US Federal Reserve releases scenarios for 2024 bank 'stress tests'

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/

  • United States of America Follow
  • New York Community Bancorp Inc Follow

Reporting by Michelle Price in Washington Editing by Chizu Nomiyama, Andrea Ricci, Matthew Lewis and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Hooded man holds laptop computer as cyber code is projected on him in this illustration picture

Shell's LNG trading makes $2.4 billion in final 2023 quarter, sources say

Nearly a third of Shell's profit in the fourth quarter of 2023 came from the $2.4 billion it made in trading liquefied natural gas (LNG) as it captured strong demand ahead of winter, three sources close to the company told Reuters.

The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California

  • Main navigation
  • Main content

Publications

research report on federal bank

Annual Report of the Federal Reserve Bank of Cleveland

Annual Reports contain the statements of condition and operations, and changes in capital for the Federal Reserve Bank of Cleveland along with the Bank’s financial statements.

research report on federal bank

Ask the Expert

Ask the Expert features interviews with experts from the Cleveland Fed on topics ranging from housing, labor, and diversity and inclusion to payments systems, inflation, and monetary policy, all offering insights on current issues and trends in their respective fields.

research report on federal bank

Community Development Reports

Our community development reports provide research and analysis on community and economic development issues in our region, including foreclosure patterns, lending environment conditions, and economic inclusion matters.

research report on federal bank

Community Issues and Insights

Based on the Community Issues Survey, this series of annual reports provides insights from community organizations on issues impacting low- and moderate-income people and communities.

research report on federal bank

District Data Briefs

District Data Briefs offer accessible, short-form data analyses that allow our regional economists to highlight some of the data they examine and share insights about what the data tells us about our region’s economy.

research report on federal bank

Economic Commentaries

Economic Commentaries provide analysis of relevant economic issues and are written for an informed but nonspecialist audience.

research report on federal bank

Multimedia Storytelling

The Cleveland Fed uses multimedia storytelling as one way to share our work and our mission. This format offers you more context through timelines, photo galleries, audio files, and more. Don't miss future stories; subscribe to Cleveland Fed Digest now to get our monthly e-newsletter delivered right to your inbox.

research report on federal bank

Notes from the Field

In Community Development's blog, Notes from the Field , members of our Community Development team discuss what they are seeing and hearing in their work on the ground. Focusing primarily on matters of economic inclusion, the blog shines a light on persistent inequalities in our region, as well as on the critical role of community organizations, banking institutions, and education and workforce programs in addressing them.

Professional woman in front of the computer in the office

Regional Policy Reports

Regional Policy Reports are mid-length, economically focused essays that provide public policymakers and other stakeholders insightful analysis of policy issues that are important to the economic vitality of the region we serve.

research report on federal bank

Research [in] Brief

Research [in] Brief is a one-page accessible summary of research we’ve published. It features a combination of text and eye-catching graphics and presents information in three sections: primary issue, key findings, and takeaways for practitioners or policymakers.

research report on federal bank

Working Papers

Working Papers are preliminary versions of technical papers containing results and discussions of current research. Written for eventual publication in professional economics journals.

Historical Publications

The Bank On National Data Hub: Findings from 2021

Key takeaways.

  • More than 14 million Bank On-certified accounts have been opened to date across this year’s 28 reporting institutions, a 67% increase from the previous reporting year.  Of those, over 5.8 million accounts were open and active in 2021; Bank On accounts have been opened in more than 35,000 ZIP codes, or 85% of all U.S. ZIP codes.
  • Nearly 110 million debit transactions were processed per month for Bank On account holders. That’s an average of over 28 debit transactions per account holder per month creating a total monthly average of over $4.4 billion in debit transactions.  Debit transactions can help account holders avoid fees and service charges from credit cards and help them stay accountable with their spending.
  • More than 12,000 new Bank On-certified accounts were opened at community financial institutions, a roughly 50% increase over the 8,000 new Bank On account openings in 2020.
  • Account holders continue to engage services provided by Bank On-certified accounts. Over $82 billion was deposited into these accounts in 2021 for an average of 6.5 deposits per month, and 36% of account holders used direct deposit. The average monthly balance per account increased substantially to $1,072, and 83% of account holders were digitally active.
  • Due to the nature of the data collection and limits on the data that some financial institutions could provide, a year-to-year comparison of all data points is not applicable.

An estimated 4.5% of U.S. households—or approximately 5.9 million—were unbanked in 2021, according to the newly released Federal Deposit Insurance Corp. (FDIC) report (PDF) . This means these households did not have checking or savings accounts at a traditional bank or credit union. The movement to increase safe and affordable banking and bring the underbanked and unbanked into the financial mainstream continues to be a key priority. With additional reporting financial institutions submitting data this year, over all Bank On-certified accounts opened to date almost doubled relative to a year ago.

Each year, the St. Louis Fed invites all financial institutions with accounts certified as meeting Bank On National Account Standards to report data to its Bank On National Data (BOND) Hub . Data are aggregated and released annually. The St. Louis Fed tracks Bank On-certified accounts and their use across metrics in the following categories:

Account Opening

Account usage and consistency, online access.

Refer to our glossary of Bank On data metrics  for full descriptions of each metric to assist in interpreting data.

Across the 28 institutions reporting 2021 data , the sample of Bank On accounts studied for each metric represents 35,568 ZIP codes throughout the United States and its territories. The St. Louis Fed also aggregated the data by ZIP code with three or more reporting institutions, a subsample that represents accounts in 26,525 23,780 ZIP codes. This information was updated in June 2023 to reflect that the number of ZIP codes contained in the subsample is 23,780.

The data for each metric in this section were calculated based on the total number of Bank On-certified accounts reported during the 2021 data collection.

The ZIP code level data is essential to local Bank On coalitions for identifying where markets and coalition activity are strong. Overall, more than 14.1 million Bank On-certified accounts have been opened to date. Of those, over 5.8 million accounts were open and active in 2021, and they represent approximately 85% of ZIP codes nationwide.

ZIP Codes Reporting

Download: Zip Codes with Bank On Accounts (XLS)

The purpose of collecting account opening and closure data is to understand the growth and popularity of a type of account. To provide insight into account opening trends across the country, key metrics include the number of:

  • Total certified accounts ever opened
  • Accounts currently open
  • Accounts opened during reporting year
  • Accounts opened by customers new to the institution
  • Accounts newly closed

We looked at account opening data in several ways that offer different measures of demand for products certified as meeting Bank On National Account Standards. The running total of accounts opened over time and the number of accounts newly opened during the reporting period offer perspective on growth and momentum, allowing for annual comparisons that show the growth of the marketplace and institutions involved.

Bank On Account Opening at Participating Institutions, 2018-2021

Download: Bank On Account Opening at Participating Institutions (XLS)

The 2021 data reflect an increase of 5,664,799 accounts ever opened, 67% higher than the previous reporting year. Part of the increase is due to an additional 11 participating financial institutions; 17 institutions participated in 2020, compared with 28 in 2021. The over 5.8 million accounts currently open represent the combined total of all participating institutions as of Dec. 31, 2021, 50% higher than the previous reporting year. Again, some of this increase is likely due to the additional financial institutions reporting. There was an increase of nearly 1 million new customers to reporting financial institutions in 2021, rising to 2.7 million from 1.7 million in 2020. Accounts opened by new customers represent 80% of total accounts opened during 2021.The 25% of accounts that closed in 2021 is consistent with the expectations of financial institutions and data findings from the previous year. It does not disaggregate accounts closed by those leaving the financial institution and those closing one account to open another.

Per the 2021 data, the month with the highest number of account openings at large financial institutions Large banks have over $100 billion in assets. was March, when 325,161 accounts were opened. The month with the lowest number of account openings was October, when 256,113 accounts were opened. The average number of monthly account openings at large institutions was 284,104.

New Bank On account openings reported by participating community financial institutions Community banks have under $100 billion in assets. were 50% higher relative to 2020, with 12,327 certified accounts opened in 2021 versus 8,203 in 2020. For community financial institutions, November had the most accounts opened in 2021, with 1,365 account openings. February had the lowest number of account openings at community institutions, with 638. Account closure at community institutions was 38% in 2021, much higher than for large banks (25%).

Bank On Account Opening at Community Financial Institutions, 2018-2021

Download: Bank On Account Opening at Community Financial Institutions (XLS)

At large institutions, 80% of customers opening Bank On-certified accounts in 2021 were new to the institution, compared with 58% at community institutions. As data are collected in future years, we hope to take a deeper dive into Bank On-related differences between community institutions and large institutions.

Bank On Account Opening at Large Financial Institutions, 2018-2021

Download: Bank On Account Opening at Large Financial Institutions (XLS)

Beyond account openings, it’s crucial to understand how account holders use Bank On-certified accounts for everyday transactions to determine the functionality of the accounts and their ability to meet consumers’ transactional needs. These metrics also help inform the Bank On National Account Standards by providing quantitative data that demonstrate the use and importance of specific account characteristics. The St. Louis Fed assessed overall account activity for debit, deposit and withdrawal transactions, as well as the average monthly balance of the accounts.

The 28 participating financial institutions processed nearly 110 million debit transactions per month, creating an average of over $4.4 billion in debit transaction value per month. Overall, the majority of Bank On account holders (77%) use debit functionality. This suggests that account holders value, use and largely rely on this account feature for regular financial transactions.

Bank On Account Holders’ Debit Transactions at Participating Institutions, 2018-2021

Download: Bank On Account Holders Debit Transactions at Participating Institutions (XLS)

Direct deposit is a telling indicator of consistent usage by account holders, as well as an indication that account holders are engaging different features of the account (e.g., for paycheck deposits, tax programs, and government assistance or public benefits). Almost a third of Bank On account holders use direct deposit, and the percentage has been steadily increasing. Additionally, direct deposit rates tend to be lower among low- to moderate-income (LMI) workers.

