News and Media
The Public Information Office serves as the primary source for news and media contacts at the Federal Reserve Bank of Cleveland. Reporters with questions or an interest in speaking with a Cleveland Fed staff member should contact Anne M. DiTeodoro, media coordinator, at 216.774.2514, or anne.m.diteodoro@clev.frb.org.
News Items
- 03.03.2010
- The Drawing Board: Federal Reserve Independence
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- The Cleveland Fed is out with the next installment of its Drawing Board video series (really bad drawings, real simple explanations), and this one focuses on how the Federal Reserve operates and why it’s structured the way it is. The Fed is in the news a lot these days, and we hope the video helps people understand the complicated institution a little better. Read more
- 03.02.2010
- Federal Reserve Banks Complete Check Processing Infrastructure Changes
- The Federal Reserve Banks announced today that they have completed the reduction in paper check processing infrastructure that was begun in late 2003. Read more
- 02.25.2010
- President Pianalto Says Small Business Key to Economic Recovery
- Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto told those attending her speech today to the Dayton Chamber of Commerce that a healthy small business sector is critical to the nation?s economic recovery. In her remarks, she also discussed the challenges small businesses face in getting loans, unemployment, inflation, unwinding the Fed’s balance sheet, and why the country’s economic recovery "doesn’t really feel much like one." Read more
- 01.21.2010
- Dale Roskom Named Federal Reserve Bank of Cleveland First Vice President and Chief Operating Officer
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- The Federal Reserve Bank of Cleveland has appointed Dale Roskom as the Bank’s first vice president and chief operating officer. The announcement was made today by Sandra Pianalto, president of the Cleveland Reserve Bank. Read more
- 09.23.2008
- Information Regarding Recent Federal Reserve Actions
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- Comprehensive list of links to information related to recent Federal Reserve actions, including links to press releases, Federal Register notices, and other related information. Read more
- 03.03.2010
- Containing a Firestorm
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- Only a year ago the primary reason for foreclosures centered on subprime mortgages. Today, the primary driver is unemployment, further widening the consumption arc of this blaze. How has this impacted loan modification efforts? Outreach and data analysis by the Cleveland Fed shed some light on loan mods in Fourth District states like Ohio. Read more
- 01.27.2010
- FOMC Statement
- Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating. Read more
- 01.26.2010
- Regulatory Filing is Now Easier!
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- Electronic Applications, or "E-Apps," is a new Internet-based system that allows financial institutions supervised by the Federal Reserve to submit applications and other regulatory filings online, eliminating the time and expense of printing, copying, and mailing documents. Registered users can access the system 24/7, free of charge. E-Apps has been designed to ensure the confidentiality of the data and the identity of the filers. Find out more Read more
- 01.12.2010
- Federal Reserve approves final rules to protect credit card users from a number of costly practices
- The Federal Reserve approved final rules to protect credit card users from a number of costly practices. Consumers can learn more by accessing a new online publication, What You Need to Know: New Credit Card Rules. Read more
- 01.05.2010
- Cleveland Fed Announces Appointments to Cleveland, Cincinnati, and Pittsburgh Boards and Federal Advisory Council
- The Federal Reserve Bank of Cleveland announced the following appointments to its main office and branch boards of directors and to the Federal Advisory Council. All appointments were effective January 1, 2010. Read more
- 12.23.2009
- Monetary Policy when Interest Rates Are Zero
- Federal Reserve Bank of Cleveland researchers Charles Carlstrom and Andrea Pescatori explain the concerns that are associated with a combination of deflation, low economic activity, and zero nominal interest rates, and describe how monetary policy might be conducted in such a situation. They conclude that, to be effective in an environment of zero interest rates, monetary policy needs to be unequivocally committed to avoiding expectations of deflation. They also argue that price-level targeting might be a good device for communicating such a commitment. Read more
- 12.17.2009
- Cleveland Federal Reserve Launches New Policy Pub
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- Economic policy is in the forefront of a lot of people’s minds today, and the Federal Reserve Bank of Cleveland is debuting a new online and print publication devoted to critical policy issues facing its region and the nation at-large. Read more
