Federal Reserve Bank of Philadelphia

Manufacturing activity in the region expanded overall, according to the firms responding to the July Manufacturing Business Outlook Survey. The diffusion index for current general activity rose 13 points to 13.9 in July. The indexes for shipments and new orders turned positive. On balance, the firms indicated an increase in employment, and the current price indexes suggest overall increases in prices. Most of the survey’s broad indicators for future activity rose, suggesting more widespread expectations for growth over the next six months. https://bit.ly/3Lu6fJK

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 to create better services, understand policy barriers, and learn what’s working best. This webinar will feature examples of how community-engaged methods can highlight the experience of workers and jobseekers. Attendees will hear what researchers are learning from these conversations and how institutions, organizations, or communities can leverage the same principles. Speakers for this webinar include Jamilica Burke, chief strategy and impact officer at Seeding Success, Celeste Frye, chief executive officer at Public Works Partners, Chioke Mose-Telesford, director of improving practices and outcomes at Corporation for a Skilled Workforce, Sarah Miller, principal adviser, community and economic development at the Federal Reserve Bank of Atlanta, Ashley Putnam, director, Economic Growth & Mobility Project at the Federal Reserve Bank of Philadelphia and Julie Siwicki, community development adviser at the Federal Reserve Bank of Atlanta. Register today for the session on August 8, from 3 to 4 p.m. ET and follow Fed Communities on all social media platforms. https://bit.ly/3WlFOMu

What is the importance of appropriately identifying and managing funding concentrations? Lead Examiner Andrew Giltner from the Federal Reserve Bank of Chicago discusses some of the most prevalent balance sheet concentrations held by community banks, highlighting key concentration risks and discussing the current guidance and supervisory expectations for prudent concentration risk management practices. Community Banking Connections is a source for information on guidance, resources, and tools to help community banks across the United States.

Philadelphia Fed President Patrick Harker, First Vice President Jeanne Rentezelas, Bill Spaniel, Joe Budash, and Olivia Ness travelled to Williamsport to meet with small businesses to hear first-hand about labor market dynamics and how they are experiencing the economy. Thank you to the small business leaders who participated and Jason Fink and the Williamsport/Lycoming Chamber of Commerce.

As a bank examiner and supervisory risk specialist, what Evoly Santiago values most is being part of the bigger picture: ensuring financial stability through regulated oversight of banks. Evoly’s first exposure to the Federal Reserve came during her time as a Bank Secrecy Act/Anti-Money Laundering expert at a regional bank. In this role, she worked regularly with Fed examiners, and began seeing herself in the Fed’s mission and values. Evoly has worked at the Fed for the last decade, and she has made a difference since day one. Specialists like Evoly serve an important role at the Philadelphia Fed. Her deep subject matter expertise in monetary risks and governance shines during examinations and oversight, where she provides meaningful guidance to financial institutions and helps them understand policies and procedures. #OurPeopleOurStories showcases Philadelphia Fed employees to tell our story and celebrate the work we do to improve the Third District. Follow us for more videos in this series. https://bit.ly/464bCc6

Philadelphia Fed President Patrick Harker, Bill Spaniel, Erin Mierzwa, and Olivia Ness traveled to Altoona, PA today to discuss workforce and economic development initiatives. Thank you to Stephen McKnight, Altoona-Blair County Development Corp., Ron McConnell, MBA, FACHE, Frank Montecalvo, Saint Francis University, and Mark Ritchey, Curry Rail Services, for providing key insights on the regional economy.

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 https://bit.ly/3LkkFMm #riskmanagement #thirdpartyrisk #federalreserve #communitybanks

We are pleased to announce the upcoming Eighth Annual Fintech Conference on October 22-23, 2024. Save the date to join us for this unparalleled gathering of fintech leaders and industry experts discussing emerging topics in financial technology. Follow us to be the first to know when registration opens. If you missed last year’s event, you can find the recordings at https://bit.ly/45D17Ms

On this Fourth of July, let us remember the ideals of freedom and equality for all as we celebrate our nation's independence. Happy Independence Day!

Economic educators from the Federal Reserve welcome elementary school teachers for a one-day professional development program that introduces lessons for teaching students about money, and other economics and personal finance concepts using children’s literature. The lessons demonstrated in this program provide educators with grade-level appropriate activities for teaching about decision-making, spending and saving, allocation methods, opportunity cost, scarcity, and productive resources. Learn more and register to join us on Wednesday, July 31. https://bit.ly/3wGIha8 Participants who complete the session will receive 6.50 hours of professional development credit (Act 48 in Pennsylvania for certified teachers) and copies of children’s books and all lessons. Breakfast and lunch will be provided. Participants can request free parking during the registration process. #EconomicEducation #ProfessionalDevelopment #FinancialEducation #ElementaryEducation #ChildrensLiterature