Customers also accessed their money using account withdrawal and deposit capabilities, both of which are indicators of safe banking and money management. Among the 28 reporting financial institutions, 75% of all account holders made non-automatic clearing house (ACH) deposits in 2021 with an average value of $283.

The average number of deposits per month in 2021 was 6.5, which remained stable relative to the previous year. Account holders making withdrawals represented 79% of the 2021 data, showing that most account holders were actively using their accounts. On average, the amount per transaction increased from $72 in 2020 to $94 in 2021.

On average, per account monthly balance was $1072 (median of $1024) and monthly balance of all accounts across institutions was $5.4 billion. The monthly balance reported by the participating financial institutions has been increasing since 2018. In 2020, we noted that the increase may have been due to the COVID-19 pandemic related stimulus aid. It is difficult to discern exact reasons for increase this year, but we will continue to monitor this trend in following years.

Bank On Account Holders’ Deposits and Withdrawals at Participating Institutions, 2018-2021

Download: Bank On Account Holders Deposits and Withdrawals at Participating Institutions (XLS)

Banking capabilities like online access and bill pay serve as trusted and convenient options for transferring funds between accounts or to other people, all while keeping funds and customers’ accounts safer. Digital activity increased in 2021; 83% of accounts experienced digital activity, compared with 79% in 2020.

In 2021, 37% of account holders used peer-to-peer (P2P) payments, an increase from the previous year’s 31%. Both the average number of P2P transactions per month (almost 12 million) and their average value per month ($189) increased. The number of account holders using bill pay increased slightly to 4%. Participating financial institutions noted that debit transactions and withdrawals were common methods account holders used to pay bills rather than through this feature.

Bank On Account Holders’ Online Usage at Participating Institutions, 2018-2021

Download: Bank On Account Holders Online Usage at Participating Institutions (XLS)

The data in this report continues to show that Bank On-certified accounts attract new customers to the financial mainstream. We would like to thank all our participating financial institutions, and we look forward to welcoming new participants in the future.

In this report, we defined community banks as banks with $10 billion or less in assets and that can be owned by members of the community they serve. They are usually small to medium in size and can be private or public. Large banks have over $100 billion in assets. They are owned by shareholders and are public. The BOND Hub continues to allow all financial institutions with accounts that meet Bank On National Account Standards to submit their data to a federal regulator, ensuring the reporting process is consistent, accurate and secure. Due to limited financial institutions in-between $10 and $100 billion, all banks under $100 billion in assets are placed into the community banks category.

These data are critical to sustaining the momentum of the Bank On movement and, importantly, the availability of safe and affordable banking products. To illustrate the growth of the Bank On market and to support local banking access efforts, the St. Louis Fed has published these data on its website with an interactive tool to display accounts at the ZIP code, MSA and state levels .

  • This information was updated in June 2023 to reflect that the number of ZIP codes contained in the subsample is 23,780.
  • Large banks have over $100 billion in assets.
  • Community banks have under $100 billion in assets.

The authors worked closely with Amelia Erwitt and Kant Desai of the Cities for Financial Empowerment (CFE) Fund. The views expressed here are those of the authors and do not necessarily reflect the views of the St. Louis Fed or the Federal Reserve System.

Matuschka Lindo Briggs

Matuschka Lindo Briggs is a Regional Executive leading the St. Louis Fed's Little Rock Branch. She formerly served as a Community Development director. Read more about the author .

Nishesh Chalise

Nishesh Chalise is a senior manager with the St. Louis Fed's Institute for Economic Equity. Read about Nishesh's work .

Violeta Gutkowski

Violeta Gutkowski is a lead analyst for the St. Louis Fed's Institute for Economic Equity. Read about Violeta's work .

Related Topics

Federal Reserve Bank of Atlanta

Research Data Reports

Email a friend, this form is temporarily unavailable..

research report on federal bank

Year Filter

  • RELATED LINKS:  
  • Survey of Consumer Payment Choice
  • Diary of Consumer Payment Choice

2020 Findings from the Diary of Consumer Payment Choice

Laura Kim, Raynil Kumar, Shaun O’Brien

Download PDF (480 KB)

July 31, 2020

Download PDF (pdf, 480 kb)

Download Chart Data (Excel document, 128 kb)

The Diary of Consumer Payment Choice (Diary) is an ongoing annual research effort conducted by the Federal Reserve to better understand payment habits of the U.S. population. This paper highlights findings from the sixth Diary study in 2019, and the fourth conducted annually in the month of October since 2016 1 . A demographically-representative sample of 3,016 individuals from the Understanding America survey panel were asked to participate. Each individual was instructed to report all of their payments and transactions over an assigned, consecutive three-day period. The high-level findings are:

  • Consumers used cash for 26 percent of all payments, consistent with the finding from 2018
  • Cash is used heavily for small-value payments, about 47 percent of payments under $10
  • Debit cards were the most used instrument, accounting for 30 percent of payments
  • The share of cash use across all age cohorts was generally unchanged
  • 87 percent of non-bill payments were made in-person, and cash was used for 35 percent of those payments

The share of cash use remained unchanged from last year, though the average number of cash payments made declined from 11 payments in 2018 to 10 in 2019. The one payment decline is equivalent to last year’s change (12 payments in 2017 to 11 in 2018). The decline in cash payments is accompanied by a decline in the total number of payments amongst Diary participants; these two factors explain the consistent share of cash use from one year to the next.

In 2019, cash was used for 47 percent of payments under $10 and for 40 percent of payments between $10 and $25. While participants reported fewer cash payments in the under $10 range than in 2018, they also reported fewer payments overall in this range, suggesting that the drop in cash payments for small valued transactions is not necessarily the result of payment substitution from cash to cards.

As with findings in 2018, cash use accounted for 35 percent of in-person payments. Shares of in-person credit card and debit card payments increased, while in-person payments made with checks continued to decline.

Just as with payment shares, individuals’ stated payment preferences remained consistent with the 2018 Diary, and stated preferences continue to align with payment usage. Debit cards were the most used and the most preferred instrument. Approximately 42 percent of participants prefer to pay with debit cards, followed by credit cards at 29 percent, and cash at 23 percent. In general, participants’ preferences align with their payment usage. Although participants prefer credit cards over cash, cash is used more often than credit cards because debit and credit-preferring individuals use cash for approximately 20 percent of their payments.

The body of this paper is structured into four sections, with each section exploring various aspects of cash usage. Section 1 details trends in cash usage; Section 2 discusses how payment preferences influence the use of cash; Section 3 explores cash holdings by demographic cohort; and Section 4 outlines payment use by transaction characteristic and merchant type. Appendix A provides an overview of methodology. Additional information about the 2020 Diary is available through the Federal Reserve Bank of Atlanta. 2

Note Regarding COVID-19

This year’s Diary study was conducted in October 2019, before the spread of COVID-19 in the United States. The authors acknowledge that payment behavior may likely change as a result of this pandemic and the ensuing stay-at-home or shelter-in-place orders. While current Diary data does not represent consumers’ payment behavior during this national emergency, data from the Diary studies has been vital for analysis conducted by the Cash Product Office, the 12 Reserve Banks, and the Board of Governors to ensure that the Federal Reserve can effectively meet its mission of providing ready access to FedCash® Services. Payment details from the Diary, such as payment instrument usage, value of purchases, and merchant type, were utilized to better understand how consumers might use cash at open businesses once CARES Act Economic Impact Payments were issued. How the current crisis will affect cash usage and general payment behavior going forward is unknown. However, future Diary studies may provide insights about whether and how consumer payments have changed in a post COVID-19 era. 3

Acknowledgements

This paper would not have been possible without the support and contributions of the following individuals. From the Atlanta Fed: Kevin Foster, Claire Greene, Marcin Hitczenko, Brian Prescott, and Oz Shy. From the Boston Fed: Joanna Stavins and Liang Zhang. From the San Francisco Fed: Justin Wray and Tom Flannigan. From the Cash Product Office: Alexander Bau, Amy Burr, Ben Gold, Kelly McGuire, Margaret Riley, Louise Willard, Kathleen Young, and Roger Replogle.

Section 1. Trends in Cash Usage

Share of cash usage remains consistent with previous year

Diary participants reported making an average of 38 payments per month in October 2019, down from 43 payments reported in 2018. Despite the decline in total transactions, the share of cash use remains consistent at 26 percent, though cash usage decreased by one payment per month. Debit cards were once again the most frequently used payment instrument, accounting for 30 percent of payments, a 2 percentage point increase from 2018 (Figure 1) 4 . Consumers’ use of credit cards has continued to increase steadily since 2016, though the year to year change in 2019 was not statistically significant. In general, the share of payment instrument usage between 2018 and 2019 was mostly unchanged.

Figure 1 Share of Payment Instrument Usage by Year

research report on federal bank

The decline in the total number of cash payments was largely the result of a decrease in the number of small value cash payments under $10. In addition to this decline in small value cash payments, the total number of small value payments also decreased to 10 payments in 2019, down from 11 in 2018 (Figure 2). The decrease in number and share of small value cash payments over the last four years has led to an increase in the share of card payments. However, the number of small value debit card payments has remained unchanged since 2017. This suggests the increasing share of small value debit card payments is not due to an increase in card usage, but to a decrease in the reported number of small value cash payments.

Figure 2 Total Distribution of Purchases

research report on federal bank

In contrast to the trends for small value payments, the number of larger value purchases has been consistent since 2017 (Figure 3). From 2017 to 2019, cash has been used between five and six times per month for payments above $10. This consistency in the number of payments applies not only to cash payments, but also to the share and usage of credit cards, debit cards, and electronic payments.

Figure 3 Payment Instrument Usage by Purchase Amount – 2019

research report on federal bank

Section 2. Who is using cash?

Payment preferences remain consistent

The changing payments landscape does not seem to be significantly influencing consumers’ long-held preference for cash, credit cards, and debit cards yet. These three instruments combined have accounted for at least 93 percent of stated preferences since 2016, though there have been preference shifts between these instruments as Figure 4 shows. Participants’ 2019 payment preferences remained similar to those of the last three years, with 42 percent preferring to pay with debit cards, 29 percent preferring to pay with credit cards, and 23 percent preferring cash. Analogous to preferences, debit card’s payment share has remained consistent, credit’s share has increased, and cash’s share has decreased.

