How do small businesses’ challenges compare across the United States? How do American Indian or Alaska Native, Asian, Black, Hispanic, and white business owners differ in their expectations of revenue growth over the next 12 months? How did the credit-seeking experiences of women-owned firms compare to those of men-owned ones in 2023? These comparisons and more are now available. Check out Firms in Focus, a series of chartbooks stemming from findings of the 2023 Small Business Credit Survey (SBCS). Find the comparisons that interest you, whether by business characteristics (age of firm, credit risk, employment size, industry, revenue size, and rural and urban firms), business owner characteristics (age of owners, gender of owners, immigrant-owned firms, LGBTQ-owned firms, race and ethnicity of owners, and veteran-owned firms), 12 metropolitan statistical areas (MSAs), and 19 states. Download the chartbooks now. https://bit.ly/4ayyWiA
Federal Reserve Bank of Richmond
Banking
Richmond, VA 30,035 followers
We foster the stability, integrity and efficiency of our nation's monetary, financial and payments systems.
About us
The Richmond Fed is one of 12 independent regional Reserve Banks that, along with the Board of Governors in Washington, D.C., serve as our nation’s central bank. Together, we’re working to help you be more confident in your financial decisions and in our nation’s economic and financial systems. We serve the public and communities in the Federal Reserve’s Fifth District, including the Carolinas, Maryland, Virginia, West Virginia and our nation’s capital. We’re headquartered in Richmond, Virginia, with offices in Baltimore, Maryland, and Charlotte, North Carolina. The Federal Reserve has an impact on your financial well-being and the broader economy by helping promote stable prices, employment and moderate interest rates. We also help ensure the safety and soundness of the financial system — from working with banks to make sure they’re financially healthy, to providing a secure and efficient way to get your payments get from point A to point B. We provide teachers with tools to educate their students about the economy. And we connect with community and business leaders and organizations to better understand local economic conditions, as well as help understand and address economic issues facing low income communities. Learn more at richmondfed.org, or follow us on: • Facebook (federalreservebankofrichmond) • Twitter (@richmondfed) • Instagram (@richmondfed) • YouTube (richmondfed)
- Website
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http://www.richmondfed.org
External link for Federal Reserve Bank of Richmond
- Industry
- Banking
- Company size
- 1,001-5,000 employees
- Headquarters
- Richmond, VA
- Type
- Nonprofit
- Founded
- 1915
- Specialties
- Monetary Policy, Bank Supervision, Financial Education, Financial Services, Economic Research, Bank Examination, Payment Systems, Economic Education, Community Development, FOMC, Consumer Affairs, Electronic Payment Service, Data Security, Information Technology, and Risk Management
Locations
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Primary
701 East Byrd Street
Richmond, VA 23219, US
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502 S Sharp St
Baltimore, Maryland 21201, US
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530 E Trade St
Charlotte, North Carolina 28202, US
Employees at Federal Reserve Bank of Richmond
Updates
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According to the Bureau of Labor Statistics, nonfarm payroll employment increased by a comparatively strong 206,000 in June following the prior month's gain of 218,000 jobs. However, sentiment about the labor market appears to be softening. In the latest Macro Minute, the weekly blog that explores the numbers behind the headlines on the national economy, John O'Trakoun, a senior policy economist, explores some ways of visualizing the breadth of recent jobs growth across industries. Read about this growth here, including the Lorenz curve, a graph first used by economist Max O. Lorenz to show inequality in the distribution of income or wealth: https://bit.ly/3Y63Lsh #MacroMinute #Employment #LaborMarket
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Driven by our public service mission to strengthen the economy and the communities across our region, our Rural Investment Collaborative has developed the Community Investment Training program to help community leaders in small towns and rural areas across our district become economically sound. Hear from Katie Ryan of Clifton Forge, VA, a 2024 Community Investment Training participant, on how the tools she learned in the program helped her to advance her community project in a big way. https://bit.ly/3WpHN2u Applications are being accepted for the Community Investment Training program now through Aug. 8. Learn more here: https://bit.ly/3Lj3vP6
Meet Katie Ryan: 2024 Community Investment Training Success Story
https://www.youtube.com/
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By now, you’ve probably heard of automation and artificial intelligence, or AI. But before automation or AI can provide improvements in labor or total factor productivity, they have to be adopted. The Richmond Fed’s monthly business survey recently asked Fifth District businesses if and why they were automating and using generative AI. Over the past two years, fewer than half of firms have engaged in new automation, and about 35 percent of those firms have implemented AI. In addition, more than half of the firms that intend to use automation over the next two years expect to implement AI in their work. To learn more about these findings, read this Regional Matters — posts that examine local, regional and national data that matter to the Fifth District and our communities — by Emily Wavering Corcoran, a senior manager of regional and community analysis and Sonya Waddell, a vice president and economist who oversees the regional and community development research area: https://bit.ly/45KpHLF #RegionalMatters #Automation #AI
Automation and AI: What Does Adoption Look Like for Fifth District Businesses?
