New Resources for Current Issues in Economic and Community Development
Small Business and Entrepreneurship
The Small Business Economy: A Report to the President (2.2 MB, 185 pages)
Small Business Administration, 2010
A review of the economic environment and financial markets, and how small businesses fared in 2009.
NFIB Small Business Economic Trends (605 KB, 23 pages)
Based on a monthly survey of small and independent business owners (sample of NFIB members).
The Financial Structure of Startup Firms: The Role of Assets, Information, and Entrepreneur Characteristics (329 KB, 29 pages)
Paroma Sanyal and Catherine L. Mann, FRB Boston Working Paper
Using the Kauffman Firm Survey, the authors examine how characteristics of a startup's assets, information about the startup, and entrepreneur attributes relate to financial structure at inception, including whether the startups use external debt or are self-funded.
Housing, Neighborhood Stabilization, and Foreclosure
Subprime Lending Over Time: The Role of Race (971 KB, 26 pages)
Marvin M. Smith, Federal Reserve Bank of Philadelphia, and Christy Chung Hevener, formerly of the Federal Reserve Bank of Philadelphia
Analyzes the racial gap in subprime mortgages over time. The study estimates a portion of the gap that cannot be attributed to such characteristics as income, credit score, loan amount, degree of documentation, denial rate, residence in a minority tract, and debt-to-income ratio. It concludes that the unexplained portion suggests that bias in mortgage lending cannot be ruled out.
Atlanta Housing Authority Lessons Learned
The following two entries appear in a three-part series published in the blog AHA Lessons Learned by Renée Lewis Glover, president and CEO, Atlanta Housing Authority. Glover is also on the board of directors of the Federal Reserve Bank of Atlanta.
When is "Community" Not "Community"?
January 17, 2011
Glover contrasts the "community" in Atlanta's former public housing projects with the communities in which their former residents live today.
So-called "Hard to House" Face Multiple Obstacles
January 30, 2011
Glover says that people are "hard to house" for a wide variety of reasons, and require a wide variety of assistance. The traditional one-size-fits-all solution of public housing projects has failed, and a multitude of tools is needed to achieve success.
Financial Stability and Access to Banking
Savings Strategies & Innovations for Low-Income Households
The Cleveland Fed, together with the University of North Carolina's Asset Building Research Group, hosted a conference in December to showcase successful saving strategies and innovations for low-income households. Key takeaways from the day include these: incentives encourage savings, goal setting is huge, and channels—think workplace and auto-save mechanisms—matter.
What You Need to Know: New Rules about Credit Decisions and Notices
A new online Federal Reserve publication helps consumers better understand new notices they may receive from lenders when credit reports or credit scores affect a decision to grant credit. It describes the types of notices consumers may receive and provides links to sample notices. It includes information about what consumers should do if they receive a notice, including instructions on how to dispute credit report errors.