs) are mission-driven banks, credit unions, loan funds, and venture capital funds that expand financial access to low-and-moderate income (LMI) and underserved populations.In the past two years, after recognizing CDFIs' ability to reach and serve populations that were hard hit by the pandemic, Congress appropriated a total of $12 billion to the industry through three special programs. The money was allocated to the U.S. Department of the Treasury through the Consolidated Appropriations Act, 2021. The scale of these funds set aside for CDFIs is ...
Discussion Paper
Unemployment Benefits Under the New Stimulus Package