The Federal Reserve Bank of Philadelphia has announced changes to its Community Depository Institutions Advisory Council (CDIAC), appointing a new chair and welcoming two new members in April 2024.Jeffrey Stopko, president and CEO of AmeriServ Financial, Inc., has been appointed as the new chair of the CDIAC for 2024, representing the Third Federal Reserve District. Stopko, who has been a member of the advisory council since 2021, will lead the council in its discussions on economic and business trends facing community depository institutions.Joining the CDIAC are James...
In a new study of Syrian refugee families with small children, fathers viewed themselves as highly involved parents; their wives often begged to differ.The study, co-authored by Yale anthropologist Catherine Panter-Brick, found that this disagreement between spouses predicted significant deficits in their children’s social and emotional development even though the fathers’ actual level of parental involvement had no measurable effect on those outcomes.Catherine Panter-Brick, the lead researcher, highlighted the significance of the study's findings by stating, "It’s...
WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, announced the Office of Surety Guarantees award winners recognized for their continued work to help small contracting businesses acquire surety bonds.Guzman commended the award winners, stating, "SBA’s surety guarantee partners play a crucial role in helping the SBA facilitate billions of contracting dollars to America’s small businesses, and our 2024 Surety Guarantee...
Virginia Apgar, known for developing the APGAR Score, was honored with a commemorative stamp issued on October 24, 1994. Ruth Bader Ginsburg, the second woman to sit on the U.S. Supreme Court, had a stamp issued in her name on October 2, 2023. Shirley Chisholm, the first Black woman elected to Congress, was commemorated with a stamp on January 31, 2014. Anna Julia Cooper, an advocate for education and civil rights, had a stamp issued in her honor on June 11, 2009. Amelia Earhart, the iconic female aviator, was remembered with a stamp on July 24, 1963. Margaret Mead, a...
Five individuals were recently recognized for their outstanding contributions to the LGBTQIA+ community and the Virginia Commonwealth University (VCU) at the 2024 Burnside Watstein Awards ceremony. The awards, named after Chris Burnside and Sarah Watstein, aim to celebrate individuals who make a significant impact on the lives of LGBTQIA+ faculty, staff, and students at VCU.Josh Leidy, a member of the selection committee, highlighted that the recipients were chosen for embodying the work of past LGBTQ+ advocates and providing safe spaces for authenticity and growth within...
Amid personal turmoil and challenges, George Richardson found solace and purpose in sports throughout his youth. The death of his parents and separation from his siblings marked a tumultuous journey that ultimately led him to Virginia Commonwealth University (VCU), where he pursued a path that will allow him to pay forward the valuable life lessons he has learned.Richardson, set to graduate in May from VCU’s University College with a degree in interdisciplinary studies concentrating on educating youth in fitness and athletics, shared his journey of resilience and...
SBA Administrator Isabel Casillas Guzman announced the selection of 17 new Women’s Business Centers (WBCs), with 13 of them hosted by established Minority Serving Institutions (MSIs) across ten states. Guzman highlighted the impact of these centers on women entrepreneurs, especially women of color, stating, “Under the Biden-Harris Administration, we have seen a historic Small Business Boom, with women, especially women of color, filing new business applications at double the rates of men.”The SBA’s WBCs provide essential resources to women entrepreneurs, offering...
A potential ban on the popular social media app TikTok in the U.S. is causing concerns for its more than 150 million users and the influencers and brands that rely on the platform. Joshua Smith, an assistant professor at Virginia Commonwealth University, emphasized the significance of this issue, stating, "Everyone who has a stake in TikTok, be that in time, money or social capital, would be affected by an outright ban."Smith highlighted the impact a ban would have on individual users, noting that they would lose access to their network, social support, and memories...
The National Credit Union Administration (NCUA) has taken action against three individuals, permanently prohibiting them from participating in the affairs of any federally insured depository institution. Sarah C. Conley, a former employee of Summit Federal Credit Union in Rochester, New York, Carlene Bartley, a former employee of Municipal Credit Union in New York, New York, and Esther A. Olson, a former employee of Educational Employees Credit Union in Fresno, California, are the individuals named in the prohibition notices and consent order issued by the NCUA in March...
The University of Rochester saw a vibrant array of activities and events in March 2024, captured in a series of captivating photos by J. Adam Fenster. From academic pursuits to cultural performances, the month was filled with diverse experiences for students and faculty alike.In the Mary Ann Mavrinac Studio X in Carlson Library, a student was immersed in virtual reality, showcasing the integration of technology into educational settings. Meanwhile, visiting assistant professor Dmitry Bykov engaged students with recordings of Russian prison songs, shedding light on the...
WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, recognized four SBA Resource Partners of the Year awardees. The awardees – from Wisconsin, Michigan, Colorado, and Mississippi – will be honored at a ceremony during National Small Business Week, April 30-May 1, 2024."This year’s Resource Partner of the Year awardees are making a real difference in the lives of countless small business owners — connecting them with...
NEW YORK—The Federal Reserve Bank of New York today announced the appointment of Izzy Martins to the New York Fed’s Second District Advisory Council, effective immediately. Martins, who is the executive vice president and chief financial officer of Avis Budget Group, has a vast experience in the financial sector, having served in various roles within the company and prior to that at Deloitte & Touche.The Second District Advisory Council, consisting of senior business leaders, meets regularly to provide valuable insights on business and economic conditions in the Second...
The National Credit Union Administration (NCUA) disclosed its Office of Minority and Women Inclusion (OMWI) Annual Report to Congress for fiscal year 2023, underscoring the agency’s dedication to diversity, equity, inclusion, and accessibility. NCUA Chairman Todd M. Harper emphasized the agency's strong commitment, stating, "The NCUA has a deep commitment to diversity, equity, inclusion, and accessibility." He further linked this commitment to the historical role of credit unions in serving marginalized communities.Key highlights from the OMWI 2023 Annual Report to...
The U.S. Small Business Administration has revealed the co-sponsors and educational session topics for the upcoming 2024 National Small Business Week (NSBW) Virtual Summit, set to take place from April 30 to May 1. The event aims to provide valuable resources and networking opportunities to small business owners across the nation.Han Nguyen, Associate Administrator for the Office of Communications and Public Liaison at the SBA, highlighted the significance of National Small Business Week, stating, “SBA’s National Small Business Week recognizes entrepreneurs and small...
Yale College has announced the admission of 2,146 applicants from a record applicant pool, marking a significant milestone in the institution's history. The newly admitted students, selected from the largest admissions pool in Yale's history, bring with them a diverse range of strengths, ambitions, and lived experiences.According to Jeremiah Quinlan, dean of undergraduate admissions and financial aid, the Class of 2028 comprises students from all 50 states, the District of Columbia, two U.S. territories, and 62 countries. Quinlan highlighted the inspiring qualities seen...
Prominent history scholar, Edward Ayers, will be the keynote speaker at Virginia Commonwealth University's Memory Studies Lab's first public event on April 2. The event aims to introduce the lab and its work to the VCU community, according to Gabriel Reich, Ph.D., co-director of the lab. Reich stated, “We have created a rich intellectual community.”Ayers, a professor and president emeritus at the University of Richmond, has dedicated his career to making the past relevant to contemporary society and politics. He will draw from his new book, “American Visions: The United...
Virginia Commonwealth University is gearing up to launch its first-ever Innovation Month in April, a celebration of creators, innovators, researchers, and entrepreneurship across the institution."Innovation is at the heart of every VCU education, and this Innovation Month recognition is a terrific way not only to celebrate what’s happening throughout VCU today but perhaps spark that next great idea," expressed Fotis Sotiropoulos, Ph.D., provost and senior vice president for academic affairs.The month-long event aims to spotlight the creativity, ingenuity, and...
According to a new report from the Federal Reserve Bank of Cleveland, US banks increased their capital ratios well before the Basel III reforms required them to do so. Research economist Jan-Peter Siedlarek noted that banks preemptively raised their capital ratios rather than waiting for the rules to become binding.The report highlighted that larger and better-capitalized banks took the lead in increasing their capital ratios before smaller and less-well-capitalized banks. However, on average, banks of all sizes notably boosted their regulatory capital ratios between 2009...
Investment funds managed by Morgan Stanley Capital Partners (“MSCP”) have successfully completed the sale of World 50 Parent LLC and its subsidiary companies to a single asset GP-led continuation fund investment vehicle. The continuation fund is backed by investments from Pantheon, Blue Owl Strategic Equity, Lexington, Norwest, Ares Management Funds, AltamarCAM, and Churchill.Adam Shaw, Managing Director and Head of Business Services at MSCP, expressed pride in the transformation of World 50, stating, “We believe World 50 is a unique business model with multiple levers...
The Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI) has launched the Labor, Income, Finances, and Expectations (LIFE) Survey and today published the first report in the quarterly series, which summarizes the latest survey results.According to Bob Hunt, senior vice president and associate director of CFI, "The LIFE Survey is designed to be agile, so that CFI can gather timely information from consumers even when there are sudden, rapid, or unusual shifts in the economy."The survey, which gathers data every quarter from a large cross-section of...
