Issue #6 | August 31, 2017
Recently, from the Cleveland Fed
Softening the long-term blow of losing one’s job
Losing a job can be devastating, not least because, as research has shown, a displaced worker’s earnings can be impacted long after his or her initial job loss. New research shows that these long-lasting earnings impacts might be overstated. Read the Economic Commentary.
Cleveland “stable”; Cincinnati outperforms Ohio in several metrics
Our economists find that the Cleveland metro area’s growth continued (albeit slowly) for the first half of 2017, while the Cincinnati metro area’s unemployment and credit card delinquency rates were lower and its home price values were higher than Ohio’s for the same period. Read the latest Metro Mix on Cleveland and Cincinnati.
What makes a bank “too big to fail”?
Many think “too big to fail” is related only to a bank’s size. But size is just 1 of the 5 criteria regulators use to determine a bank’s systemic importance. In a new Economic Commentary, our experts explain how each of these criteria contributes unique information and why some smaller banks score high in systemic importance. Read “Sizing Up Systemic Risk.”
Revenue collection for the federal government sounds like a big job. What lessons have we learned in growing these capabilities that others involved in financial services can also apply?
It is a big job. Through developing and maintaining different applications including Pay.gov, a website for making electronic payments to federal agencies, and Debit Gateway, one of the central hubs for processing funds to the US Treasury, we support the Treasury and its customers. We process millions of transactions a year. We have to continually improve user experience. We also play a critical role in facilitating more innovative approaches to revenue collection. Mobile is definitely one newer approach.
The ongoing shift of customer preferences and the advancement of technology present enormous opportunity for improved convenience. For us, though, challenges remain in ensuring those new capabilities are available without introducing security and privacy risks for systems and users. We work with analysts, developers, and technicians to make sure transactions are processed quickly and accurately while protecting customers’ privacy and data security.
There are lots of new technologies emerging, but we cannot use every single thing. As a business, we need to know the effect of new technology on security defense, and we must evolve to avoid negative impact on security. Security is not something that can be added as an afterthought; we have to incorporate secure coding practices throughout the software development lifecycle. Our team consists of trained and experienced security personnel who possess different security certifications. We have to think one step ahead of a cyber threat and stay up to date on security trends.
is a system security analyst in the Cleveland Fed’s eGov Department, which develops and supports different applications including Pay.gov and Debit Gateway to collect revenues for the US Treasury and a large number of federal agencies.
On the Calendar
Harvesting Opportunity: The Power of Regional Food System Investments to Transform Communities (Glouster, OH)
National Association for Business Economics (NABE) Annual Meeting (Cleveland, OH)
(Keynote address by Federal Reserve System Chair Janet Yellen. Cleveland Fed President and CEO Loretta J. Mester will moderate a panel discussion.)
Banking and the Economy: A Forum for Minority Bankers (Kansas City, MO)
Investing in America’s Workforce Capstone Conference (Austin, TX)
November 30–December 1
2017 Financial Stability and Fintech Conference (Washington DC)
From around the Federal Reserve System
Food for thought: New book explores investing in regional systems
Food policy, production, and distribution are topics of increasing interest across the United States. The Federal Reserve Board, the St. Louis Fed, and the US Department of Agriculture recently released Harvesting Opportunity: The Power of Regional Food System Investments to Transform Communities, a compilation of essays that focuses on investing in regional food systems as a means for enhancing economic opportunity.
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