richmondfed.org
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The 2024 findings from the Federal Reserve Financial Services annual Diary of Consumer Payment Choice report revealed consumers made more payments in 2023 than in previous years, continuing the trend of rising payment transactions since 2020. Learn more by reading the findings from this nationally representative survey: https://bit.ly/4bK5ZSc #currency #paymentsindustry
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We're excited to share that Chief Information Security Officer Tammy Hornsby-Fink won the 2024 CapitalCIO #ORBIE Award in the CISO Public Sector category! For the first time ever, the ORBIE® Award is recognizing Chief Information Security Officers for leadership excellence and technology innovation. Congratulations Tammy!
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Have you heard about the Supplemental Interagency Guide for Community Banks on Third-Party Risk? Community banks routinely rely on third parties for a range of products, services, and other activities. Third parties can provide banks with access to new technologies and products; however, they may introduce new risks or increase existing risks to a bank. The guide is a resource for community banks to consider in managing the risks associated with third-party relationships. The guide also addresses potential risk considerations, information resources, and examples for managing a bank’s third-party relationships. It covers the following: - Risk Management: Discusses risk considerations - Third-Party Relationship Life Cycle: Explains the five stages of the life cycle - Governance: Provides considerations for a bank’s governance over third-party relationships - Appendix: Provides references to additional resources and guidance Read the full article here: https://bit.ly/3xTLeVu #riskmanagement #thirdpartyrisk #federalreserve #communitybanks
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Do you work for a community development, local government, nonprofit or faith-based organization with an existing or new community project idea in need of development assistance? Then you should consider applying to participate in the Community Investment Training program. This initiative trains community leaders across SC, NC, VA, WV and MD to develop investment-ready community projects. Applications are being accepted now through Aug. 8. Learn more here: https://bit.ly/3Lj3vP6
Rural Investment Collaborative™
richmondfed.org
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Join the Richmond Fed as a DEI Program Coordinator! In this role, you’ll work to create an environment where people feel respected, valued, engaged and appreciated. You'll also lead our Employee Resource Networks (ERNs) program and play a key role in DEI initiatives and reporting. Join the team and be a part of a culture that welcomes differences, cares about our communities and empowers each other to lead from where we are to make things better. Learn more about this role and apply here: https://bit.ly/3WfO68v #FindYourFedCareer #Hiring #Apply
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Our 10- to 12-week summer internship program is the perfect opportunity for students to gain hands-on experience. Interns complete tasks or a project designed to give them a broad understanding of one of the Richmond Fed’s business or job areas, like Human Resources, Supervision and Regulation, or Information Systems. In addition to hands-on experience, interns are also provided with networking opportunities to meet people from various areas of the Bank. For example, our interns got a chance to meet and bowl with First Vice President and COO Becky Bareford. During this event, they were able to catch up with each other, talk about what they’re doing in their departments and connect with Becky! Learn more about our internship program here: https://bit.ly/3WQsFbA #MyRichmondFed #RichmondFedInterns #FindYourFedCareer
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