- 12.16.2009
- FOMC Statement
- Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating. Read more
- 12.09.2009
- Sound off! Cleveland Fed to Reward High School Students for Creative Solutions to Economic Problems Winning student could net $300
- Teachers - the next time your students complain about the economy and money issues, tell them to do something about it. Here?s their chance. The Federal Reserve Bank of Cleveland is sponsoring a contest for high school juniors and seniors to sound off in a constructive and creative way about economic issues. Here?s their charge: write and submit an essay, play, short story, or poem about a regulation that they would write or change to solve an economic issue. Each qualifying entry will be judged on comprehension, organization, conclusions, creativity, and clarity. Top prize is a $300 savings bond. Deadline is January 25, 2010. Read more
- 12.03.2009
- Structure, Regulation Kept Canada’s Housing Market from Going Bust
- While both the U.S. and Canada experienced housing booms, Canada has not experienced a dramatic increase in mortgage defaults, nor has any Canadian bank required a government bailout. What kept Canada’s housing market from going bust? Federal Reserve Bank of Cleveland research associate Jim MacGee suggests it’s the way Canada’s subprime markets were structured and regulated. Read more
- 12.03.2009
- FHA Loans Don’t Appear to be Ohio’s Next Subprime
- FHA loans in Ohio don’t appear to be the state’s "next subprime," says Federal Reserve Bank of Cleveland researcher Lisa Nelson. Nelson examines loan data from 2005 to 2008 and finds that FHA borrowers in Ohio had lower delinquency rates and better credit scores than Ohio’s subprime borrowers. Read more
- 11.17.2009
- President Pianalto Addresses Housing and the Federal Reserve
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- In remarks at an Ohio Housing Conference, Federal Reserve Bank of Cleveland President Sandra Pianalto discussed the actions taken by the Federal Reserve to put the economy on the road to recovery, ensure the safety of the financial sector, and to protect consumers and borrowers. Read more
- 10.29.2009
- Inflation Expectations Stable, Suggests New Gauge from Cleveland Fed Researcher
- A new method of gauging inflation expectations and real interest rates provides some evidence that longer-term inflation expectations remain near historic lows, in the neighborhood of 2 percent. Read more
- 10.14.2009
- The Drawing Board: The Median CPI
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- It’s back! The Federal Reserve Bank of Cleveland has released the second installment of its ongoing Drawing Board series. This time it’s an explanation of the Median CPI, a measure of underlying inflation trends. Read more
- 10.01.2009
- Emerging from Recession: Implications for Growth, Inflation, and Monetary Policy
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- In a speech in New York City, Cleveland Federal Reserve Bank President Sandra Pianalto comments on current economic conditions, explains why she thinks the country’s economic recovery will be gradual and bumpy, and gives her thoughts on what this gradual path to recovery may mean for inflation and monetary policy. Read more
- 09.23.2009
- FOMC Statement
- Information received since the Federal Open Market Committee met in August suggests that economic activity has picked up following its severe downturn. Read more
- 09.14.2009
- Rankin, Smucker Named Chair, Deputy Chair of Cleveland Federal Reserve Bank Board
- The Federal Reserve Board today announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2010. Read more
- 09.02.2009
- Federal Reserve Bank of Cleveland Appoints Susan Steinbrick Vice President and General Auditor
- Susan Steinbrick joined the Federal Reserve Bank of Cleveland as vice president and general auditor, effective August 17. In this position, she is responsible for the strategic leadership and oversight of the Bank’s Internal Audit function. Read more
- 09.01.2009
- LaVaughn M. Henry, Ph.D., to Lead Cincinnati Branch of the Federal Reserve Bank of Cleveland
- Dr. LaVaughn M. Henry joined the Federal Reserve Bank of Cleveland as vice president and senior regional officer for the Bank’s Cincinnati Branch, effective August 24. Read more
- 08.12.2009
- FOMC Statement
- Information received since the Federal Open Market Committee met in June suggests that economic activity is leveling out. Read more
- 08.11.2009
- Cleveland Fed Researcher Proposes Multi-tiered System for Regulating Systemically Important Financial Institutions
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- A researcher at the Federal Reserve Bank of Cleveland is proposing a three-tiered system for regulating systemically important financial institutions. Tier one would include high-risk institutions, such as large, interstate banks and multi-state insurance companies. Tier two would include moderately complex financial institutions, such as larger regional banks. And tier three would include non-complex financial institutions, such as community banks. Each would receive varying degrees of oversight and regulation. Read more
