Bank Notes takes listeners deeper into insights and analysis from the New York Fed, told series by series.
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Appearing at a September 2025 New York Fed conference, a panel of institutional investors discuss recent market developments in multifamily affordable housing, highlighting their organizations' trends and strategies. Topics include investment strategies, mission-driven investments, and stability and predictability goals for the investments. Speakers discuss the need for better financial and impact…
Appearing at a September 2025 New York Fed conference, a panel of investment managers discuss institutional investment in multifamily affordable housing. Topics include the challenges of capital flows, preservation, and impact investing. The discussion also covers the importance of community integration, mixed-income housing, and the balance between financial returns and social impact. For more…
Jonathan Kivell and Carmi Recto from the New York Fed's Community Development team discuss the evolving role of private capital in multifamily affordable housing, drawing from a report their team released earlier this year. They highlight the importance of tenant services and the impact of institutional investments on affordability. The discussion also touches on global investments in US…
The work of Community Development Financial Institutions intersects with an initiative led by the New York Fed's Community Development team to connect new sources of capital to community needs. In this episode, we hear from New York Fed President John Williams, Community Development leaders, and lenders, investors, and nonprofit leaders on the question: How can seemingly unrelated problem-solving…
Community Development Financial Institutions can grow out of the communities they serve; a financial version of neighbors helping neighbors. In local and national CDFIs, a sense of personal commitment and connection drives professionals to this work. In this episode, we hear from researchers, borrowers, and lenders about how mission-driven lending, financial inclusion, and technical assistance can…
A small subset of the U.S. financial system called Community Development Financial Institutions, or CDFIs, supports economic growth at the local level. The industry is comprised of different types of institutions operating in different ways. Each works to achieve a common mission: improving economic outcomes for underserved communities. Research from the New York Fed shows the industry is growing…
Joe McGrath and Ciaran Walker, co-authors of the New Accountability in Financial Services , offer recommendations for promoting accountability through professionalization and the adoption of shared industry norms. In this episode they discuss the role of shared professional identities, moral anchors, and other mechanisms organizations can use to foster individual and group-based accountability. To…
Forensic accounting professor and fraud detective Kelly Richmond Pope describes why and how fraud occurs. In this episode she highlights the importance of clear incentives and discusses her interactive online games designed to help users understand the drivers of fraud and whistleblowing. To learn more about the New York Fed's Governance and Culture Reform Initiative, visit the website for…
Former prosecutor for the Eastern District of New York Evan Norris discusses the FIFA corruption scandal and why his past cases carry lessons for the financial services industry. In this episode he discusses building cultures of strong compliance, and how misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement. To learn more about the New York Fed's…
In this episode, series host Toni Dechario is joined by her Culture initiative colleague Tom Noone. Together, they reflect on how approaches to culture and governance in financial services have shifted over the last decade and highlight key moments from the 2024 annual New York Fed culture conference. To learn more about the New York Fed's Governance and Culture Reform Initiative, visit the…