Figure 4 Payment Preference from 2016 – 2019

research report on federal bank

Consumers’ stated payment preferences continue to align with their actual payment habits, where participants report making the majority of their payments with their preferred instrument. However, the use of other instruments varied depending on one’s initial preference. Cash-preferring consumers tended to use debit cards as a backup payment at nearly double the rate as credit cards (Figure 5). Conversely, consumers who preferred credit or debit cards were more likely to use cash as a secondary payment instrument instead of using another card payment. This secondary cash use by those preferring cards aligns with what diarists indicated when asked about their backup payment preferences. It also explains why the share of cash use is relatively high compared to stated preferences. Those who prefer cards, on average, use cash approximately eight times per month, which accounts for nearly 19 percent of their total payments.

Figure 5 Payment Instrument Use by Preference – 2019

research report on federal bank

Cash remains popular among younger and older age groups

The overall pattern of cash use by age cohort remains consistent. While cash use is prevalent among people of all ages, the share of cash use is highest among individuals aged 18 to 24 and those 55 and older (Figure 6). Conversely, individuals age 25 to 44 use cash less often than any other age cohort and use both debit and credit cards more frequently than cash.

Figure 6 2019 Percent Payment Instrument Usage by Age

research report on federal bank

The share of cash use across all age groups did not change dramatically from 2018 to 2019, with the largest change being a 2 percentage point drop for those age 45 to 55 5 . This is a shift from the prior Diary, which had decreases ranging from five to seven percentage points for those aged 25 to 54 (Figure 7). The data also shows that the change in cash use by individuals between the ages of 25 and 54 caused the aggregate 5 percentage point decline in cash use between 2017 and 2018. In contrast, those in the 18 to 24 and 55 and older age groups have been largely consistent with their share of cash use over the last four years.

Figure 7 Cash Use by Age Group and Year

research report on federal bank

Additionally, those age 35 to 54 have reported the largest percentage point decrease of cash use, 11 percentage points, of any cohort since 2016 (Figure 8). The decrease of cash purchases for those 35 to 54 has been offset by increases in debit card and credit card usage with the shares increasing by six and seven percentage points, respectively, since 2016.

Figure 8 Select Yearly Payment Share for those Age 35 – 54

research report on federal bank

Section 3. Who is holding cash?

Older individuals and high-income households continue to hold more cash

As part of the Diary, individuals are asked to report the amount of cash held in their pocket, purse, or wallet at the end of each day. In general, the average daily value of cash held by individuals has remained consistent between 2016 and 2019, with participants holding approximately $60 each day (Figure 9). As has been the case in previous years, average cash holdings vary depending on one’s age and household income. Individuals over the age of 65 increased their average holdings to $116, continuing the upward trend started in 2016. No other age group shows such a consistent upward trend over the same time period. Each age cohort’s cash holdings has been fairly consistent across the past four years, with increased holdings in some years and decreased holdings in others. One interesting change from 2018 was the increase in cash holdings for 18 to 24 year olds, who nearly doubled their average amount held. This increase was simply driven by some individuals holding more cash. For example, approximately half of these individuals held about the same amount as last year with the median value of cash holdings being $4 in 2018 and $6 in 2019. However, the increase in cash holdings was not the result of a few outliers. Individuals in the top 25 percent of cash holdings increased the average held from $30 in 2018 to $52 in 2019, and for the top 10 percent of cash holders the increase went from $60 to $110 over the same time period.

Figure 9 Average Daily Holdings by Age & Year

research report on federal bank

Cash holdings vary within income groups each year, but individuals from higher income households generally hold a greater amount of cash throughout the day than those from lower income households (Figure 10). However, the correlation between holdings and household income is not as strong as the correlation between holdings and age. Additionally, there may be a convergence of holdings across household income. Individuals living in households earning more than $125,000 hold the largest value of cash ($76); however, the 2019 data shows the difference in daily holdings between this highest-income group and those in households making $50,000 to $74,999 is only $3. This difference is much smaller than the $20 difference in holdings reported in 2016 for the same two groups, and a similar pattern is present for all other household income groups as well.

Figure 10 Average Daily Holdings by Household Income and Year

research report on federal bank

Section 4. Where is cash being used?

While online shopping increases, cash is the most used in-person payment instrument

Participants continue to report an increasing share of online or “not-in-person” payments, specifically non-bill payments. Figure 11 shows both the share of non-bill payments that took place in-person as well as the share of individuals who made at least one not-in-person payment.

Figure 11 Share of In-Person Payments and the Share Making at Least One Not-In-Person Payment, by Year

research report on federal bank

While the decrease of in-person payments from 2018 to 2019 was not statistically significant, the trend over the last four years is consistent and statistically significant between 2016 and 2019. Additionally, the 4 percent of individuals who report making any online payments, excluding bills, shows the growth of individuals making online payments is increasing rather slowly over time. While there has not been significant growth of individuals making online payments, those who are shopping online look to be shifting habits slowly towards online purchases. These slow but consistent changes suggest the share of online payments will likely continue to increase over time.

Given the year to year change for in-person payments has ranged from a one to two percentage point decline, it is important to understand the effects this changing landscape could have on cash. While cash’s share of all payments declined four percentage points since 2017, cash has been the most used in-person payment instrument in each Diary study. Cash accounted for 35 percent of in-person payments in 2019, unchanged from 2018 (Figure 12). As shopping continues to move to online platforms, the decline of in-person payments is important to understand because cash transactions, unlike cards, cannot be conducted online.

Figure 12 Percent Share of In-Person Payment Use

research report on federal bank

One factor affecting the likelihood of cash payments is that cash is not used uniformly across all merchant types. Cash is most often used at merchants that offer food and personal care supplies, where it was used for approximately five payments per month in 2019 (Figure 13), down from seven payments in 2017. The average number of cash payments at other merchant types, excluding housing related and government/nonprofit, is about one payment per month. Given the relatively large number of cash purchases for food and personal care supplies, there is a greater likelihood of a decline in total cash payments if consumers shift their in-person purchases of these items to an online shopping platform.

Figure 13 Total Transactions by Merchant Type in 2019

research report on federal bank

However, this shift to not-in-person payments for food and personal care supplies does not appear to have taken place. The percentage shares of payments at each merchant type for both in-person and not-in-person payments are shown in Figure 14 and Figure 15. Smaller merchant types are consolidated and only the more frequented merchant types are shown 6 . The payment shares by merchant type for both in-person and not-in-person transactions have changed slowly over time, though these yearly changes are not statistically significant 7 . It is important to note that the payment shares for not-in-person, food and personal care supplies have remained consistent since 2017. While there has been a decline in payments at this merchant type, specifically cash payments, the number and share of online food and personal care supplies payments has not increased. This suggests that changes in cash use for food and personal care supplies are likely attributed to consumers using cards for a higher share of in-person purchases, rather than consumers shifting their purchases to online platforms.

Figure 14 Share of Not-in-Person Payments by Year and Merchant Type

research report on federal bank

Figure 15 Share of In-Person Payments by Year and Merchant Type

research report on federal bank

The 2020 Diary findings were consistent with the prior year as the share of cash usage was consistent and the changes for debit and credit cards were not statistically significant. Such stability in the share of cash use suggests that consumers continue to value cash even as payment instrument choices continue to expand. While we observe consistencies in payment patterns, we see a simultaneous decrease in the use of cash and consistent usage of both debit and credit cards.

Although consumers are using cash less often, specifically for payments under $10, the amount of cash they hold on a regular basis has remained consistent at around $60 since 2016. Individuals age 18 to 24 and 55 and older continue to use cash for approximately one-third of payments, while those age 35 to 54 use cash approximately 20 percent of the time, a 10 percentage point decline from 2016. Cash continues to be the most used payment instrument for transactions that take place in-person, which is where almost three-quarters of all payments take place and where about 87 percent of non-bill payments are conducted.

The results of the 2020 Diary continue to highlight that many consumers value and prefer to use cash for everyday payments, while others use cash as a backup payment instrument, or for the convenience of small value payments even while preferring debit and credit cards. The wide range of use for cash continues to show its importance to consumers despite the number of competing payment technologies available in the economy today.

Diary of Consumer Payment Choice

The Federal Reserve’s national Cash Product Office (CPO) uses data from the Diary of Consumer Payment Choice (Diary) to understand consumer cash use and anticipate its ongoing role in the payments landscape. Developed by the Federal Reserve Bank of Boston’s Consumer Payment Research Center (CPRC) and currently managed by the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta, the Diary includes a unique, nationally representative survey of consumer shopping and payment decisions administered by the University of Southern California (USC) Dornsife Center for Economic and Social Research. USC’s Understanding America Study panel comprises approximately 6,000 individuals from across the United States, of which 3,016 panelists completed the 2019 Diary.

By tracking consumer payment transactions and preferences during the month of October every year, the CPO compares cash with other payment instruments, such as debit and credit cards, checks, and electronic options. Diary participants also report the amount of cash on-hand after each survey day, as well as any cash deposits or withdrawals conducted throughout the day. The CPO analyzes the Diary data, including the impact of age and income on an individual’s payment behavior and preferences. This detail of the stock and flow of cash at an individual level provides insight into how consumers use cash.

To ensure a nationally representative sample, responses are weighted to match national population estimates based on the Census Bureau’s Current Population Survey. The Diary is administered throughout the month of October, which was selected as a “typical month” to minimize seasonality effects in consumer spending patterns. Participants were each assigned a three day period within the month, with some individuals assigned a starting date in late September and others assigned to finish in early November. As Figure A1 shows, this ensures a near uniform distribution of participants for each October day. For a more detailed description of the Diary of Consumer Payment Choice, see Angrisani, Foster, and Hitczenko (2017b); Angrisani, Foster, and Hitczenko (2018); Greene, Schuh, and Stavins (2018); Greene and Schuh (2017); Greene, O’Brien, and Schuh (2017); and Schuh (2017).

