Annual Report
2020 Annual Report: Unprecedented Support in Unprecedented Times
14 May ’21
During 2020, the Philadelphia Fed’s mission of service to the Third District and the country was more critical than ever. The Annual Report features our dedicated staff and the people, businesses, and communities we supported to help ensure a strong and inclusive recovery.
In his letter, President Patrick Harker acknowledges the resilience shown by Americans during 2020 and the commitment of our staff to protecting the integrity of the financial system and helping communities in the Third District and the U.S. thrive.
In his letter, First Vice President James Narron expresses his gratitude to healthcare workers for their efforts and to our dedicated staff and partners who help us serve the Third District and the national economy.
As the pandemic’s disruptions spread through the economy, researchers in our Research Department and Consumer Finance Institute checked in with businesses in the Third District and consumers across the nation to see how they were faring.
With markets reacting to the pandemic and states and localities across the U.S. bracing for hardships, researchers in our Research Department quickly pivoted to assess the effects and look at ways to build back stronger.
Orrstown Bank is one community bank in the Third District that turned to the Philadelphia Fed for special guidance and partnership during the pandemic to help customers weather the challenges of unprecedented times.
Facing a record-high demand for cash, delays in delivery due to civil unrest, and coin supply issues, our Cash Services team innovated to ensure there was enough coin and currency in circulation to meet the needs of people in our District.
Drawing on data, Community Development and Regional Outreach (CDRO) researchers analyzed both the impact of COVID-19 and an equitable way forward in recovery.
The Philadelphia Fed’s external partners worked closely with the Community Development and Regional Outreach team to ensure organizations and individuals across the Third District had the tools they needed to persevere and effect an equitable recovery.
The Federal Reserve System recognized Shaohui (Raymond) Jia and Sydney Diavua for their outstanding contributions to supervisory modeling and community development, respectively.
The Bank launched a new website and unveiled a refreshed brand identity in November 2020. The changes make it easier for people to find the data and information they want on our site and discover everything the Philadelphia Fed has to offer.
Meet Our Leadership, Board & Councils
We rely on the strength of our employees and senior leaders and on the expertise of our board of directors and advisory councils, whose insight and guidance help us carry out our mission of service to the Third District and the nation.
Financial Statements
Read the audited annual financial statements of the Federal Reserve Bank of Philadelphia as of and for the years ended December 31, 2020, and December 31, 2019, as well as the Board of Governors’ Statement of Auditor Independence here.
