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Journal Article
IFF: A Leading Community Development Financial Institution Expanding Its Market Reach across the Midwest
Community Development departments at Federal Reserve Banks have been mandated by the Fed?s Board of Governors since 1981. As part of its mandate, the Chicago Fed?s Community Development and Policy Studies (CDPS) division works to understand and document the roles and capacities of community development organizations (CDO). With a combination of public, private, and philanthropic funding, these organizations provide an array of services for our country?s vulnerable populations, and may offer investment or lending opportunities for financial institutions subject to the Community Reinvestment ...
Speech
Welcoming Remarks: Thirteenth Annual International Banking Conference
Welcoming remarks delivered by Charles Evans before the Thirteenth Annual International Banking Conference on September 23, 2010, in Chicago, IL.
Newsletter
Shifting Ground: The Changing Landscape in Financial Markets and Technology
The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their ninth annual risk conference on March 29?30, 2016. The conference brought together financial industry professionals, academics, and regulators to discuss the challenges and opportunities posed by the uncertain outlooks for financial markets and geopolitical landscapes across the globe, as well as by the array of innovations from financial technology, or ?fintech,? firms.
Journal Article
The Overnight Money Market
This video presentation provides a simple overview of the recent evolution of the U.S. overnight money market and how the Federal Reserve?s tools to implement monetary policy have evolved with the market. The visualization and narration of the money market?s main financial instruments, participants, and respective interactions are meant to simplify complex concepts and relation networks that constitute the foundation of short-term borrowing and lending in U.S. financial markets. For more details, please see the video transcript and references therein.
Newsletter
Deepening the Foundations of Risk Management
The ongoing recovery from the Great Recession has been accompanied by changes in the types of risks that financial institutions face and the ways in which they manage them. Even as improving labor markets and modest economic growth have strengthened balance sheets and stabilized most businesses, financial services firms remain under considerable pressure. In this context, the Federal Reserve Bank of Chicago and DePaul University hosted their eighth annual risk conference on March 31?April 1, 2015.
Journal Article
Why Do Supervisors Rate Banking Organizations?
This article addresses a question that at first may appear simple: why do supervisors rate banking organizations? Prudential supervisors have a long-standing practice of confidentially rating the condition of the firms that they supervise. These ratings are used for a variety of purposes and can have important consequences. The authors analyze the history and evolution of this practice and consider how the use of ratings advances the statutory and regulatory goals of supervision of banking organizations. They conclude with a discussion of the implications for the design and implementation of ...
Journal Article
The role of financial reporting and transparency in corporate governance
The authors review recent literature on the role of corporate financial reporting and transparency in reducing governance-related agency conflicts between managers, directors, shareholders, and other stakeholders?most notably financial regulators?and suggest some avenues for future research. Key themes include the endogenous nature of governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the corresponding heterogeneity of the associated governance mechanisms. The authors also ...
Journal Article
U.S. Treasury's ETA Brings Banking to the Unbanked
Six of the nation's largest banks have joined the growing list of financial institutions participating in the U.S. Treasury's Electronic Transfer Account program, an innovative service proving popular among both consumers and businesses.
Working Paper
Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?
Life insurers? odds of being placed under regulatory control (for example, conservatorship or receivership) during the financial crisis years of 2008 and 2009 increased with deteriorating fundamentals at a much higher rate than during normal times or during the previous recession. However, no life insurer in the sample belonging to a life insurance holding company system (LIHCS) in receipt of TARP funds experienced such insolvency issues, and life insurers with poor and deteriorating performance that belonged to a LIHCS in receipt of TARP funds received increased capital inflows during the ...
Briefing
Essentiality of Money: A Historical Perspective
In this article, I explore the historical development of the concept of essentiality of money, as well as monetary theory more broadly. I begin by introducing the concept of money and its role in facilitating economic activity. I delve into the evolution of monetary theory, starting with the classical theory and the marginal revolution and moving to the division between microeconomics and macroeconomics. Then I discuss the microfoundation revolution in macroeconomics and the debate over the essentiality of money. Finally, I examine the New Keynesian School (which uses reduced-form tools to ...