CDFIs were created to improve credit access for underserved communities, but little was known about their impact. The Richmond Fed launched the CDFI Survey to fill that data gap for the Southwest region.

Proposal submissions are now open for the 2024 Investing in Rural America Conference poster session! In this post, we invite you on a virtual tour of posters from our 2023 conference to learn about the ways rural communities are addressing economic challenges.

The Richmond Fed Community Development team hosted the Rural Investment Collaborative retreat in Charlotte in early November.

Results from our 2023 CDFI Survey show that a majority of CDFIs nationwide and in the Fifth District would like to offer additional products or services but currently lack the resources to provide them on a sustained basis.

Jarrod Elwell and Jason Smith share what the Federal Reserve Bank of Richmond has learned about the financing needs of rural parts of the Fifth District and how the Bank's Rural Investment Collaborative and other programs help community leaders address those needs.

Richmond Fed leaders and Federal Reserve Governor Michelle Bowman heard business and community leaders' perspectives on the state of the local economy.

The Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank of Richmond (FRBR) and the Federal Deposit Insurance Corporation (FDIC) are sponsoring a virtual workshop on the Community Reinvestment Act.

Designed for community-based organizations, this workshop will review the regulation and discuss ways through which community organizations can collaborate more effectively with banks. Topics discussed include an overview of the CRA, understanding the impact of bank performance context, the types of bank activities that qualify for CRA consideration and strategies to develop successful partnerships with banks.

A Community Conversations visit to two counties in rural western Virginia showcased inviting landscapes that offer opportunities for economic growth.

A unique partnership between Compass Point Preschool and Northeastern Technical College in Cheraw, South Carolina, makes affordable, high-quality child care accessible to parents entering the labor force.

The Richmond Fed's Community Conversations team discovered a similar focus on workforce development and affordable housing in two regions of South Carolina.

The Bank hosted national, regional and local funders to discuss how to more strategically provide rural communities with access to capital.

The Richmond Fed Community Conversations team visited Wythe County to explore the region's promises and possibilities.

Over the past two years, community development financial institutions (CDFIs) received large, targeted investment from three federal programs. How was funding distributed to CDFIs in the Fifth District?

Richmond Fed Community Development leader Jason Smith co-chairs a national group of Federal Reserve leaders focused on understanding rural communities.

The Richmond Fed's Community Development team connected organizations on Maryland's Eastern Shore with potential funders during a recent Investment Connection program.

President Tom Barkin shares how small towns in the Fifth District are putting their best foot forward to attract talent.

The Federal Reserve launched a new resource designed to help lenders understand the Metropolitan Statistical Area boundaries and demographics due to the 2020 Decennial Census update.

The COVID-19 pandemic dramatically reduced transit ridership across the country. Operators across the Fifth District are still figuring out how to adapt.

$440 million in competitive economic development grants from the 2021 American Rescue Plan Act have arrived in the Fifth District where the funds are expected to have an outsized impact in rural areas.

Results from a recent national Fed survey show that community development financial institutions (CDFIs) and the communities they serve are facing less severe disruptions than last year. Still, staffing and other challenges are preventing CDFIs from fully meeting growing demand for their products and services.

Different people have disparate experiences in accessing credits. Exploring ways to close this credit access gap could provide more economic opportunities for underprivileged areas.

Richmond Fed leaders visited York County and Chester County in South Carolina as part of a two-day Community Conversations visit.

Carrie Cook describes the role of the Federal Reserve System in the community development sector and how the Federal Reserve Bank of Richmond partners with communities to fulfill this role. Cook became the Richmond Fed's community affairs officer and vice president of community development in May 2022.

The Community Development team recently hosted an Investment Connection Pitch Session to connect six organizations with CRA-eligible projects to potential CDFI funding.

The Recompete Pilot Program intends to boost economic competitiveness in selected underperforming areas by dispersing grants to fund proposed infrastructure, workforce, and business development activities.

As legal gambling options proliferate, commercial casino expansion is less likely to induce economic growth.

The New River Valley Regional Commission is an example of how a regional development organization can galvanize innovative, sustainable regional and local housing strategies to serve its small towns and rural communities.

Small towns have an opportunity to address challenges from health care to transportation, but there are barriers to accessing funding.

Kelly Bowers, economic development director for Hertford County, N.C., discusses the challenges and opportunities facing her community. She highlights the importance of collaboration across state lines and the need for infrastructure such as broadband and affordable housing to support growth.

