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Bank:Federal Reserve Bank of Chicago  Series:Profitwise 

Journal Article
From pathways to policy: an overview of green collar jobs advocacy

The term "Green Collar Job" for many of those who use it, represents more than a label describing environmentally friendly occupations. In particular, the expression tends to evoke a hopeful vision of economic development that combines inclusive prosperity and environmental stewardship in complementary ways. Yet even supporters who admire the term's ability to inspire acknowledge its ambiquity and unwieldiness from a technical perspective. Others have even wondered whether the phrase is anything more than a "trendy term for politicians and others to bandy about."
Profitwise , Issue Sep , Pages 2-8

Journal Article
Opportunity Zones: Understanding the Background and Potential Impact in Northeastern Illinois

This article offers a primer on: Opportunity Zones, highlighting the designation process for census tracts in northeastern Illinois; Qualified Opportunity Funds (QOF) ? the vehicle that will facilitate investment in designated areas; and finally, how QOFs will help facilitate the goals of the Chicago Metropolitan Agency for Planning?s ON TO 2050 Plan.
Profitwise , Issue 1 , Pages 1-16

Journal Article
Default rates on prime and subprime mortgages: differences & similarities

For the past several years, the news media have carried countless stories about soaring defaults among subprime mortgage borrowers. Although concern over this segment of the mortgage market is certainly justified, subprime mortgages only account for about onequarter of the total outstanding mortgages in the United States. The remaining 75 percent are prime loans that are made to borrowers with good credit, who fully document their income and make traditional down payments. While default rates on prime loans are significantly lower than those on subprime loans, they are also increasing ...
Profitwise , Issue Sep , Pages 1-10

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.
Profitwise , Issue Dec

Journal Article
FLLIP's \\"your money & your life financial education program reports high marks after first year

Profitwise , Issue Spr , Pages 8-9

Journal Article
Exploring the Correlations between Health and Community Socioeconomic Status in Chicago

Much research demonstrates that where you live ? and the socioeconomic conditions present in that place ? determine individual-level health outcomes.[1] The premise that individual stressors tend to aggregate themselves into communities with poor socioeconomic status (SES) leads to the conclusion that ?where you live determines how long you live.? As former Federal Reserve Chairman Bernanke stated, ?Factors such as educational attainment, income, access to healthy food and the safety of a neighborhood tend to correlate with individual health outcomes in that neighborhood.?[2] These factors ...
Profitwise , Issue Sum , Pages 1-17

Journal Article
A few examples of Chicago tackling youth joblessness

Many young people nationwide are undereducated, jobless, and living in poverty with no job prospects; in urban areas particularly, they face a continuing cycle of unemployment, in addition to substandard and often dangerous neighborhood conditions. Using greater Chicagoland (including the city and Cook County) as a case study, this article will highlight how capital and resources from the private sector, namely loans, investments, and services from regulated financial institutions (e.g., banks) could foster greater economic and community development, especially for underserved and at-risk ...
Profitwise , Issue 5 , Pages 1-10

Journal Article
Gift cards - facts and cautions regarding a widely used financial product

Gift cards have grown in popularity for many reasons. They are a convenient option for any occasion requiring a gift, and a step up from giving cash. Some receivers (or observers) may consider a gift card an impersonal gesture, but the cards are practical in that the receiver obtains something he/she will likely use.
Profitwise , Issue May , Pages 14-16

Journal Article
Neighborhood housing dervices of Chicago and the home ownership preservation Initiative – a successful partnership looks to expand its scope and impact

The Federal Reserve Bank of Chicago's Consumer and Community Affairs department has, since the mid- 1990s, worked with various Seventh District organizations and agencies to address foreclosures and their harmful impact in communities. Most notably, the Reserve Bank has supported and partnered with Neighborhood Housing Services (NHS) of Chicago to mitigate the destabilizing effect that foreclosures have on vulnerable communities--those with older housing stock, lower income, largely minority (and/or recent immigrant) populations, and little commercial or retail investment. The Homeownership ...
Profitwise , Issue Dec , Pages 8-10

Journal Article
Tools (Lessons and Strategies) Toward Market Restoration: A Conference Summary

Community development post-recession takes place in an environment that is greatly changed in terms of both demand for and capacity to deliver services. While no community was immune, the places that were most deeply affected by the Great Recession ? and continue to feel its effects ? are often those places that had suffered from disinvestment for decades leading up to it. The tools and strategies that have been developed and relied on by investors, practitioners and advocates ? in some cases for decades ? need to be adapted to the changes, while continuing to meet ever growing demand.
Profitwise , Issue 4 , Pages 4-23

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