Figure A1 Diary Participation by Diary Day and Date

research report on federal bank

About the Cash Product Office

As the nation’s central bank, the Federal Reserve ensures that cash is available when and where it is needed, including in times of crisis and business disruption, by providing FedCash® Services to depository institutions and, through them, to the general public. In fulfilling this role, the Fed’s primary responsibility is to maintain public confidence in the integrity and availability of U.S. currency.

The Federal Reserve System’s Cash Product Office (CPO) provides strategic leadership for this key function by formulating and implementing service level policies, operational guidance, and technology strategies for U.S. currency and coin services provided by Federal Reserve Banks nationally and internationally. In addition to guiding policies and procedures, the CPO establishes budget guidance for FedCash® Services, provides support for Federal Reserve currency and coin inventory management, and supports business continuity planning at the supply chain level. It also conducts market research and works directly with financial institutions and retailers to analyze trends in cash usage.

Angrisani, Marco, Kevin Foster, and Marcin Hitczenko. 2017b. “The 2012 Diary of Consumer Payment Choice: Technical Appendix.” Federal Reserve Bank of Boston Research Data Reports No. 17-5.

Angrisani, Marco, Kevin Foster, and Marcin Hitczenko. 2018. “The 2015 and 2016 Diaries of Consumer Payment Choice: Technical Appendix” Federal Reserve Bank of Boston Research Data Reports No. 18-2.

Greene, Claire, and Scott D. Schuh. 2017. “The 2016 Diary of Consumer Payment Choice.” Federal Reserve Bank of Boston Research Data Reports No. 17-7.

Greene, Claire, Shaun O’Brien, and Scott Schuh. 2017. “U.S. Consumer Cash Use, 2012–2015: An Introduction to the Diary of Consumer Payment Choice.” Federal Reserve Bank of Boston Research Data Reports No. 17-6.

Greene, Claire, Scott D. Schuh, and Joanna Stavins. 2018. “The 2012 Diary of Consumer Payment Choice: Summary Results.” Federal Reserve Bank of Boston Research Data Reports No. 18-1.

Schuh, Scott. 2017. “Measuring Consumer Expenditures with Payment Diaries.” Federal Reserve Bank of Boston Research Department Working Papers No. 17-2.

1. Previous Diary studies were conducted in 2012 and 2015. The 2012 study used RAND’s American Life Panel, and the 2015 study took place from October 16 through December 15.

2. FRB Atlanta publication (forthcoming)

3. A supplemental Diary paper published in July 2020 on “Consumer Payments & the COVID-19 Pandemic” is available.

4. “Electronic” payments include bank account number payments, online banking bill pay, and payment services like PayPal. “Other” payments include money orders, traveler’s checks, transfers, and direct deposit.

5. The difference in share is not statistically significant, but the difference in actual cash usage is statistically different as cash transactions declined to 9.7 payments from 13.0 payments. In addition, the difference in share was not statistically significant due to 45 to 54 year olds reporting fewer overall payments.

6. The other category includes payments to “Medical, education, personal services,” “Financial, professional, miscellaneous services,” “Government and nonprofit,” and “Gifts and transfers to people.”

7. Differences between 2016 data and the other years are likely due to a change in how merchants were defined. In 2017 the number of merchant types was reduced and, as a result, merchant type comparisons with 2016 are not equivalent.

  • About the New York Fed
  • Bank Leadership
  • Diversity and Inclusion
  • Communities We Serve
  • Board of Directors
  • Disclosures
  • Ethics and Conflicts of Interest
  • Annual Financial Statements
  • News & Events
  • Advisory Groups
  • Vendor Information
  • Holiday Schedule

At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.

New York Innovation Center

Introducing the New York Innovation Center: Delivering a central bank innovation execution

Information Requests

Do you have a request for information and records? Learn how to submit it.

Gold Vault

Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.

  • Markets & Policy Implementation
  • Reference Rates
  • Effective Federal Funds Rate
  • Overnight Bank Funding Rate
  • Secured Overnight Financing Rate
  • SOFR Averages & Index
  • Broad General Collateral Rate
  • Tri-Party General Collateral Rate
  • Desk Operations
  • Treasury Securities
  • Agency Mortgage-Backed Securities
  • Reverse Repos
  • Securities Lending
  • Central Bank Liquidity Swaps
  • System Open Market Account Holdings
  • Primary Dealer Statistics
  • Historical Transaction Data
  • Monetary Policy Implementation
  • Agency Commercial Mortgage-Backed Securities
  • Agency Debt Securities
  • Repos & Reverse Repos
  • Discount Window
  • Treasury Debt Auctions & Buybacks as Fiscal Agent
  • INTERNATIONAL MARKET OPERATIONS
  • Foreign Exchange
  • Foreign Reserves Management
  • Central Bank Swap Arrangements
  • Statements & Operating Policies
  • Survey of Primary Dealers
  • Survey of Market Participants
  • Annual Reports
  • Primary Dealers
  • Standing Repo Facility Counterparties
  • Reverse Repo Counterparties
  • Foreign Exchange Counterparties
  • Foreign Reserves Management Counterparties
  • Operational Readiness
  • Central Bank & International Account Services
  • Programs Archive
  • Economic Research
  • Consumer Expectations & Behavior
  • Survey of Consumer Expectations
  • Household Debt & Credit Report
  • Home Price Changes
  • Growth & Inflation
  • Equitable Growth Indicators
  • Multivariate Core Trend Inflation
  • New York Fed DSGE Model
  • New York Fed Staff Nowcast
  • R-star: Natural Rate of Interest

Labor Market

  • Labor Market for Recent College Graduates
  • Financial Stability
  • Corporate Bond Market Distress Index
  • Outlook-at-Risk
  • Treasury Term Premia
  • Yield Curve as a Leading Indicator
  • Banking Research Data Sets
  • Quarterly Trends for Consolidated U.S. Banking Organizations
  • Empire State Manufacturing Survey
  • Business Leaders Survey
  • Supplemental Survey Report
  • Regional Employment Trends
  • Early Benchmarked Employment Data
  • INTERNATIONAL ECONOMY
  • Global Economic Indicators
  • Global Supply Chain Pressure Index
  • Staff Economists
  • Visiting Scholars
  • Resident Scholars
  • PUBLICATIONS
  • Liberty Street Economics
  • Staff Reports
  • Economic Policy Review
  • RESEARCH CENTERS
  • Applied Macroeconomics & Econometrics Center (AMEC)
  • Center for Microeconomic Data (CMD)
  • Economic Indicators Calendar
  • Financial Institution Supervision
  • Regulations
  • Reporting Forms
  • Correspondence
  • Bank Applications
  • Community Reinvestment Act Exams
  • Frauds and Scams

As part of our core mission, we supervise and regulate financial institutions in the Second District. Our primary objective is to maintain a safe and competitive U.S. and global banking system.

The Governance & Culture Reform

The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.

Need to file a report with the New York Fed?

Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.

Frauds and Scams

The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.

  • Financial Services & Infrastructure
  • Services For Financial Institutions
  • Payment Services
  • Payment System Oversight
  • International Services, Seminars & Training
  • Tri-Party Repo Infrastructure Reform
  • Managing Foreign Exchange
  • Money Market Funds
  • Over-The-Counter Derivatives

The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

Payment Services

The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.

Specialized Courses

The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.

Tri-party Infrastructure Reform

The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.

  • Community Development & Education
  • Household Financial Well-being
  • Fed Communities
  • Fed Listens
  • Fed Small Business
  • Workforce Development
  • Other Community Development Work
  • High School Fed Challenge
  • College Fed Challenge
  • Teacher Professional Development
  • Classroom Visits
  • Museum & Learning Center Visits
  • Educational Comic Books
  • Economist Spotlight Series
  • Lesson Plans and Resources
  • Economic Education Calendar

Our Community Development Strategy

We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.

Economic Inequality & Equitable Growth

The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.

Government and Culture Reform

Consumers More Optimistic about Their Financial Situation and Credit Access

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the January 2024 Survey of Consumer Expectations , which shows improvements in households’ perceptions and expectations of their financial conditions and credit availability. Inflation expectations remained unchanged at the short- and longer-term horizons and declined slightly at the medium-term horizon. Labor market expectations were mixed.

The main findings from the January 2024 Survey are:

  • Median inflation expectations remained unchanged at the one- and five-year ahead horizons in January, at 3.0% and 2.5%, respectively. Median inflation expectations at the three-year ahead horizon declined to 2.4% from 2.6%. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) increased at the one-year ahead and five-year ahead horizons and decreased at the three-year horizon.
  • Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—increased slightly at all three horizons.
  • Median home price growth expectations were unchanged for the fourth consecutive month at 3.0%.
  • Median year-ahead expected price changes declined for all goods tracked in the survey, falling by 0.3 percentage point for gas to 4.2%, by 0.1 percentage point for food to 4.9%, by 0.9 percentage point for rent to 6.4%, by 0.5 percentage point for medical care to 8.6%, and by 0.4 percentage point for the cost of a college education to 5.9%. The reading for the expected price change of gas is the lowest since December 2022, while those for food and rent were the lowest since March 2020 and December 2020, respectively.
  • Median one-year ahead expected earnings growth increased by 0.3 percentage point to 2.8%, returning to the narrow range of 2.8% to 3.0% seen between September 2021 and October 2023. The increase in January was driven by respondents above the age of 40 and without a college degree.
  • Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased marginally to 37.2% from 37.0% in December, remaining below the series 12-month trailing average of 39.2%.
  • The mean perceived probability of losing one’s job in the next 12 months decreased by 1.6 percentage points to 11.8%. The mean probability of leaving one’s job voluntarily in the next 12 months also declined, to 17.7% from 20.4% in December. Both readings are below the series 12-month trailing averages.
  • The mean perceived probability of finding a job if one’s current job was lost decreased by 1.7 percentage points to 54.2%, its lowest reading since June 2021.

