The Community Investment Council of the Richmond Federal Reserve Bank convened on April 11–12 to discuss the bank's community development goals for the Fifth District. Leaders from Virginia, Maryland, South Carolina, North Carolina, Washington, D.C., and West Virginia gathered at the Richmond location to discuss issues and trends affecting community development across the district.
The Council serves a crucial role in keeping the bank informed about developments within low- and moderate-income neighborhoods and communities. The recent meeting saw Richmond Fed President Tom Barkin participating in a roundtable discussion with Council members and Community Development staff. The topics covered included labor market conditions, current economic conditions of households and communities, as well as economic optimism versus concern.
Attendees also heard a presentation on housing and homeownership challenges and opportunities in rural areas of the region. A national and regional economic outlook was provided as well.
"Engaging in meaningful discussions about community development and the issues that impact our region is an extremely valuable part of our work," said Carrie Cook, vice president of Community Development and the bank’s community affairs officer. She added that these conversations help to inform their work by allowing them to better understand needs within their district and explore opportunities to further advance their community development initiatives.
During the meeting, Council members were updated on the progress of the Rural Investment Collaborative – a partnership between the Richmond Fed and rural partners aiming to train 16–20 community leaders each year. This initiative aims to enhance community and economic development efforts where they live while supporting greater capital access in small towns. The inaugural cohort of leaders will conclude training this month, with applications for the next cohort opening this summer.