- 07.22.2009
- Cleveland Fed Researcher Debunks Popular Myths about Subprime Mortgage Crisis
- As efforts to address foreclosures and resolve the current housing crisis continue, a Cleveland Fed researcher says much of what we believe about what led to the mess we’re in is a myth. Read more
- 07.15.2009
- Susan Tomasky Elected a Director of the Federal Reserve Bank of Cleveland
- Susan Tomasky, president-AEP Transmission, American Electric Power Co., Inc. (NYSE: AEP), Columbus, Ohio, was elected a director of the Federal Reserve Bank of Cleveland, effective July 1, 2009 Read more
- 07.01.2009
- Sharing Story on Budget Bests Earns Student $500
- Daniel James Welsh, a senior at Larry A. Ryle High School in Union, Kentucky, is the winner of the Cleveland Federal Reserve Bank’s 2009 creative writing contest for high school students. Read more
- 06.24.2009
- FOMC Statement
- Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Read more
- 06.11.2009
- Cleveland Fed Policy Summit: Link to video interviews/presentations
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- A recent Policy Summit hosted by the Federal Reserve Bank of Cleveland was marked by lively debate over topics as varied as whether the country should promote home ownership as much as it has in the past, whether the Community Reinvestment Act should be expanded to include more organizations or become more limited in scope, and whether there should be more or less government involvement in returning the housing industry to health. Read more
- 05.27.2009
- Foreclosures, Homeownership, Neighborhood Revitalization Focus of Cleveland Fed Forum
- Foreclosures, homeownership, and neighborhood revitalization ... those are just some of the issues that will be discussed at the Cleveland Fed’s upcoming Policy Summit on June 10, 2009. Read more
- 05.19.2009
- Economists Carlson and Haubrich Promoted at Cleveland Federal Reserve Bank
- The Federal Reserve Bank of Cleveland has announced the following official appointments, effective April 16, 2009. Read more
- 05.14.2009
- Breaking the Housing Crisis Cycle
- In its annual report, released today, the Federal Reserve Bank of Cleveland documents how the housing crisis cycle unfolded differently in its district than it did in other parts of the country. The Cleveland Fed also is proposing a multi-faceted approach to breaking the cycle that focuses on the interconnected nature of the problems that led to the crisis. Read more
- 05.08.2009
- Fed, OCC, and FDIC release results of the Supervisory Capital Assessment Program
- The results of a comprehensive, forward-looking assessment of the financial conditions of the nation’s 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday. Read more
- 05.08.2009
- The Federal Reserve Board on Thursday approved final rules that revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending).
- The revisions implement the Mortgage Disclosure Improvement Act (MDIA), which was enacted in July 2008 as an amendment to the Truth in Lending Act (TILA). Read more
- 04.29.2009
- FOMC Statement
- Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Read more
- 04.23.2009
- Federal Reserve Releases Financial Statements
- The Federal Reserve System on Thursday published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created in 2008 to respond to strains in financial markets, and the Board of Governors for the years ended December 31, 2008 and 2007. Read more
- 04.15.2009
- Cleveland, Pittsburgh Neighborhoods Similar, But Untangling Foreclosure Crisis May Prove Elusive
- The neighborhoods of North Collinwood on Cleveland’s east side and Braddock, a Pittsburgh borough overlooking the Monongahela River, are statistically similar. Why, then, is the foreclosure rate in North Collinwood (20.75 percent) nearly four times as high as the foreclosure rate in Braddock (5.2 percent)? It may be differences in the state regulatory environments. Read more
- 04.01.2009
- President Pianalto discusses steps toward a new financial regulatory architecture in Columbus speech
- In remarks to Ohio bankers in Columbus, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto explained her economic outlook and the Federal Reserve’s recent actions. She also proposed a new framework for categorizing financial institutions based on the degree of risk they pose to the financial system; and endorsed “macroprudential supervision.” Read more
- 03.25.2009
- President Pianalto discusses economic challenges, forces for recovery in Toledo-area speech
- In remarks to the Regional Growth Partnership in Maumee, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the economic challenges facing both the U.S. economy and the regional economy; forces that will lead to economic recovery; and the Federal Reserve’s strategy for dealing with the challenges we are facing. Read more
- 03.20.2009
- Todd Morgano Joins Federal Reserve Bank of Cleveland as Assistant Vice President, Public Information