Household Finance

  • Median expected growth in household income increased by 0.1 percentage point to 3.1% in January, remaining above its pre-pandemic February 2020 level of 2.7%. 
  • Median household spending growth expectations were unchanged at 5.0%. The series remains well above its February 2020 level of 3.1%.
  • Perceptions of credit access compared to a year ago improved notably with a decreased share of respondents reporting that it is more difficult to obtain credit now than a year ago, and a larger share reporting that it is now easier to do so. Similarly, expectations about future credit access also improved with a decreased share of respondents expecting tighter credit conditions a year from now.
  • The average perceived probability of missing a minimum debt payment over the next three months decreased by 0.3 percentage point to 12.1%, a level comparable to those prevailing just before the pandemic.
  • The median expected year-ahead change in taxes at current income level declined by 0.2 percentage point to 3.9%.
  • Median year-ahead expected growth in government debt decreased to 8.9% from 9.4%.
  • The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months decreased by 0.4 percentage point to 25.5%, its fourth consecutive monthly decline.
  • Perceptions about households’ current financial situations improved in January with more respondents reporting being better off than a year ago and fewer respondents reporting being worse off. Year-ahead expectations also improved with a smaller share of respondents expecting to be worse off and a larger share of respondents expecting to be better off a year from now. The percentage of respondents expecting to be financially the same or better off 12 months from now is 76.5%, its highest level since September 2021.
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 0.8 percentage points to 37.5%, its highest level since April 2022.

  About the Survey of Consumer Expectations (SCE) The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit. The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also available by age, geography, income, education, and numeracy. 

The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, this panel allows us to observe the changes in expectations and behavior of the same individuals over time. For further information on the SCE, please refer to an overview of the survey methodology here , the interactive chart guide , and the survey questionnaire .

Close

  • Request a Speaker
  • International Seminars & Training
  • Governance & Culture Reform
  • Data Visualization
  • Economic Research Tracker
  • Markets Data APIs
  • Terms of Use

Federal Reserve Bank Seal

U.S. Department of the Treasury

Treasury publishes 2024 national risk assessments for money laundering, terrorist financing, and proliferation financing.

Reports Confirm and Update Key Illicit Finance Concerns in Response to Evolving Threat and Risk Environment 

WASHINGTON –  Today, the U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. 

The reports detail recent, significant updates to the U.S. anti-money laundering/counter-financing of terrorism framework and explain changes to the illicit finance risk environment. These include the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, increased potency of ransomware attacks, the growth of professional money laundering, and continued digitization of payments and financial services. These assessments also address how significant threats to global peace and security—such as Russia’s ongoing illegal, unprovoked, and unjustified war in Ukraine and Hamas’s October 7, 2023 terrorist attacks in Israel—have shaped the illicit finance risk environment in the United States.

Today’s publications are the fourth iterations of the money laundering and terrorist financing risk assessment, and the third update of the proliferation financing risk assessment, in less than a decade. The public and private sectors can use these updated risk assessments to better understand the current illicit finance environment and inform their own risk mitigation strategies. 

“Whether it’s terrorism, drug trafficking, Russian aggression, or corruption, illicit finance is the common thread across our nation’s biggest national security threats,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Treasury, through our National Risk Assessments, is at the cutting edge of analyzing the global risk environment to protect the U.S. and international financial systems from abuse by illicit actors. We urge both the public and private sectors to engage with these reports, as well as our forthcoming National Strategy for Combatting Terrorist and Other Illicit Finance.”

Key findings:

  • Money Laundering : Criminals use both traditional and novel money laundering techniques, depending on availability and convenience, to move and conceal illicit proceeds and promote criminal activity that harms Americans. The crimes that generate the largest amount of illicit proceeds laundered in or through the United States remain fraud, drug trafficking, cybercrime, human trafficking and human smuggling, and corruption. The United States continues to face both persistent and emerging money laundering risks related to: (1) the misuse of legal entities; (2) the lack of transparency in certain real estate transactions; (3) the lack of comprehensive AML/CFT coverage for certain sectors, particularly investment advisers; (4) complicit merchants and professionals that misuse their positions or businesses; and (5) pockets of weaknesses in compliance or supervision at some regulated U.S. financial institutions. 
  • Terrorist Financing : The United States continues to face a wide range of terrorist financing threats and actors, both foreign and domestic. Consistent with the 2022 risk assessment, the most common financial connections between individuals in the United States and foreign terrorist groups entail individuals directly soliciting funds for or attempting to send funds to foreign terrorist groups utilizing cash, registered money services businesses, or in some cases, virtual assets. The 2024 report also discusses Hamas and the ways they exploit the international financial system, including through solicitation of funds from witting and unwitting donors worldwide. Additionally, domestic violent extremist movements have proliferated in recent years, posing an elevated threat to the United States and continued challenges for law enforcement.
  • Proliferation Financing : Russia and the Democratic People’s Republic of Korea (DPRK) presented heightened risk since the 2022 assessment. To support its unlawful war in Ukraine, Russia has expanded efforts to illegally acquire U.S.-origin goods with military applications using a variety of obfuscation techniques, such as the use of front companies and transshipment points around the world. Networks linked to the DPRK increasingly exploit the digital economy, including through hacking of virtual asset service providers and the overseas deployment of fraudulent information technology workers.

Treasury’s Office of Terrorist Financing and Financial Crimes led the assessment process and coordinated closely with offices and bureaus across the Department, relevant law enforcement and regulatory agencies, staff of the federal functional regulators, and across the intelligence and diplomatic communities.

In the coming weeks, Treasury will release the 2024 National Strategy for Combatting Terrorist and Other Illicit Finance, a strategic plan directly informed by the analysis contained in the risk assessments. In the strategy, Treasury will share recommendations for addressing the highlighted issues. This valuable feedback has aided Treasury in assessing and addressing illicit finance risk identified in prior iterations of the strategy to support improvements to the AML/CFT regime, including the launching of the new beneficial ownership reporting requirement that went into effect on January 1, 2024, and informing forthcoming proposed rules to address illicit finance vulnerabilities in the residential real estate sector and for certain investment advisers.

The 2024 National Money Laundering Risk Assessment

The 2024 National Terrorist Financing Risk Assessment

The 2024 National Proliferation Financing Risk Assessment

We've detected unusual activity from your computer network

To continue, please click the box below to let us know you're not a robot.

Why did this happen?

Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy .

For inquiries related to this message please contact our support team and provide the reference ID below.

research report on federal bank

Fed Researchers See Risk in Bank, Private Credit Competition

By Michael Tobin

Michael Tobin

The continued competition between banks and direct lenders to win deals could compromise underwriting standards in transactions, researchers at the Federal Reserve wrote in a note Friday.

The growth of dry powder — which has quadrupled relative to 2014, according to the note — and managers’ need to deliver returns to their limited partners could lead them to choose riskier deals and offer looser documents as a slowing economy leads to fewer opportunities, Fang Cai and Sharjil Haque wrote.

“Combined with high concentration of dry powder within a few funds, fund managers run the risk of structuring deals poorly going ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn about bloomberg law.

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.

U.S. flag

An official website of the United States government

Here’s how you know

The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Take action

  • Report an antitrust violation
  • File adjudicative documents
  • Find banned debt collectors
  • View competition guidance
  • Competition Matters Blog

New HSR thresholds and filing fees for 2024

View all Competition Matters Blog posts

We work to advance government policies that protect consumers and promote competition.

View Policy

Search or browse the Legal Library

Find legal resources and guidance to understand your business responsibilities and comply with the law.

Browse legal resources

  • Find policy statements
  • Submit a public comment

research report on federal bank

Vision and Priorities

Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC.

Technology Blog

Ai (and other) companies: quietly changing your terms of service could be unfair or deceptive.

View all Technology Blog posts

Advice and Guidance

Learn more about your rights as a consumer and how to spot and avoid scams. Find the resources you need to understand how consumer protection law impacts your business.

  • Report fraud
  • Report identity theft
  • Register for Do Not Call
  • Sign up for consumer alerts
  • Get Business Blog updates
  • Get your free credit report
  • Find refund cases
  • Order bulk publications
  • Consumer Advice
  • Shopping and Donating
  • Credit, Loans, and Debt
  • Jobs and Making Money
  • Unwanted Calls, Emails, and Texts
  • Identity Theft and Online Security
  • Business Guidance
  • Advertising and Marketing
  • Credit and Finance
  • Privacy and Security
  • By Industry
  • For Small Businesses
  • Browse Business Guidance Resources
  • Business Blog

Servicemembers: Your tool for financial readiness

Visit militaryconsumer.gov

Get consumer protection basics, plain and simple

Visit consumer.gov

Learn how the FTC protects free enterprise and consumers

Visit Competition Counts

Looking for competition guidance?

  • Competition Guidance

News and Events

Latest news, ftc finalizes order with global tel*link over security failures that led to breach of sensitive data.

View News and Events

Upcoming Event

Horseracing integrity and safety authority hearing before administrative law judge, in re derrick parram - march 1, 2024.

View more Events

Sign up for the latest news

Follow us on social media

-->   -->   -->   -->   -->  

gaming controller illustration

Playing it Safe: Explore the FTC's Top Video Game Cases

Learn about the FTC's notable video game cases and what our agency is doing to keep the public safe.

Latest Data Visualization

Visualization of FTC Refunds to Consumers

FTC Refunds to Consumers

Explore refund statistics including where refunds were sent and the dollar amounts refunded with this visualization.

About the FTC

Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.

Learn more about the FTC

Lina M. Khan

Meet the Chair

Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021.

Chair Lina M. Khan

Looking for legal documents or records? Search the Legal Library instead.

