Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The Federal Reserve System formulates and implements U.S. monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government.
The Federal Reserve Bank provides us with economic focused research lately honing in on inflation expectations, housing and household finance, and factors related to regional economic growth. The Federal Reserve Bank of Cleveland’s
research and analysis is a resource for the public. The latest economic research includes the rate of new business start-ups; inflation expectations; activity of the median consumer price index; the connections between wages, prices, and economic activity. From this research, the Federal Bank then forms initiatives to aid the local economy.
Most recently, the Federal Reserve Bank of Cleveland completed a study titled "Cleveland Small Business Ecosystem"
; data found a $38M gap in available funding annually to individuals that have trouble getting consumer finance loans from traditional sources. Because of the work done by the Federal Reserve Bank, a collaboration created by Huntington Bank, the Cleveland Foundation, the City of Cleveland and Cuyahoga County, and the Federal Reserve Bank of Cleveland was created. The group identified an active CDFI in Ohio and brought the ECDI to Cleveland. Initiative funding was provided by Huntington Bank, the City of Cleveland, Cuyahoga County, and US Bank. Economic and Community Development Institute’s Cleveland branch offers microloans of up to five years and $150,000 to companies or entrepreneurs who present a higher risk than most traditional financiers are willing to accept. This collaboration has helped to spur entrepreneurship in the City of Cleveland and so far there has been a zero default rate
according to IBmag.com. “By putting money into these businesses, it’s a great opportunity for job creation and talent attraction to the region,”
says Tracey Nichols, Director of Economic Development for the City of Cleveland, which put $200,000 towards the program.
Annually in June the Federal Reserve bank of Cleveland hosts the Policy Summit on Housing, Human Capital, and Inequality. This summit covers how policies passed in Washington can best address the varied needs of our region. The summit also features the latest research in education, workforce development, and post-foreclosure housing policy while discussing ideas to address the conditions in our region.
A major initiative by Cleveland’s Federal Reserve is community development, through fair lending which supports local economic development activities. The Community Development team is comprised of economists, analysts, and planners from across three cities. The department identifies best practices, building partnerships, and provides training and technical assistance through qualitative and quantitative research to the community.