The Federal Reserve Bank of Richmond recently highlighted the significant role community colleges play in workforce development. During a speech at the 2024 Virginia Education and Workforce Conference, Tom Barkin, President of the Federal Reserve Bank of Richmond, emphasized the importance of these institutions in addressing labor market imbalances.
The Federal Reserve Bank of Philadelphia has appointed two new members to its Community Depository Institutions Advisory Council (CDIAC). Mark W. Jaindl, CEO and chairman of the board of American Bank, and Gregory Matuson, president and CEO of Sturdy Savings Bank, have started their three-year terms on the council as of October 2024.
The Price Cap Coalition, comprising G7 countries along with the European Union, Australia, and New Zealand, has issued an updated advisory for the global maritime industry. This advisory is aimed at both government and private sector actors involved in maritime activities. The update focuses on best practices to promote responsible operations, disrupt sanctioned trade, and enhance compliance with existing price caps.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on 18 companies, individuals, and vessels connected to Sa’id al-Jamal, a financial official linked to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and supporting Houthi operations. The entities involved are accused of facilitating illicit oil shipments that fund Houthi attacks in the region.
The U.S. Department of the Treasury has published its Treasury International Capital (TIC) data for August 2024, revealing a net TIC inflow of $79.2 billion. This figure includes net foreign private inflows of $79.7 billion and net foreign official outflows of $0.6 billion.
The Federal Reserve Bank of Richmond has announced that its president, Tom Barkin, will be addressing the Virginia Education and Workforce Conference. The event is scheduled for October 23, 2024, at the Greater Richmond Convention Center in Richmond, Virginia.
Litmus Music has announced a creative partnership with Randy Newman, acquiring his share of recorded music and publishing rights. The deal covers Newman's work on Disney film franchises such as Toy Story, Cars, Monsters Inc., and The Princess and the Frog. It also includes his hits from the 1970s and 1980s like "I Love L.A." and "Mama Told Me Not To Come."
This week, the U.S. Department of the Treasury convened a roundtable to explore how financial institutions can enhance their support for Tribal Nations in accessing capital. The event brought together various stakeholders from the Tribal finance ecosystem, including representatives from Tribal governments, financial technology firms, consumer advocacy groups, government agencies, and financial institutions.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on three entities and one individual involved in the production of Russia's Garpiya series long-range attack unmanned aerial vehicles (UAVs). These drones, which have been used in Russia's ongoing conflict with Ukraine, are designed by experts based in the People's Republic of China (PRC) and manufactured at factories in China before being transferred to Russia.
The Federal Reserve Bank of New York has introduced a new research product, the Reserve Demand Elasticity (RDE), which will be published monthly. This tool measures the federal funds rate's responsiveness to changes in reserve supply.
The Fourth Federal Reserve District is hosting an online webinar on October 16, 2024, from 3:00 to 4:00 PM ET. The event will focus on the critical issue of broadband access in the United States.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated three individuals and four companies linked to a Lebanon-based network that supports Hizballah financially. This network is accused of generating substantial revenue for Hizballah through sanctions evasion tactics, including commercial projects in Lebanon facilitated by Iran.
The Cleveland Federal Reserve has released a new simulation model predicting that rent inflation may remain elevated until mid-2026, provided key variables stay constant. The report highlights the disparity in rent increases between new and continuing tenants since the pandemic. While rents for new tenants surged rapidly during the pandemic, those for continuing tenants increased at a slower pace. According to the model, there is still a significant gap between these two groups' rents.
In a joint effort with Canada, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated the Samidoun Palestinian Prisoner Solidarity Network as an international fundraiser for the Popular Front for the Liberation of Palestine (PFLP), a terrorist organization. The PFLP was classified as a Foreign Terrorist Organization by the U.S. Department of State in 1997 and as a Specially Designated Global Terrorist in 2001. Samidoun, along with Khaled Barakat, a member of PFLP's leadership, plays significant roles in fundraising activities for the group.
The Federal Reserve Bank of New York's Center for Microeconomic Data has released its September 2024 Survey of Consumer Expectations. The survey indicates that while short-term inflation expectations remain stable, there is a slight increase in medium- and long-term inflation expectations. Additionally, the likelihood of voluntary job separation and finding employment after job loss has risen.
The Federal Reserve Bank of Cleveland has released a report indicating that workers in the lower half of the income distribution who receive unemployment insurance tend to have significantly more savings than those who do not. The study reveals that recipients of unemployment insurance possess 3.7 times more net liquid wealth than nonrecipients in the bottom income quartile and about twice as much in the second income quartile.
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency have issued a statement acknowledging the significant impact of Hurricane Milton on financial institutions. These agencies have pledged to provide regulatory assistance to affected institutions.
The town of Springfield, Vermont, once known for its vital machine tool industry during World War II, is working to recover from the loss of jobs and identity that followed the industry's decline. Bob Flint, executive director of the Springfield Regional Development Corporation, highlighted efforts to clean up former factory sites with $9 million already spent and an additional $5 million committed. This remediation is seen as a step toward commercial redevelopment.
Today, the U.S. Department of the Treasury released a fact sheet highlighting investments in the Latino community. This announcement comes during Hispanic Heritage Month and underscores the contributions of Latinos to the U.S. economy, along with benefits from President Biden's economic agenda for Latino families and businesses.
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