  • Cases and Proceedings
  • Premerger Notification Program
  • Merger Review
  • Anticompetitive Practices
  • Competition and Consumer Protection Guidance Documents
  • Warning Letters
  • Consumer Sentinel Network
  • Criminal Liaison Unit
  • FTC Refund Programs
  • Notices of Penalty Offenses
  • Advocacy and Research
  • Advisory Opinions
  • Cooperation Agreements
  • Federal Register Notices
  • Public Comments
  • Policy Statements
  • International
  • Military Consumer
  • Consumer.gov
  • Bulk Publications
  • Data and Visualizations
  • Stay Connected
  • Commissioners and Staff
  • Bureaus and Offices
  • Budget and Strategy
  • Office of Inspector General
  • Careers at the FTC

As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up Efforts to Protect the Public

Facebook

  • Consumer Protection
  • Bureau of Consumer Protection

Newly released Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark. This marks a 14% increase over reported losses in 2022.

Consumers reported losing more money to investment scams—more than $4.6 billion—than any other category in 2023. That amount represents a 21% increase over 2022. The second highest reported loss amount came from imposter scams, with losses of nearly $2.7 billion reported. In 2023, consumers reported losing more money to bank transfers and cryptocurrency than all other methods combined.

"Digital tools are making it easier than ever to target hard-working Americans, and we see the effects of that in the data we're releasing today,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “The FTC is working hard to take action against those scams."

research report on federal bank

Online shopping issues were the second most commonly reported in the fraud category, followed by prizes, sweepstakes, and lotteries; investment-related reports; and business and job opportunity scams.

Another first is the method scammers reportedly used to reach consumers most commonly in 2023: email. Email displaced text messages, which held the top spot in 2022 after decades of phone calls being the most common. Phone calls are the second most commonly reported contact method for fraud in 2023, followed by text messages.

The Commission monitors these trends carefully, and is taking a comprehensive approach to detect, halt, and deter consumer fraud, including in 2023 alone:

  • Leading the largest-ever crackdown on illegal telemarketing : The FTC joined more than 100 federal and state law enforcement partners nationwide, including the attorneys general from all 50 states and the District of Columbia in Operation Stop Scam Calls , a crackdown on illegal telemarketing calls involving more than 180 actions targeting operations responsible for billions of calls to U.S. consumers.
  • Proposing a ban on impersonator fraud:  The FTC is in the final stages of a rulemaking process targeting business and government impersonation scams.
  • Cracking Down on Investment Schemes:  The FTC has brought multiple cases against investment and business opportunity schemes, including Wealthpress , Blueprint to Wealth , Traffic and Funnels , Automators and Ganadores .
  • Confronting Emerging Forms of Fraud: The FTC has taken steps to listen to consumers and build knowledge and tools to fight emerging frauds. For example, the FTC announced a challenge in 2023 to help promote the development of ideas to protect consumers from the misuse of artificial intelligence-enabled voice cloning for fraud and other harms.
  • Stepping up CAN-SPAM Enforcement : The FTC is using its authority under the CAN-SPAM Act to rein in unlawful actions, including in cases against Publishers Clearing House and Experian .
  • Reaching Every Community:  The FTC has expanded its ability to hear directly from consumers in multiple languages through the Consumer Sentinel Network.

The FTC’s Consumer Sentinel Network is a database that receives reports directly from consumers, as well as from federal, state, and local law enforcement agencies, the Better Business Bureau, industry members, and non-profit organizations. More than 20 states contribute data to Sentinel.

Sentinel received 5.4 million reports in 2023; these include the fraud reports detailed above, as well as identity theft reports and complaints related to other consumer issues, such as problems with credit bureaus and banks and lenders. In 2023, there were more than 1 million reports of identity theft received through the FTC’s IdentityTheft.gov website.

The FTC uses the reports it receives through the Sentinel network as the starting point for many of its law enforcement investigations, and the agency also shares these reports with approximately 2,800 federal, state, local, and international law enforcement professionals. While the FTC does not intervene in individual complaints, Sentinel reports are a vital part of the agency’s law enforcement mission and also help the FTC to warn consumers and identify fraud trends it is seeing in the data.

A full breakdown of reports received in 2023 is now available on the FTC’s data analysis site at ftc.gov/exploredata . The data dashboards there break down the reports across a number of categories, including by state and metropolitan area, and also provide data from a number of subcategories of fraud reports.

The Federal Trade Commission works to promote competition and protect and educate consumers . Learn more about consumer topics at consumer.ftc.gov , or report fraud, scams, and bad business practices at  ReportFraud.ftc.gov . Follow the FTC on social media , read consumer alerts and the business blog , and sign up to get the latest FTC news and alerts .

Contact Information

Contact for consumers, media contact.

Jay Mayfield Office of Public Affairs 202-326-2656

  • FEDERAL BANK LTD.
  • SECTOR : BANKING AND FINANCE
  • INDUSTRY : BANKS

Federal Bank Ltd.

NSE: FEDERALBNK | BSE: 500469

/100 Valuation Score : 63 /100 Momentum Score : 64 /100 "> Turnaround Potential

152.45 -1.15 ( -0.75 %)

New 52W High in past week

21.8M NSE+BSE Volume

NSE Feb 23, 2024 03:31 PM

  • Share on Facebook
  • Share on LinkedIn
  • Share via Whatsapp

Broker average target upside potential%

Broker 1Year buys

12 active buys

Broker 1Year sells

0 active sells

Broker 1Year neutral

1 active holds

Broker 1M Reco upgrade

0 Broker 1M Reco upgrade

Federal Bank Ltd. share price target

View 44 reports from 14 analysts offering long term price targets for federal bank ltd.. federal bank ltd. has an average target of 175.65. the consensus estimate represents an upside of 15.22% from the last price of 152.4500..

announcement

  • Recent Upgrades
  • Recent Downgrades
  • Sector Updates
  • Most Recent

comScore

  • Trending Stocks
  • Jio Financial  INE758E01017, JIOFIN, 543940
  • Vodafone Idea  INE669E01016, IDEA, 532822
  • Yes Bank  INE528G01035, YESBANK, 532648
  • HDFC Bank  INE040A01034, HDFCBANK, 500180
  • One 97 Paytm  INE982J01020, PAYTM, 543396
  • Mutual Funds
  • Commodities
  • Futures & Options
  • Cryptocurrency
  • My Portfolio
  • My Watchlist
  • Personal Loans Upto ₹5 Lakhs
  • My Messages
  • Chat with Us
  • Download App

Follow us on:

Network 18

  • Global Markets
  • Indian Indices
  • Economic Calendar
  • Technical Trends
  • Big Shark Portfolios
  • Stock Scanner

Moneycontrol

  • Auri ferous Aqua Farma , 519363
  • INSTANT LOANS UPTO ₹ 5 Lakhs
  • Remove Ads Get Premium Content Go Pro @₹99
  • Top Stories Technical Trends
  • Financial Times Opinion
  • Learn GuruSpeak
  • Webinar Interview Series
  • Business In The Week Ahead Research
  • Technical Analysis Personal Finance
  • My Subscription My Offers
  • Home FII & DII Activity
  • Earnings Webinar
  • Web Stories
  • Tax Calculator
  • Silver Rate
  • Storyboard18
  • Home Tech/Startups
  • Auto Research
  • Opinion Politics
  • Personal Finance
  • Home Performance Tracker
  • Top ranked funds My Portfolio
  • Top performing Categories Forum
  • MF Simplified
  • Home Gold Rate
  • Fractional Ownership Trade like Experts
  • AU SFB Badlaav Humse Hai Policy Next
  • 1 Finance Pharma Industry Conclave
  • Unlocking opportunities in Metal and Mining The Leaders Cirle
  • International
  • Go pro @₹99

My Feed

  • Budget 2 24
  • Tech/Startups

Fractional Ownership

  • Management Interviews
  • Stock Advice
  • Research Reports
  • Board Meetings
  • Balance Sheet
  • Profit & Loss
  • Quarterly Results
  • Half Yearly Results
  • Nine Monthly Results
  • Yearly Results
  • Capital Structure
  • Financial Graphs
  • Directors Report
  • Chairman's Speech
  • Auditors Report
  • Notes To Accounts
  • Accounting Policy
  • Finished Products
  • Raw Materials
  • Investment Structure
  • Shareholding Pattern
  • Mutual Funds Holding
  • Top Public Shareholders
  • Promoter Holding
  • Large Deals
  • Competition
  • Data Bank new
  • Latest Price
  • Stock Performance
  • Total Assets
  • Fund managers holdings

11.54 am | 20 Feb 2024 |  Source: Moneycontrol.com

Emkay Global Financial is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 180 in its research report dated J...

1.46 pm | 24 Jan 2024 |  Source: Moneycontrol.com

Geojit recommended accumulate rating on Federal Bank with a target price of Rs 156 in its research report dated January 24, 2024....

1.44 pm | 18 Jan 2024 |  Source: Moneycontrol.com

LKP Research is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 169 in its research report dated January 18,...

3.11 pm | 17 Jan 2024 |  Source: Moneycontrol.com

Prabhudas Lilladher is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 180 in its research report dated Janu...

2.05 pm | 17 Jan 2024 |  Source: Moneycontrol.com

1.18 pm | 17 Jan 2024 |  Source: Moneycontrol.com

Motilal Oswal is bullish on Federal Bank recommended buy rating on the stock with a target price of Rs 175 in its research report dated January 17, 20...

12.09 pm | 17 Jan 2024 |  Source: Moneycontrol.com

Sharekhan is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 170 in its research report dated January 16, 20...

Facebook Twitter RSS Wap SMS SMS Alert iPad iPhone Blackberry OVI Android Window

The Federal Register

The daily journal of the united states government, request access.

Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs.

If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". This process will be necessary for each IP address you wish to access the site from, requests are valid for approximately one quarter (three months) after which the process may need to be repeated.

An official website of the United States government.

