For immediate release
Contact: Katherine Dibling, Senior Media Representative, (215) 574-4119
Philadelphia, Pa. —The Federal Reserve Bank of Philadelphia's Community Affairs Department is now the Community Development Studies and Education Department (CDS&E). The new name better represents the department's two functions: community development and economic education.
"We feel the change is appropriate because Community Development Studies and Education more accurately describes our work, " said Dede Myers, vice president. "We hope it will help increase public understanding of our goals and mission."
CDS&E's mission, as defined by the Federal Reserve System, is to support the System's economic growth objectives by promoting community development and fair and impartial access to credit. Focusing on the credit needs of low- and moderate-income (LMI) people and communities has been the core of the department's mission since its establishment in 1981.
The goal of the community development function is to identify and examine current and emerging issues in LMI communities related to credit, financial services, wealth building, and community development. Through research and outreach efforts, CDS&E seeks to understand how access to credit and financial services affects traditional avenues for wealth building such as education, jobs, and homeownership. It focuses on the ways in which LMI communities differ from those that are more affluent and the implications of these differences for public policy.
The goal of the economic education function is to enhance the economic and personal financial literacy of educators, their students, and the general public on topics that include the monetary, regulatory, economic, and financial issues related to banking and the Federal Reserve System.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern Pennsylvania, southern New Jersey, and Delaware.