Federal Reserve Bank of Philadelphia

11/02/2026

New Working Paper: Public and Private Money: Inflation Dynamics and Optimal Policy

WP 26-50 – The total money supply of a modern economy is a combination of publicly and privately issued monies.

10/30/2026

Artificial intelligence could reshape the U.S. labor market, but the risks and rewards may not be evenly spread.

A research brief uses a new AI jobs transition framework to examine how generative AI may affect American workers. The findings point to a widening divide: Lower- and middle-wage roles that require less education, such as receptionists and customer service reps, face the highest automation risk. Meanwhile, AI-driven job growth is concentrated in higher-wage roles that typically require a bachelor's degree.

Read more. https://bit.ly/4znqmk2

This article uses a new AI measure to show how the risks and benefits of generative AI could be unevenly distributed across occupations, wages, education levels, demographic groups, and regions — including the Federal Reserve's Third District.

10/29/2026

Can alternative data help close the credit access gap for the credit invisible?

An estimated 32 million Americans cannot generate a credit score because they have little or no credit history. They can have difficulty obtaining credit because lenders typically rely on credit history and scores to evaluate credit applications. This article explores how alternative data — information not typically found in consumer credit reports such as the cash flows in a consumer’s bank account — can be particularly beneficial in underwriting safe and affordable loans for consumers who have an ability to repay but would not qualify based on their credit score alone. The article also explores the different types of alternative data and their associated risks. https://bit.ly/4z4GoPN

10/26/2026

Join us on October 30 for the Sixth Biennial Conference on Auto Lending. This event brings together regulators, industry experts, and academic contributors to share insights on the auto market, auto lending, and consumer financial resilience.

Topics include:
• New and used vehicle lending
• Leasing and securitization
• Regulatory developments
• Innovative technologies and AI applications in auto lending

Register today to join us online or in person. https://bit.ly/4setE6A

10/22/2026

The newest release of Community Banking Connections is available now and features two articles. The first is an overview of the Federal Reserve's revised Statement of Supervisory Operating Principles, or SSOP, and the second is a deep dive into deposit beta trends and their impact on interest rate risk models at community banks.

In case you missed it: Our website was recently refreshed with a modern and accessible design, improved navigation, and enhanced access to supervisory insights and resources.

Community Banking Connections provides information on guidance, resources, and tools to aid community bankers in conducting their business in a safe and sound manner.

Check out the new release: https://bit.ly/4yAE2H9

10/21/2026

The latest issue of Consumer Compliance Outlook is available now, offering four articles:

• Alternative Data: Expanding Access to Credit
• Consumer Protection Considerations in Bank Merger and Acquisition Applications
• 2025 Aggregate Consumer Violations Data for Federal Reserve–Supervised Institutions
• Common Community Reinvestment Act (Regulation BB) Data-Related Violations in the Federal Reserve System in 2025

Consumer Compliance Outlook is a Federal Reserve System outreach publication on consumer compliance topics, including laws, regulations, and supervisory data.

Read the articles here: https://bit.ly/4eK5gUx

10/20/2026

Know any small business leaders or owners? Tell them about this:

All 12 Federal Reserve Banks, including ours, are collecting responses to this year's Small Business Credit Survey (SBCS) as part of our role in supporting a strong economy. Every year, the Fed conducts this nationwide survey to gather insights into business experiences and credit conditions.

The findings from the SBCS are used by policymakers and service providers as they make decisions about policies and programs that affect small businesses. The annual 10–12-minute survey is open to for-profit businesses currently in operation, those recently closed, and those about to be established.

By taking the survey, business leaders and owners contribute to data that directly inform the Fed, federal government agencies, service providers, policymakers, and others — ultimately benefiting their businesses and others in the community.

Don't delay! Your voice shapes the future: https://bit.ly/4xe4dCM

10/19/2026

Auto loans are a major component of household debt, shaping consumer spending, financial resilience, vehicle demand, and lender risk management. As vehicle technology and business models evolve, so do the risks and opportunities across auto finance.

Join us for the Sixth Biennial Conference on Auto Lending.

📅 Friday, October 30, 2026
🏛️ Federal Reserve Bank of Philadelphia
💻 Hybrid format: Attend in person or virtually
🔗 https://bit.ly/4setE6A

This conference brings together researchers, policymakers, and practitioners to discuss new and used vehicle lending, leasing and securitization, regulatory developments, and innovative technologies and AI applications in auto lending.

Register now to secure your spot. https://bit.ly/4setE6A

10/16/2026

The number of Americans that are behind on debt payments is rising. New insights from the Philadelphia Fed's Consumer Credit Explorer reveal:

• In the Third District states of Delaware, New Jersey, and Pennsylvania, delinquency rates on car loans and credit cards have reached their highest levels in more than 20 years. Student loan delinquencies are still high, too, after a drastic spike last year when a pandemic-era program ended.

• The share of consumers with debt in collections is rising in Pennsylvania, New Jersey, and nationally, but falling in Delaware.

• The stress isn't equal. Younger borrowers, those with lower credit scores, and residents of lower-income or majority-People of Color neighborhoods are more likely to fall behind.

Read the full article. https://bit.ly/4B8F3Zt

Dig into the data (through Q2 2026) in our Consumer Credit Explorer. https://bit.ly/3WehHBH

This article offers a look at consumer debt conditions across Delaware, New Jersey, and Pennsylvania, using Consumer Credit Explorer data through Q2 2026.

10/15/2026

Manufacturing activity in the region continued to expand overall, according to the firms responding to the October Manufacturing Business Outlook Survey. The diffusion index for current general activity declined for the second consecutive month, falling from 37.8 in September to 20.9 in October. The indicators for new orders and shipments also declined but remained positive this month. The firms continued to indicate overall increases in prices. The survey’s broad indicators for future activity continued to suggest expectations for growth over the next six months, although those expectations were less widespread this month. https://bit.ly/3UnVJvz