If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request.

new-img

  • Share Market News
  • e-ATM Order
  • FindYourMojo
  • Relax For Tax
  • Budget 2024
  • Live Webinar
  • One Click Mutual Fund
  • Retirement Solutions
  • Execution Algos
  • One Click F&O
  • Apply IPO through UPI
  • Life Insurance
  • Health Insurance
  • Group Health Insurance
  • Bike Insurance
  • SME Insurance
  • Car insurance
  • Home Insurance
  • Sovereign Gold Bonds
  • New Bonds on Offer
  • Government Securities
  • Exchange Traded Bonds
  • ICICI Bank FD
  • Top Performing NPS Schemes
  • NPS Calculator
  • NPS Important FAQ and Disclosures
  • Equity Trending News
  • Self learning
  • Customer Service
  • Corporate Services
  • Open Account
  • Masters of the Street
  • Features and Products
  • Will Drafting
  • Goal Planner
  • Retirement Planning
  • Brokerage Fees and Charges
  • Business Partner
  • Referral Associate
  • Business Partner Opportunity
  • Business Partner Earning Calculator
  • Business Partner App
  • Partner Universe
  • Insurance – POSP
  • Global Invest
  • Equity Research
  • Investing-Ideas
  • Federal Bank Ltd

Federal Bank Ltd Banks | NSE : FEDERALBNK

Dotcom-logo

  • Target : 100.0 (9.89%)
  • Target Period : 12-18 Month

08 May 2022

Mixed quarter; growth momentum key for re-rating.

Federal Bank is an old private sector bank based out of Kerala with 1282 branches and 1885 ATM across various states.

  • Strong liability franchisee with over 94% of total deposits being retail
  • Balanced loan mix with retail: wholesale mix of 55:45

Q4FY22 Results: Subdued operational performance, lower provisions aided PAT.

  • Loans up 9.9% YoY, 3% QoQ at ₹ 1.4 lakh crore, deposits up 5.2% YoY
  • NII up 7.4% YoY, flat QoQ. NIMs declined 11 bps QoQ at 3.16%
  • GNPA down 26 bps QoQ to 2.8%. Restructured book at ~2.36%

Federal Bank’s share price has increased by ~15% in the past one year.

  • Targeted business growth of ~15% and RoA of 1.1% in FY23E remains key. However, rising competitive intensity remains a challenge. Thus, we downgrade the stock from BUY to HOLD.

We value Federal Bank at ~1.1x FY24E ABV and revise our target price from ₹ 120 to ₹ 100 per share

  • Management guidance on pedalling growth with focus on retail & business banking to aid earnings trajectory though liabilities accumulation without distorting margins will remain key
  • Digital & fintech push through partnerships to aid business growth
  • RoA guidance at 1.2-1.25% needs to be watched given steady margins & high anticipated opex

Besides Federal, in our coverage we also like IndusInd Bank.

  • IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India
  • BUY with target a price of ₹ 1150

0

Particulars

Shareholding pattern, price chart, recent events & key highlights.

  • GNPA down 26 bps QoQ to 2.8%

Research Analyst

Key financial summary.

Variance Analysis - 

Financial Summary

Profit and loss statement ₹ crore, key ratios ₹ crore, balance sheet ₹ crore, cash flow statement ₹ crore, previous reports pdf:, terms & conditions and other disclosures, analyst certification.

I/We, Kajal Gandhi, CA, Vishal Narnolia, MBA, Sameer Sawant, MBA Research Analysts Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.                

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.

Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/beneficial ownership of one percent or more or other material conflict of interest various companies including the subject company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Copyright© 2022. All rights Reserved. ICICI Securities Ltd. ®trademark registration in respect of the concerned mark has been applied for by ICICI Bank Limited

U.S. flag

An official website of the United States government

The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

FDIC.gov home page

Center for Financial Research

The FDIC is a preeminent banking research institution. The FDIC established the Center for Financial Research to promote research on topics important to the FDIC's mission including deposit insurance, bank supervision, making large and complex financial institutions resolvable, and resolution of failed financial institutions. The Center has an active seminar series and maintains contacts with preeminent scholars in the industry, academics, and the public sector. Its research follows banking industry developments, risk measurement and management methods, regulatory policy, and related topics. The Center sponsors an annual Bank Research Conference, hosts short-term visiting scholars, and manages a Visiting Scholars Program. The work of our researchers helps the FDIC maintain a safe, sound, and vibrant banking sector.

Papers, Studies, and Survey Reports

The Center publishes working papers, staff studies, survey reports, and other analyses to prompt discussion among the FDIC's many stakeholders to expand knowledge and understanding of issues that affect the banking system.

  • Working Papers
  • Staff Studies
  • Externally Published Research

The Center hosts an annual Bank Research Conference and other events throughout the year to foster dialogue among banking regulators and supervisors, academics, and the private sector.

Bank Research Conference

  • Consumer Research Symposium
  • Past Conferences & Symposia

Group of FDIC researchers in front of FDIC building

The Center includes a team of highly qualified economists and researchers, who conduct and publish empirical and theoretical research on the banking industry, bank regulation, and deposit insurance. They also develop statistical and financial models to support FDIC operations. The Center is also supported by advisors, scholars, and fellows who advise senior management and coauthor research papers with economists.

Career opportunities are available for interns, fellowships, and economists.

For additional information about the FDIC Center for Financial Research, please contact us .

Have a Paper You Want to Present at the FDIC?

The FDIC offers a seminar series to present interesting and informative papers. If you would like to present a paper, please e-mail your paper and available presentation dates to [email protected] .

Presenters will be reimbursed for their travel expenses.

research report on federal bank

Consumer Research Symposium / March 15, 2024

Charts and Graph images

Recent Publications

research report on federal bank

An official website of the United States Government

  • Kreyòl ayisyen
  • Search Toggle search Search Include Historical Content - Any - No Include Historical Content - Any - No Search
  • Menu Toggle menu
  • INFORMATION FOR…
  • Individuals
  • Business & Self Employed
  • Charities and Nonprofits
  • International Taxpayers
  • Federal State and Local Governments
  • Indian Tribal Governments
  • Tax Exempt Bonds
  • FILING FOR INDIVIDUALS
  • How to File
  • When to File
  • Where to File
  • Update Your Information
  • Get Your Tax Record
  • Apply for an Employer ID Number (EIN)
  • Check Your Amended Return Status
  • Get an Identity Protection PIN (IP PIN)
  • File Your Taxes for Free
  • Bank Account (Direct Pay)
  • Debit or Credit Card
  • Payment Plan (Installment Agreement)
  • Electronic Federal Tax Payment System (EFTPS)
  • Your Online Account
  • Tax Withholding Estimator
  • Estimated Taxes
  • Where's My Refund
  • What to Expect
  • Direct Deposit
  • Reduced Refunds
  • Amend Return

Credits & Deductions

  • INFORMATION FOR...
  • Businesses & Self-Employed
  • Earned Income Credit (EITC)
  • Child Tax Credit
  • Clean Energy and Vehicle Credits
  • Standard Deduction
  • Retirement Plans

Forms & Instructions

  • POPULAR FORMS & INSTRUCTIONS
  • Form 1040 Instructions
  • Form 4506-T
  • POPULAR FOR TAX PROS
  • Form 1040-X
  • Circular 230

Tax Time Guide 2024: What to know before completing a tax return

More in news.

  • Topics in the News
  • News Releases for Frequently Asked Questions
  • Multimedia Center
  • Tax Relief in Disaster Situations
  • Inflation Reduction Act
  • Taxpayer First Act
  • Tax Scams/Consumer Alerts
  • The Tax Gap
  • Fact Sheets
  • IRS Tax Tips
  • e-News Subscriptions
  • IRS Guidance
  • Media Contacts
  • IRS Statements and Announcements

IR-2024-45, Feb. 21, 2024

WASHINGTON — During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return.

As part of its four-part, weekly Tax Time Guide series, the IRS continues to provide new and updated resources to help taxpayers file an accurate tax return. Taxpayers can count on IRS.gov for updated resources and tools along with a special free help page available around the clock. Taxpayers are also encouraged to read Publication 17, Your Federal Income Tax (For Individuals) for additional guidance.

Essentials to filing an accurate tax return

The deadline this tax season for filing Form 1040, U.S. Individual Income Tax Return , or 1040-SR, U.S. Tax Return for Seniors , is April 15, 2024. However, those who live in Maine or Massachusetts will have until April 17, 2024, to file due to official holidays observed in those states.

Taxpayers are advised to wait until they receive all their proper tax documents before filing their tax returns. Filing without all the necessary documents could lead to mistakes and potential delays.

It’s important for taxpayers to carefully review their documents for any inaccuracies or missing information. If any issues are found, taxpayers should contact the payer immediately to request a correction or confirm that the payer has their current mailing or email address on file.

Creating an IRS Online Account can provide taxpayers with secure access to information about their federal tax account, including payment history, tax records and other important information.

Having organized tax records can make the process of preparing a complete and accurate tax return easier and may also help taxpayers identify any overlooked deductions or credits .

Taxpayers who have an Individual Taxpayer Identification Number or ITIN may need to renew it if it has expired and is required for a U.S. federal tax return. If an expiring or expired ITIN is not renewed, the IRS can still accept the tax return, but it may result in processing delays or delays in credits owed.

Changes to credits and deductions for tax year 2023

Standard deduction amount increased. For 2023, the standard deduction amount has been increased for all filers. The amounts are:

  • Single or married filing separately — $13,850.
  • Head of household — $20,800.
  • Married filing jointly or qualifying surviving spouse — $27,700.

Additional child tax credit amount increased. The maximum additional child tax credit amount has increased to $1,600 for each qualifying child.

Child tax credit enhancements. Many changes to the Child tax credit (CTC) that had been implemented by the American Rescue Plan Act of 2021 have expired.

However, the IRS continues to closely monitor legislation being considered by Congress affecting the Child Tax Credit. The IRS reminds taxpayers eligible for the Child Tax Credit that they should not wait to file their 2023 tax return this filing season. If Congress changes the CTC guidelines, the IRS will automatically make adjustments for those who have already filed so no additional action will be needed by those eligible taxpayers.

