The Changing Landscape of In-person Banking Implications for Financial Institutions, Regulators, and Communities
Release Date: 05/22/2024
Highlights from the 2024 Survey of Household Economics and Decisionmaking
Connecting Communities®
June 5, 2025- During this Connecting Communities webinar, researchers from the Federal Reserve Board of Governors presented the key findings from the annual Survey of Household Economics and Decisionmaking (SHED). This survey was fielded in October 2024 and released on May 28, 2025. The SHED is a key tool of the Federal Reserve Board, as it helps to understand the financial circumstances of low-income families and understanding potential risks to their financial health. The researchers discussed trends in family finances, employment, and the financial risks faced by U.S. adults. In...
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The Power of Place: Building Inclusive Economies Through Collaboration
Connecting Communities®
February 13, 2025. From the northeast corner of Maine to west central Texas, leaders are partnering with regional Reserve Banks—and each other—in unique ways to help ensure that local economies work better for everyone. What does it take to work across sectors and collaborate effectively to help change a local economy? Local leaders who participated in three Fed-supported place-based initiatives, (Boston), (Dallas), and (Atlanta), discussed during a panel what economic challenges each initiative took on and how they partnered with Federal Reserve Banks’...
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Exploring Possibilities of Investing Now for Prosperous, Sustainable Neighborhoods
Connecting Communities®
October 10, 2024. Historical and systemic factors have led to and still contribute to climate vulnerability in lower-income communities. But there are practical solutions for clean energy, resilience, and equity. In 2024, the Federal Reserve Bank of New York, in collaboration with Enterprise Community Partners and Local Initiatives Support Corporation (LISC), published a volume of essays about the intersection of community development and climate resilience. During this Connecting Communities webinar, New York Fed Staff and community leaders discussed solutions to address urgent climate and...
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Economic Insights from Lower-Income Communities: Findings from the 2024 Community Perspectives Survey
Connecting Communities®
In April 2024, the Federal Reserve conducted the , which focuses on economic conditions in low- to moderate-income (LMI) communities and the health of organizations serving them. Overall, the survey found poor conditions for economic mobility in LMI communities. Access to housing and increasing cost of goods and services were among the top challenges. Respondents did note that continued availability of jobs was contributing positively to economic mobility. During this Connecting Communities webinar, Federal Reserve Staff and leaders from national community development organizations...
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Approaches to and Lessons Learned from Community-Engaged Research
Connecting Communities®
August 8, 2023. Conversations with the community make a difference. Community development practitioners and policymakers recognize the value of conducting research with communities as partners through community-engaged research. This approach invites stakeholders into the research process by centering their perspectives and elevating their expertise. These discussions help create better services, understand policy barriers, and learn what works best. During this Connecting Communities discussion, hear examples of how community-engaged methods can highlight the experience of workers and...
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The Economic Well-Being of U.S. Households in 2023
Connecting Communities®
The Survey of Household Economics and Decisionmaking is the main survey from the Federal Reserve Board of Governors for tracking the financial circumstances of low- and moderate-income families and potential risks to their financial health. This year’s survey continues to track key topics related to financial outcomes, such as the effects of inflation on household finances, emergency savings, housing, returns to education, and retirement. New topics have been added, such as food sufficiency, caregiving, employment of those with a previous arrest or conviction, and homeowners insurance. In...
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The Changing Landscape of In-person Banking Implications for Financial Institutions, Regulators, and Communities
Connecting Communities®
Bank branches in the US have been closing steadily for over a decade, but that trend accelerated during the pandemic. Online and digital banking may be out of reach for those without digital devices, broadband, and digital literacy skills. A lack of access to physical banking services can create , or geographical areas where there is a significant lack of access to traditional bank branches. Lack of access to physical branches may create challenges for lower-income, rural, older, and disabled customers, and can restrict opportunities to improve their financial health and build wealth. ...
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Connecting Communities: Building Capacity of Community-Based Organizations
Connecting Communities®
During the COVID-19 pandemic, in 2021 the U.S. Department of Treasury deployed $46 billion to support housing stability. Without existing local and state infrastructure to quickly deploy these federal rental assistance dollars, community-based organizations (CBOs) across the country played a key role in helping ensure the funding reached households that needed it most. On February 15, 2024, we hosted a Connecting Communities event featuring experts who will share groundbreaking tactics used by three CBOs across the country. Discover essential principles for effectively distributing aid to...
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A conversation on economic inequality and labor market disparities
Connecting Communities®
This podcast explores the challenges of labor market disparities and economic inequality. Dr. Niki vonLockette shares insights into systemic discrimination and policies for equal employment opportunities.
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Navigating Benefits Cliffs – Barriers and Solutions
Connecting Communities®
for workers and employers alike. when an increase in income—from working more hours, getting a raise, or taking a new position—pushes a worker above the income eligibility limit for one or more public assistance programs, and the loss of assistance is greater than the value of the increase. This forces people to choose between their family’s immediate financial best interest and their own longer-term wage growth and career advancement. These cliffs can also stymie employers seeking to hire workers and develop their skills through internal career pathway opportunities. On October 12,...
info_outlineBank branches in the US have been closing steadily for over a decade, but that trend accelerated during the pandemic. Online and digital banking may be out of reach for those without digital devices, broadband, and digital literacy skills. A lack of access to physical banking services can create banking deserts, or geographical areas where there is a significant lack of access to traditional bank branches. Lack of access to physical branches may create challenges for lower-income, rural, older, and disabled customers, and can restrict opportunities to improve their financial health and build wealth.
In this Connecting Communities webinar, experts shared research on bank branch closures and the value of in-person banking. They also discussed the Fed’s Banking Deserts Dashboard, which analyzes where the deserts are (and could potentially be) located. A panel of experts also shared potential solutions for grappling with these issues.