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Here we are in August 2020. The coronavirus remains a threat to our physical and economic health, racial injustice continues to roil our nation, and across the country, storms and other climate impacts pose additional threats to our collective safety and well-being.
In communities across California, we’re grappling with a jarring start to fire season, which brings both destructive flames and oppressive, far-reaching smoke and ash. (As I write this, my car is packed with my family’s irreplaceable items, some food and water, and for the first time, a bag filled with masks, sanitizer, and a host of cleaning supplies.)
As we remain vigilant in our efforts to curb a variety of crises, we must also continue to center our most vulnerable populations when building solutions. Our Community Development team at the SF Fed is committed to just that. Here's what we've been up to:
Strengthening Financial Health in Times of Crisis
COVID-19 makes it clearer than ever that inclusion in the financial system is critical for households and businesses to access timely relief funds. Distributing funds at scale, however, presents numerous challenges, including issues related to technology and communication. To explore what it takes to have an inclusive financial system, Laura Choi sat down with Leigh Phillips, CEO of SaverLife, for aconversation on leveraging fintech, data, and strategic partnerships to strengthen financial health in times of crisis. |
Nonprofits Face Real Estate Pressures in the LA Region
Nonprofit organizations provide critical services for low-income communities, communities of color, and the LGBTQ community, particularly in times of crisis. Our new report, based on a survey and interviews conducted by Elizabeth Mattiuzziand Eileen Hodge, finds that many nonprofits in the Los Angeles region faced displacement pressures going into the pandemic due to the high cost of renting or purchasing operating space. |
Pathways to Racial Economic Justice
Opportunity Alliance Nevada is hosting the “Pathways to Racial Economic Justice Series” to discuss the racial wealth divide in Nevada from a national and state perspective. Joselyn Cousins and Bina Shrimali contributed perspectives to two foundational sessions: Joselyn spoke about the racial wealth gap, and Bina discussed health disparities by race and place. Check out the full series here. |
And with the recent reminders that climate risk remains a very real threat, revisit our issue of Community Development Innovation Review edited by Ian Galloway to explorestrategies to address climate change risk in lower-income communities.
Finally, it's always a good time to reread the Racial Equity Primer by Bina Shrimali. With every read (and I've read it a lot), I become more equipped to engage in productive conversations about race, and I find new ways to apply the learnings. I hope you will too.
Thank you for reading and for your shared commitment to our communities.
Stay safe,
Laurel Gourd
Communications Specialist for Community Development
Federal Reserve Bank of San Francisco |
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MORE FOR YOU |
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ICYMI: Virtual Events with Mary Daly
SF Fed President Mary C. Daly was a panelist on the Oakland Rotary Club's Under the Magnifying Glass: Inequity and COVID-19. You can watch the recording here. And last week, we launched The New Future of Work, a discussion series exploring what’s next for the workplace once the pandemic is behind us. The first session explores the tensions between employers and employees facing dynamic work environments and offers insights into the needs and desires of our future workforce. |
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Two Tales of Changes in Retail Banking
A new issue of Consumer & Community Context from the Federal Reserve Board examines the implications of faster payments for cash-flow-constrained consumers and explores the emergence of online-only subsidiaries of traditional brick-and-mortar banks. |
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Main Street Lending Program
The Federal Reserve Main Street Lending Program keeps credit flowing to small and mid-sized businesses and nonprofit organizations that were in sound financial condition before the coronavirus pandemic but now need financing to maintain operations. Looking for more information? Ready to apply for a loan? Interested in registering as a lender? Visit the Main Street Lending Program website for answers to your questions, program updates, and resources for borrowers and lenders. |
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SF Fed COVID-19 Resource Hub
Our resource hub makes it easy to find information about Fed actions and guidance in response to COVID-19 and related resources from the San Francisco Fed.
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