Federal Reserve Bank of Philadelphia

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The use of cloud technology has become much more commonplace in the financial services industry, and threat actors are increasingly attacking banks’ cloud environments. There are resources available to community bankers from the Federal Financial Institutions Examination Council and the Federal Reserve that detail effective risk management practices to defend against cyberattacks targeting cloud environments. Hear from Federal Reserve experts about their perspectives on security practices for cloud environments. https://bit.ly/4eDNCPK

Manufacturing activity in the region softened overall, according to the firms responding to the November Manufacturing Business Outlook Survey. The diffusion index for current general activity fell from 10.3 to -5.5, its second negative reading since January. The new orders and shipments indexes also declined but remained positive. On balance, the firms indicated an increase in employment, and the price indexes were near their long-run averages. The survey’s broad indicators for future activity suggest more widespread expectations for growth over the next six months. https://bit.ly/4fIhVG7

Recordings from our Eighth Annual Fintech Conference are now available. View discussions on topics such as real-world asset tokenization, tokenized deposits, banking-as-a-service, the potential role of fintech in shaping the future of finance, and more. https://bit.ly/3OmKmND The views expressed in the discussions are those of the speaker(s) and do not necessarily reflect the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System.

The October 2024 LIFE Survey Report finds that one-quarter of respondents reported having trouble paying their bills in October — only a slight increase since July, but the highest rate since the LIFE Survey began data collection. The survey also shows that consumers’ personal outlook improved between July and October. However, respondents continue to feel more negative than last year. Read the October survey report and view the updated LIFE Survey data explorer for additional insights. https://bit.ly/3CC98a8

A new #Inspire story just published! In her role at the Federal Reserve Bank of Philadelphia, Samantha Porter uses research to help inform and solve community issues. “When an opportunity to work at the Fed opened, I jumped at the chance to be a part of developing research. I enjoy thinking about what questions people are attempting to answer, and how our research informs that.” Read on to learn about the other facets of Sam’s work, including leading the Equitable Wealth Initiative which focuses on the racial wealth gap in Philadelphia. https://lnkd.in/eDUTsFGg

In recent years, community banks have explored innovative approaches to provide high-quality financial services and products to their customers, often partnering with nonbank companies, including financial technology companies, or fintechs, to access new technologies and resources. In such partnerships, a fintech provides its end customers with access to a bank’s products and services. While these partnership arrangements vary, they commonly facilitate deposit-taking, payments services, and lending activities. This article provides an overview of the Federal Reserve’s supervisory approach to complex bank–fintech partnerships and discusses common risk factors associated with them. https://bit.ly/4hQTwzu #CommunityBankingConnections #CommunityBanks #FintechPartnerships

We're #hiring a new Supervisor - Software Quality Assurance (QA) Engineering in Philadelphia, Pennsylvania. Apply today or share this post with your network.

Our new data explorer offers information on all banks, savings associations, and holding companies in our District — which includes eastern and central Pennsylvania, southern New Jersey, and Delaware. With the explorer, you can visualize information about each institution’s location and branches and see and total assets, deposits, and capital for the most recent quarter, and more. https://bit.ly/3YWeTqr

The sixth release of Community Banking Connections is available now. This release shares an overview of the Federal Reserve’s supervisory approach to complex bank–fintech partnerships and common risk factors associated with them. There is also a discussion with Federal Reserve experts on security practices for cloud environments. Lastly, the release includes a recap of the Midwest Cyber Workshop that was held earlier this year. Community Banking Connections is a source for information on supervisory guidance, resources, and tools to help community bankers in conducting their business in a safe and sound manner. Read the articles here: https://bit.ly/3UR4KKL