Press Releases

Researchers from around the globe will convene at the San Francisco Fed tomorrow for the Federal Reserve System’s first research conference on the economic impacts of climate change. Attendees will discuss quantifying the climate risk faced by households, firms, and the financial system; measuring the economic costs and consequences of climate change; accounting for the effects of climate change on financial asset prices; and understanding the potential implications of climate change for monetary, supervisory and trade policy. “Understanding the risks associated with climate-related events is essential to achieving our mission and promoting a healthy, stable economy – now and into the […]

A new interactive mapping tool released today by the Federal Reserve Bank of San Francisco provides an in-depth look at student loan borrowing and repayment in the nine-county San Francisco Bay Area. The online mapping tool allows people to identify and analyze differences in student loan debt at a community-by-community level. Average median loan balances, delinquency and default rates are searchable by zip code, with an option to compare results with other nearby zip codes. The resulting maps show how student loan debt varies widely at the zip code level, identifying neighborhoods where borrowing rates are much higher and where delinquencies […]

A new Federal Reserve Cash Product Office paper, “Cash Me If You Can: The Impacts of Cashless Businesses on Retailers, Consumers, and Cash Use” reviews why some businesses consider going cashless, and how these decisions impact financial inclusion and consumer choice. This paper draws on survey data from the Federal Reserve’s annual Diary of Consumer Payment Choice to help the Cash Product Office understand consumer cash use and anticipate its ongoing role in the payments landscape. “This paper highlights one of the areas within our dynamic and ever-changing economy that could impact both the overall use of cash as well as […]

San Francisco, California — The Federal Reserve Bank of San Francisco is pleased to announce membership and leadership appointments to the Bank’s Community Advisory Council (CAC). Terry Benelli, executive director, Local Initiative Support Corporation Phoenix, Phoenix, AZ has been appointed chair and Fred Blackwell, president, The San Francisco Foundation, San Francisco, CA has been reappointed vice chair of the CAC. Additionally, Daisy Gordon Crompton, Reinvestment Task Force Manager, San Diego Housing Commission, San Diego, CA; Cyndy Gustafson, chief executive officer, Strategic Progress LLC, and executive director, Applied Research and Policy Institute, Reno, NV; Carmen Rojas, PhD, co-founder and chief executive officer, […]

San Francisco, California — The Federal Reserve Bank of San Francisco announced that Stein Kruse, group chief executive officer, Holland America Group and Carnival UK, Seattle, WA, has been appointed to the Bank’s Economic Advisory Council (EAC). Mr. Kruse joined Holland America in 1999 as senior vice president of fleet operations. He was named president and CEO in 2004 before being appointed group CEO of the newly formed Holland America Group in 2014. Prior to joining Holland America, Kruse was senior vice president and chief financial officer of North American Operations for the global Japanese shipping company “K” Line. A native […]

In a slight decrease from 2017, cash became the second most frequently used payment instrument in the nation next to debit cards, according to a new Federal Reserve report on the 2019 Findings from the Diary of Consumer Payment Choice. The report shows that consumers used cash for 26 percent of payments in 2018, a four percentage point decrease from the previous year. Debit card and credit card use increased, making up 28 percent and 23 percent of payments, respectively. Although the report shows a decline in the transactional usage of cash, demand for U.S. currency grew between the 2017 and […]

Zip Code Economies podcast shares unique and diverse stories from micro-economies within the Twelfth District San Francisco, California — The Federal Reserve Bank of San Francisco is launching a new podcast, Zip Code Economies, hosted by the Bank’s President and CEO, Mary C. Daly. The weekly podcast series uncovers stories of hope in unlikely places and puts a human face on micro-economies within the nine Western states of the Federal Reserve’s Twelfth District. “At a time when society seems more divided than ever, Zip Code Economies explores how individuals and institutions are building bridges at the community level,” said Mary C. […]

San Francisco, California – The Federal Reserve Bank of San Francisco today announced that Becky B. Potts has joined the Bank as the new regional executive of the Salt Lake City Branch. Becky B. Potts Download high resolution photo (jpg, 572 kb) Potts will be responsible for working with members of the business and banking sectors across Utah and Idaho as part of the Bank’s commitment to understanding and engaging with the communities it serves. She will provide leadership and guidance to the branch, while representing the Federal Reserve Bank of San Francisco in the region and overseeing the work of […]

Federal Reserve Banks’ Small Business Report Finds Strong Revenue and Employment Growth with Profitability Similar to Prior Year; Financing Demand Stable, Requests to Online Lenders Notably Increasing The 12 Federal Reserve Banks today issued the Small Business Credit Survey: 2019 Report on Employer Firms, which examines the findings of an annual survey of small business owners nationwide. The Report focuses on small employer firms, businesses that have between 1 and-499 full- or part-time payroll employees (hereafter “firms”). It is the latest addition to the Reserve Banks’ hub for small business research and analysis, FedSmallBusiness.org. Fielded in the third and fourth quarters […]

San Francisco, California – The Federal Reserve Bank of San Francisco announced that Greg Becker, president and CEO of SVB Financial Group and CEO of Silicon Valley Bank, Santa Clara, CA, has been elected to the head office board of directors as a Class A director. Additionally, Arthur (Skip) Oppenheimer, chairman and CEO of Oppenheimer Companies, Inc., and president of Oppenheimer Development Corporation, Boise, ID, has been elected as a Class B director. David White, national executive director of SAG-AFTRA, Los Angeles, CA, has been appointed as a Class C director by the Board of Governors of the Federal Reserve System. […]