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Newsletter
Islamic finance in the United States: a small but growing industry
This article provides an overview of the potential market for Islamic finance and some of the challenges providers face in serving this unique market.
Newsletter
Responding to the foreclosure crisis - a conference summary
On December 9?10, 2009, the Federal Reserve Bank of Chicago hosted a conference on mortgage foreclosure policy with the help of the Chicago Community Trust, Neighborhood Housing Services of Chicago, the MacArthur Foundation, and the Woodstock Institute.
Journal Article
Recently certified CDFI banks and the CDFI banking sector
The Community Development Financial Institutions (CDFI) Fund came into existence in 1995 with the mission to "expand the capacity of financial institutions to provide credit, capital and financial services to underserved populations and communities in the United States" Since the recent economic crisis, CDFIs have been a vehicle for the implementation of several new policy initiatives designe to direct capital to the nation's underserved communities, businesses, and home owners. Though few in number, CDFI banks hold the majority of capital among certified CDFIs.
Journal Article
Nonprime loans: a view from the local level
This article presents information on the location of subprime and Alt-A mortgages ("nonprime" loans) in the five states within the Federal Reserve Bank of Chicago?s district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). The purpose is to identify the zip codes and communities most affected, or at risk of being affected, by foreclosures. We present a series of maps that show the zip codes with the highest numbers and highest concentrations of subprime and Alt-A loans, as well as the past-due and foreclosure rates in these neighborhoods. For illustration purposes in the print version ...
Newsletter
Strategies for success in financial education
The Federal Reserve Bank of Chicago will host a conference, Financial Literacy, Financial Education, and the Federal Reserve: Strategies for Success, on September 11, 2009. This article reviews some of the financial education activities throughout the Federal Reserve System.
Journal Article
Mapping the recovery: sentiment survey of small Business intermediaries in Chicago
The Community Development and Policy Studies (CDPS) division of the Federal Reserve Bank of Chicago distributed a poll to small business intermediaries in the fourth quarter of 2012 to ask about their perceptions of small business conditions in their neighborhoods. The purpose of this poll was to get a better understanding of the small business climate in diverse neighborhoods of the city of Chicago. It was designed to capture perspectives at the neighborhood level, perspectives that are not observable in aggregated data. The results show an array of opinions about the small business climate ...
Journal Article
An Analysis of SBA Loans in Lower-income and Black neighborhoods in Detroit and Michigan
In this article, we analyze the extent to which the Small Business Administration (SBA) 7(a) loan guarantee program helps facilitate flows of credit to small businesses in the city of Detroit, and to black and low- and moderate-income neighborhoods in Michigan. In an environment of financial austerity and constrained small business credit, federal government programs like those administered by the SBA can facilitate lending to businesses. The SBA administers several programs designed to encourage lenders to provide loans to small businesses that might not otherwise obtain financing on ...
Journal Article
Developing small businesses and leveraging resources in Detroit: an informed discussion among financial institutions, policymakers and Other stakeholders in Detroit
In October 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association and the New Economy Initiative for Southeast Michigan co-sponsored a symposium in Detroit that brought together business experts, business owners, policymakers, funders and bankers to explore issues around access to small business credit and financing in Detroit. As Alicia Williams, vice president of the Community Development and Policy Studies (CDPS) division, explained in her opening remarks, the symposium was a follow-up to meetings hosted around the country by the Federal Reserve System?s Community ...