Federal Reserve Bank of Philadelphia

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Celebrating the hard work, dedication, and fresh perspectives of our summer interns on #NationalInternDay! Check out this video produced, filmed, edited, and starring (!!) some of our amazing interns. And stay tuned for more videos in the coming weeks that spotlight several interns as they reflect on their experience in the 2024 Summer Internship Program. Thank you for allowing us to be a part of your journey!

All measures of credit card balance delinquency rates reached their highest levels since 2012, according to the Federal Reserve Bank of Philadelphia’s Q1 2024 Large Bank Credit Card and Mortgage Data. The quarterly series, which began in 2012, reports data from the largest financial institutions in the U.S. Q1 2024 data also show: • Mortgage originations reached their lowest points since the series began in 2012. • Revolving credit card balances reached its highest point since 2012 at $628.6 billion. • The median credit score at origination for credit cards reached its highest point in over 10 years. Meanwhile, the median original credit limit was higher in the first quarter compared with the previous year, even after adjusting for inflation. This suggests that banks are tightening underwriting standards, but not imposing additional limits on approved new borrowers. https://bit.ly/3WjEfgF

We're #hiring an IT Risk Management Analyst in Philadelphia, Pennsylvania. Apply today or share this post with your network.

We are pleased to participate in the 2024 Future Bankers and Financial Professionals Camp. As part of the program, nine students from Camden, NJ, with an interest in banking and financial services spent the day at the Philadelphia Fed to hear from President Patrick Harker and other leaders to learn about the Federal Reserve Bank of Philadelphia. Thank you to the students, their parents and schools, our partners, participating financial institutions from the Third District, and the Center for Financial Training International for your involvement and support. Looking forward to seeing what’s in store for this next generation of financial services professionals! The Future Bankers and Financial Professionals Camp is a national program designed to motivate and tap into the talent of high-achieving students from underserved communities, providing them exposure to a career path in the financial services industry.

Manufacturing activity in the region expanded overall, according to the firms responding to the July Manufacturing Business Outlook Survey. The diffusion index for current general activity rose 13 points to 13.9 in July. The indexes for shipments and new orders turned positive. On balance, the firms indicated an increase in employment, and the current price indexes suggest overall increases in prices. Most of the survey’s broad indicators for future activity rose, suggesting more widespread expectations for growth over the next six months. https://bit.ly/3Lu6fJK

Conversations with the community make a difference. Community development practitioners and policymakers recognize the value of conducting research with communities as partners through community-engaged research. This approach invites stakeholders into the research process by centering their perspectives and elevating their expertise. These discussions help to create better services, understand policy barriers, and learn what’s working best. This webinar will feature examples of how community-engaged methods can highlight the experience of workers and jobseekers. Attendees will hear what researchers are learning from these conversations and how institutions, organizations, or communities can leverage the same principles. Speakers for this webinar include Jamilica Burke, chief strategy and impact officer at Seeding Success, Celeste Frye, chief executive officer at Public Works Partners, Chioke Mose-Telesford, director of improving practices and outcomes at Corporation for a Skilled Workforce, Sarah Miller, principal adviser, community and economic development at the Federal Reserve Bank of Atlanta, Ashley Putnam, director, Economic Growth & Mobility Project at the Federal Reserve Bank of Philadelphia and Julie Siwicki, community development adviser at the Federal Reserve Bank of Atlanta. Register today for the session on August 8, from 3 to 4 p.m. ET and follow Fed Communities on all social media platforms. https://bit.ly/3WlFOMu

What is the importance of appropriately identifying and managing funding concentrations? Lead Examiner Andrew Giltner from the Federal Reserve Bank of Chicago discusses some of the most prevalent balance sheet concentrations held by community banks, highlighting key concentration risks and discussing the current guidance and supervisory expectations for prudent concentration risk management practices. Community Banking Connections is a source for information on guidance, resources, and tools to help community banks across the United States.

Philadelphia Fed President Patrick Harker, First Vice President Jeanne Rentezelas, Bill Spaniel, Joe Budash, and Olivia Ness travelled to Williamsport to meet with small businesses to hear first-hand about labor market dynamics and how they are experiencing the economy. Thank you to the small business leaders who participated and Jason Fink and the Williamsport/Lycoming Chamber of Commerce.

As a bank examiner and supervisory risk specialist, what Evoly Santiago values most is being part of the bigger picture: ensuring financial stability through regulated oversight of banks. Evoly’s first exposure to the Federal Reserve came during her time as a Bank Secrecy Act/Anti-Money Laundering expert at a regional bank. In this role, she worked regularly with Fed examiners, and began seeing herself in the Fed’s mission and values. Evoly has worked at the Fed for the last decade, and she has made a difference since day one. Specialists like Evoly serve an important role at the Philadelphia Fed. Her deep subject matter expertise in monetary risks and governance shines during examinations and oversight, where she provides meaningful guidance to financial institutions and helps them understand policies and procedures. #OurPeopleOurStories showcases Philadelphia Fed employees to tell our story and celebrate the work we do to improve the Third District. Follow us for more videos in this series. https://bit.ly/464bCc6