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Bank Launches Community Development Data Dashboard

For immediate release
Contact: Katherine Dibling, E-mail Public Affairs Specialist, (215) 574-4119

The Federal Reserve Bank of Philadelphia’s Community Development Studies and Education Department today launched a community development data dashboard, which offers insights into housing and economic trends in low- and moderate-income (LMI) communities in the Third Federal Reserve District and the nation.

The initial release of the data dashboard provides an analysis of consumer credit trends in low-, moderate-, middle-, and upper-income communities. Consumer credit statistics currently available include median total debt, percent of consumers with debt, and median debt for autos, mortgages, bankcards, and home equity lines of credit. The dashboard also provides insight into the ways in which delinquency rates and credit scores vary over time and by neighborhood income.

“We developed this resource to promote a deeper understanding of the financial conditions and credit needs of LMI communities,” said Theresa Y. Singleton, vice president and community affairs officer.

According to the information provided in the data dashboard, median debt levels are generally lower and delinquency rates are generally higher for consumers in LMI communities than for those in middle- and upper-income neighborhoods. For example, in low-income communities in the Third District, roughly 12 percent of consumers with a mortgage were at least 90 days past due in the first quarter of 2012, compared with only 4 percent of consumers in the District’s upper-income communities.

The source of the consumer credit statistics is the New York Fed/Equifax Consumer Credit Panel data set, which represents a one-in-twenty sample of those with a credit report and contains no identifying consumer information. The community development dashboard statistics are currently available from the first quarter of 2005 through the first quarter of 2012.

In the future, the dashboard will be expanded to include other data sets that shed light on housing and economic conditions in LMI communities. The next offerings, to be released in the coming months, will provide information on mortgage lending and rental housing affordability trends in the Third District.

The Community Development Studies and Education Department supports the Federal Reserve System’s economic growth objectives by promoting community development in low- and moderate-income communities and fair and impartial access to credit in underserved markets. The department works closely with financial institutions, nonprofit organizations, and government agencies on public-private partnerships that result in increased affordable housing and community and economic development. The department assists financial institutions to understand their responsibilities under the federal Community Reinvestment Act (CRA).

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.

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