- Morgano will lead the Public Information Department which is responsible for media relations, management and operation of the Bank’s external and internal websites, the Bank’s Speakers Bureau, and other external communications activities. Read more
- 02.23.2009
- In Memory of R. Chris Moore, First Vice President and Chief Operating Officer
- It is with great sadness that we announce the passing of R. Chris Moore, first vice president and chief operating officer of the Federal Reserve Bank of Cleveland, on February 20, 2009, following a valiant battle with cancer. Read more
- 02.18.2009
- President Pianalto discusses economic stress, forces for recovery in Columbus speech
- At the Commercial Developers Power Breakfast in Columbus, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the economic challenges facing the U.S., explained why the outlook for 2009 will be strongly influenced by developments in the housing and financial markets, described four forces that will lead the country into economic recovery, and talked about the Federal Reserve?s strategy for dealing with the current challenges. Read more
- 02.12.2009
- Successfully Resolving Financial Crises: Cleveland Fed Notes Lessons from Sweden
- As policymakers worldwide focus on resolving the current financial crisis, they might look to Sweden as a useful model for effective financial crisis resolution, according to a study released today by the Federal Reserve Bank of Cleveland. Read more
- 02.02.2009
- Cleveland Fed Sponsors Creative Writing Contest for High School Students
- Allowances, paychecks, gifts. Money comes in and money goes out. The Federal Reserve Bank of Cleveland is offering a $500 prize for students sharing their thoughts on smart budgeting and how they keep track of their cash. Read more
- 01.28.2009
- FOMC Statement
- The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. Read more
- 01.21.2009
- Consumers May Face Higher Mortgage Costs, Says Cleveland Fed
- How much is your adjustable-rate mortgage costing you? Consumers expecting relief may be unpleasantly surprised. In 2009, homeowners holding Libor-based ARMs will pay $34 million more in Ohio alone, says Federal Reserve Bank of Cleveland study Read more
- 01.09.2009
- Cleveland Fed Announces Appointments to Cleveland, Cincinnati, and Pittsburgh Boards and to the Federal Advisory Council
- CLEVELAND - The Federal Reserve Bank of Cleveland announced the following appointments to its main office and branch boards of directors and to the Federal Advisory Council. All appointments were effective January 1, 2009. Read more
- 11.19.2008
- Cincinnati-Area Homeowners to Receive Foreclosure Prevention Help at Free, Walk-in Workshops with Mortgage Lenders and Counselors
- Cincinnati-area homeowners at risk of foreclosure will have the opportunity to meet face-to-face with their mortgage lenders at the free HOPE NOW Foreclosure Prevention Workshop and Financial Fitness Forum this Thursday, November 20. (PDF)
- 11.19.2008
- Cleveland-Area Homeowners to Receive Foreclosure Prevention Help at Free, Walk-in Workshops with Mortgage Lenders and Counselors
- Cleveland-area homeowners at risk of foreclosure will have the opportunity to meet face-to-face with their mortgage lenders at the free HOPE NOW Foreclosure Prevention Workshop and Financial Fitness Forum this Wednesday, November 19. (PDF)
- 09.16.2008
- FOMC Statement
- The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Read more
- 07.13.2008
- Federal Reserve Board Grants Federal Reserve Bank of New York Authority to Lend to Fannie Mae and Freddie Mac Should Such Lending Prove Necessary
- Read more
- FOMC Statement
- The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Read more
- 11.06.2008
- Federal Reserve Banks announce reduced number of check processing sites and accelerated restructuring schedule
- The Federal Reserve Bank of Cleveland will serve as the single paper check processing and adjustments site and the Federal Reserve Bank of Atlanta will serve as the single electronic check processing site for the Federal Reserve System. Read more
- 11.04.2008
- Federal Reserve Alert: Questionable Solicitations Directed at Consumers
- These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program. Read more
- 10.29.2008
- FOMC Statement
- The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent. Read more
- 10.20.2008
- Agencies Encourage Participation in Treasury?s Capital Purchase Program
- The federal banking and thrift regulatory agencies encourage all eligible institutions to use the Treasury Department’s Capital Purchase Program and the FDIC’s Temporary Liquidity Guarantee Program. (PDF)
- 07.08.2008
- Learn from Past, Plan for Future: Central Bank’s Role in Financial Crises Is Focus of Cleveland Federal Reserve Annual Report
- Central banks are responsible for fostering financial stability, and that role takes center stage during periods of financial turmoil, such as the subprime mortgage meltdown. The Federal Reserve Bank of Cleveland’s 2007 Annual Report essay, “Central Banks & Crisis Management,” offers some lessons from the past that may help guide policymakers in planning ahead to manage future financial crises. Read more
