Federal Reserve Bank of Philadelphia

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Farm transitions and succession planning are crucial for the sustainability of the agricultural industry and rural communities. As our workforce ages, there is both a need and an opportunity to ensure that farms remain productive and financially viable across generations. In this virtual session, David Oppedahl, a policy advisor at the Federal Reserve Bank of Chicago, will be moderating a panel discussion on strategies and best practices for successful farm transitions and removing barriers to entering the agricultural industry. Speakers include: • Becca Jablonski, Visiting Associate Professor, Dyson School of Applied Economics and Management, SC Johnson College of Business, Cornell University • Maureen O'Shea Fitzgerald, Agriculture Business Consultant, Horizon Farm Credit • Stephanie Shirk, Director, Agriculture Business Development Center, Commonwealth of Pennsylvania • Hannah Smith-Brubaker, Executive Director, Pasa Sustainable Agriculture Register today to save your spot for the Rural Community Action Assembly: Farm and Agricultural Business Transitions on Wednesday, September 25, 10:00 a.m.–11:30 a.m. ET. https://bit.ly/3ANQ5Jb This free event is for rural economic or workforce development corporations, rural chambers of commerce, rural or countywide decision-makers, and small businesses in the agricultural industry who want to learn more about effective strategies for transitioning ownership to the next generation. This virtual meeting is a continuation of the Rural Community Action Assembly. Launched in 2020, the series focuses on actionable research and programmatic models to promote strong and equitable community, economic, and workforce development in rural Pennsylvania.

Heading into the Labor Day weekend, we reflect on the incredible contributions of American workers. Your hard work and dedication drive our economy and make our communities thrive. Enjoy your holiday!

Check out this blog written by Deborah Diamond, director of the Anchor Economy Initiative at the Philadelphia Fed, and explore the Anchor Economy Dashboard to see how these institutions impact your local area.

The Federal Reserve’s ninth annual Minorities in Banking Forum will be October 2 - 3 in Cleveland. This forum for mid- to senior level leaders in the financial services industry focuses on leadership, diversity, and career enhancement. Sessions include industry updates, professional development conversations, and more. Sign up today to elevate your career and expand your network. https://bit.ly/3Axp0cT #MinoritiesInBanking

Insights from the Consumer Finance Institute’s quarterly LIFE Survey reveal trends in consumer experiences with employment, income, and their financial outlook. The data presented in the July 2024 LIFE Survey Report show that consumers’ net sentiment is lower than previously observed, but their concerns about making ends meet have lessened somewhat. Key observations about consumers’ financial lives over the past 12 months include: • The share of respondents reporting trouble paying their bills during the month of the survey increased over the prior quarter and the prior year. • Among those who can currently pay all of their bills, the share of those concerned about making ends meet decreased in last three months but remained elevated relative to last year. • Net sentiment compared with last year decreased and is net negative for the first time in 2024. Read the July 2024 LIFE Survey Data Report. https://bit.ly/3ABDDfj

With the introduction of FedNow, more financial institutions are expected to join the 700 plus banks already using the service to provide instant payments to their customers. In moving to an instant payment environment, banks need a holistic management strategy that appropriately considers any changes to operating systems and risk management practices that are needed. When a bank offers instant payments, its risk management practices will need to identify, manage, and control the various risks, including fraud, liquidity, compliance, and third-party risks. Learn more about managing instant payment risks in the latest Community Banking Connections. https://bit.ly/3YDAtSi

Live from Jackson Hole: Philadelphia Fed President Patrick Harker joins Michael McKee on Bloomberg TV for a live interview — Friday, August 23, 11:00 am ET/9:00 am MT.

The Federal Reserve discount window is a critical tool for banks to manage liquidity risk as well as a source of liquidity to the U.S. financial system. During times of stress, such as rapid deposit outflows or increased loan demand, certain borrowing lines can become unavailable, but the discount window remains a convenient and ready contingent source to meet the unexpected funding needs of banks. Nevertheless, a bank needs to take some formal actions to fully ensure discount window access, and bank management needs to understand the mechanics of discount window borrowing, even if there is no immediate need for liquidity. Additionally, the Federal Reserve continues to implement enhancements to discount window services. One enhancement is the new Discount Window Direct online portal application, which offers additional convenience for establishing and managing funding arrangements. Is your institution ready if it needs contingency funding? This article provides five steps to follow to be prepared. https://bit.ly/3SRuiGy

Tomorrow, Philadelphia Fed President Patrick Harker joins Michael McKee for a live interview on Bloomberg TV. Tune in Friday, August 23, 11:00 am ET/9:00 am MT.