Host Tim Sablik discusses his recent research on the value of entrepreneurs in the economic growth of rural places and small towns, as well as the obstacles that they face compared to more urban communities. Sablik also talks with Erika Bell and Laura Ullrich about what they have learned from their contacts in North Carolina and South Carolina about rural entrepreneurship. Bell is community development regional manager for the Carolinas and Ullrich is a regional economist in the Richmond Fed's Charlotte branch.

Small businesses remained challenged throughout 2021 and those that sought financing to bridge funding gaps experienced a higher rate of denials than before the pandemic.

During a recent Community Conversations visit to Petersburg, Virginia, Richmond Fed President and other Bank leaders noted the concerted effort the city is making to create a bright future.

As a regional Fed, it is in our mission to help wherever we can to promote economic vitality in our District. So, starting in early 2018, the Richmond Fed stepped up its efforts to learn about rural and small-town economies and to seek ways in which outcomes could be improved and potential unleashed.

The Community Reinvestment Act (CRA) was enacted in 1977 as part of an attempt to remedy the legacy of redlining and to encourage banks to meet the needs of minority and low- and moderate-income communities.

Tressa Gardner provides an overview of the Southeastern Institute of Manufacturing and Technology (SiMT), the business incubator and other programs that it operates, and its role in supporting economic development in northeastern South Carolina. Gardner is associate vice president of SiMT.

The Fed's Community Impact Survey reveals COVID-19 disruptions to community organizations' operations and the low-income communities they serve.

Rural America Week brings together community leaders, policymakers, and representatives from financial institutions and foundations.

Daniel Paul Davis and Andrew Dumont discuss an approach to economic development in rural communities that is detailed in a book they have edited, "Investing in Rural Prosperity."

Deborah Markley discusses how community foundations support capacity building and development to improve the well being of rural communities.

Tom Barkin and other Bank leaders recently hosted a Community Conversations visit to southern West Virginia.

Community development financial institutions (CDFIs) like Woodlands Community Lenders are uniquely positioned to help rural towns address unique challenges through place-based revitalization and by attracting investment.

Dave Clark discusses the role of Woodlands Development Group and his organization's community development financial institution in driving economic development in north central West Virginia.

Are you considering all the impacts to your customers when you debate closing a branch? In addition to the economic and financial impact of closing a branch, it’s crucial to consider the legal and compliance risks related to Community Reinvestment Act (CRA) ratings and fair lending as part of a branch evaluation.

The Richmond Fed has been working to educate policymakers and workers in the Fifth District about benefits cliffs

Some observers have recently voiced concern that Fed activities in the areas of climate change and inequality may put the institution at risk.

Through Community Conversations, Richmond Fed leaders connected with business, civic and community leaders in Parkersburg, West Virginia, to learn about the town's opportunities and challenges.

Investment Connection matches banks and other funders with nonprofits and community groups seeking investment.

The Richmond Fed went to Greenville and Spartanburg County, South Carolina to learn about local business achievements and efforts to foster equity and economic mobility.

The Richmond Fed participated in an Investor Convening hosted by Opportunity Appalachia to connect projects in Central Appalachian Opportunity Zones with potential investors.

Bernie Mazyck and Mark Fessler discuss how the pandemic is contributing to ongoing high volumes of renter evictions in certain parts of our country.

Tiffany Hollin-Wright discusses the work being done by Community Development staff at the Richmond Fed and in the Federal Reserve to respond to current health and economic crises, in particular their disproportionate impact on communities of color.

Reston, Va., and Columbia, Md., were founded in the 1960s with similar visions for inclusive, connected communities.

The Richmond Fed's Baltimore Branch hosted this live event where eight organizations in Maryland and the District of Columbia presented their funding proposals.

Investment by community development financial institutions (CDFIs) varies by county and between urban and rural areas.

This report explores differences in community growth and income by analyzing indicators of access and health in the credit economy from 2007-2017.

This issue of Community Practice Papers focuses on partner organizations in East Baltimore and community development tools to address a neighborhood challenged by disinvestment.

Cities and states are experimenting with a new financing model to support social and environmental programs.

This issue of Community Practice Papers details how to further advance the Pay-for-Success field in the United States through universities, such as University of Virginia.

This issue of Community Practice Papers explores examples of sustained and emerging business models from rural and urban Community Development Corporations across the Carolinas.