Under current law, for tax year 2023, the following currently apply:

  • The enhanced credit allowed for qualifying children under age 6 and children under age 18 has expired. For 2023, the initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where AGI income exceeds $200,000 ($400,000 in the case of a joint return). The amount of the CTC that can be claimed as a refundable credit is limited as it was in 2020 except that the maximum ACTC amount for each qualifying child increased to $1,500.
  • The increased age allowance for a qualifying child has expired. A child must be under age 17 at the end of 2023 to be a qualifying child.

Changes to the Earned Income Tax Credit (EITC). The enhancements for taxpayers without a qualifying child implemented by the American Rescue Plan Act of 2021 will not apply for tax year 2023. To claim the EITC without a qualifying child in 2023, taxpayers must be at least age 25 but under age 65 at the end of 2023. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2023.

Taxpayers may find more information on Child tax credits in the Instructions for Schedule 8812 (Form 1040) .

New Clean Vehicle Credit. The credit for new qualified plug-in electric drive motor vehicles has changed. This credit is now known as the Clean Vehicle Credit. The maximum amount of the credit and some of the requirements to claim the credit have changed. The credit is reported on Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit , and on Form 1040, Schedule 3.

More information on these and other credit and deduction changes for tax year 2023 may be found in the Publication 17, Your Federal Income Tax (For Individuals) , taxpayer guide.

1099-K reporting requirements have not changed for tax year 2023

Following feedback from taxpayers, tax professionals and payment processors, and to reduce taxpayer confusion, the IRS recently released Notice 2023-74 announcing a delay of the new $600 reporting threshold for tax year 2023 on Form 1099-K, Payment Card and Third-Party Network Transactions . The previous reporting thresholds will remain in place for 2023.

The IRS has published a fact sheet with further information to assist taxpayers concerning changes to 1099-K reporting requirements for tax year 2023.

Form 1099-K reporting requirements

Taxpayers who take direct payment by credit, debit or gift cards for selling goods or providing services by customers or clients should get a Form 1099-K from their payment processor or payment settlement entity no matter how many payments they got or how much they were for.

If they used a payment app or online marketplace and received over $20,000 from over 200 transactions,

the payment app or online marketplace is required to send a Form 1099-K. However, they can send a Form 1099-K with lower amounts. Whether or not the taxpayer receives a Form 1099-K, they must still report any income on their tax return.

What’s taxable? It’s the profit from these activities that’s taxable income. The Form 1099-K shows the gross or total amount of payments received. Taxpayers can use it and other records to figure out the actual taxes they owe on any profits. Remember that all income, no matter the amount, is taxable unless the tax law says it isn’t – even if taxpayers don’t get a Form 1099-K.

What’s not taxable? Taxpayers shouldn’t receive a Form 1099-K for personal payments, including money received as a gift and for repayment of shared expenses. That money isn’t taxable. To prevent getting an inaccurate Form 1099-K, note those payments as “personal,” if possible.

Good recordkeeping is key. Be sure to keep good records because it helps when it’s time to file a tax return. It’s a good idea to keep business and personal transactions separate to make it easier to figure out what a taxpayer owes.

For details on what to do if a taxpayer gets a Form 1099-K in error or the information on their form is incorrect, visit IRS.gov/1099k  or find frequently asked questions at Form 1099-K FAQs .

Direct File pilot program provides a new option this year for some

The IRS launched the Direct File pilot program during the 2024 tax season. The pilot will give eligible taxpayers an option to prepare and electronically file their 2023 tax returns, for free, directly with the IRS.

The Direct File pilot program will be offered to eligible taxpayers in 12 pilot states who have relatively simple tax returns reporting only certain types of income and claiming limited credits and deductions. The 12 states currently participating in the Direct File pilot program are Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington state and Wyoming. Taxpayers can check their eligibility at directfile.irs.gov .

The Direct File pilot is currently in the internal testing phase and will be more widely available in mid-March. Taxpayers can get the latest news about the pilot at Direct File pilot news and sign up to be notified when Direct File is open to new users.

Finally, for comprehensive information on all these and other changes for tax year 2023, taxpayers and tax professionals are encouraged to read the Publication 17, Your Federal Income Tax (For Individuals) , taxpayer guide, as well as visit other topics of taxpayer interest on IRS.gov.

  •  Facebook
  •  Twitter
  •  Linkedin

Read our research on: Immigration & Migration | Podcasts | Election 2024

Regions & Countries

4. public views on parents opting their children out of learning about race and lgbtq issues.

In a separate survey, we asked Americans if parents should be able to opt their children out of learning about certain topics in school if the way they’re taught conflicts with the parents’ personal views or beliefs.

A diverging bar chart showing that a majority of Americans say parents should be able to opt their children out of learning about LGBTQ issues in school.

  • 54% think parents should be able to opt their children out of learning about sexual orientation and gender identity.
  • 34% say the same when it comes to learning about racism and racial inequality.

Republicans and Republican leaners are far more likely than Democrats and Democratic leaners to say that parents should be able to opt their children out of learning about these topics in school:

  • 79% of Republicans say this about LGBTQ issues, compared with 32% of Democrats.
  • 55% of Republicans say this about racism and racial inequality, compared with 16% of Democrats.

Views by race and ethnicity

A diverging bar chart showing that Democrats’ views on parents opting their children out of learning about certain topics vary by race and ethnicity.

Similar shares of White adults (36%) and Hispanic adults (34%) say parents should be able to opt their children out of learning about topics related to racism or racial inequality. Among Black and Asian adults, the shares are smaller (about a quarter each).

Views on whether parents should be able to opt their children out of learning about sexual orientation or gender identity don’t vary as much by race and ethnicity. But there are wide differences by race and ethnicity among Democrats.

Among Democrats

Black and Hispanic Democrats are more likely than White and Asian Democrats to say that parents should be able to opt their children out of learning about racial inequality and LGBTQ issues in school.

White Democrats are the most likely to say that parents should not be able to opt their children out of learning about racism and racial inequality. About eight-in-ten White Democrats (81%) say this, compared with 70% of Asian Democrats, 65% of Black Democrats and 61% of Hispanic Democrats.

And White Democrats are more likely than Black and Hispanic Democrats to say parents should not be able to opt their children out of learning about sexual orientation and gender identity. Six-in-ten White Democrats say this, compared with 42% of Hispanic Democrats and 34% of Black Democrats. Some 53% of Asian Democrats say parents should not be able to opt their children out – this share it not statistically different from that of White Democrats.

Among Republicans

There are no differences between White and Hispanic Republicans on whether parents should be able to opt their children out from learning about these topics. The numbers of Black and Asian Republicans in the sample are too small to analyze separately.

Social Trends Monthly Newsletter

Sign up to to receive a monthly digest of the Center's latest research on the attitudes and behaviors of Americans in key realms of daily life

Report Materials

Table of contents, ‘back to school’ means anytime from late july to after labor day, depending on where in the u.s. you live, among many u.s. children, reading for fun has become less common, federal data shows, most european students learn english in school, for u.s. teens today, summer means more schooling and less leisure time than in the past, about one-in-six u.s. teachers work second jobs – and not just in the summer, most popular.

About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts .

IMAGES

  1. Federal Bank Fundamental Report

    research report on federal bank

  2. FEDERAL RESERVE BANK REPORTS The Federal Reserve Bank

    research report on federal bank

  3. Federal Reserve Bank of New York Staff Reports

    research report on federal bank

  4. Federal Bank Fundamental Report

    research report on federal bank

  5. Federal Bank Net Banking Statement Federal Bank Statement Download Net

    research report on federal bank

  6. Tax Research Methodology Test Bank (Federal Tax Research)

    research report on federal bank

VIDEO

  1. Joint Hearing Entitled: Continued Oversight Over Regional Bank Failures

  2. Hearing Entitled: The Federal Regulators' Response to Recent Bank Failures

  3. Federal Bank 🏦 Looks Good 🧐 #stockmarketanalysis #viral #youtubeshorts

  4. How to do Federal Market Research in USASpending.gov

  5. FEDERAL BANK INTERVIEW QNS ASKED 11102023 --

  6. The Analysts- Federal Reserve Put US Banks Through Stress Test

COMMENTS

  1. Federal Reserve Board

    February 2024 Reexamining the 'Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom' Kenneth P. Brevoort February 2024 Difference-in-Differences in the Marketplace Robert Minton and Casey B. Mulligan February 2024 Has Intergenerational Progress Stalled? Income Growth Over Five Generations of Americans

  2. Exploratory Analysis of Risks to the Banking System

    Exploratory Analysis of Risks to the Banking System - February 2024. As a companion to the 2024 supervisory stress test, the Federal Reserve is conducting an exploratory analysis. 1 The analysis is distinct from the stress test and will complement it by providing aggregate banking system results against different economic and financial conditions. Taken together, the stress test and ...

  3. FDIC: Analysis

    The FDIC is a preeminent banking research institution. Our economists and analysts produce insightful works that inform our supervision and regulation of financial institutions. Our papers, conferences, and surveys promote a better understanding of everything from market risks to the effects of policy changes on consumers.

  4. FDIC: Quarterly Banking Profile

    Press Release: FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Third Quarter 2023 QBP Time Series Spreadsheets The Excel spreadsheets linked below contain aggregate data for all FDIC-insured institutions for each quarter dating back to 1984. ( Excel help ).

  5. FDIC: Center for Financial Research

    Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection ProgramFDIC Center for Financial Research Working Paper No. 2021-01Tetyana Balyuk, Nagpurnanand Prabhala and Manju Puri. Center for Financial Research - Working Papers.

  6. US Federal Reserve releases scenarios for 2024 bank 'stress tests'

    The U.S. Federal Reserve on Thursday released scenarios for its annual bank health checks that will assess how well 32 large lenders would fare under a severe economic shock, including a U.S ...

  7. Publications

    Research [in] Brief. Research [in] Brief is a one-page accessible summary of research we've published. It features a combination of text and eye-catching graphics and presents information in three sections: primary issue, key findings, and takeaways for practitioners or policymakers. Learn more.

  8. Bank On National Data Hub: Findings from 2021

    The average number of deposits per month in 2021 was 6.5, which remained stable relative to the previous year. Account holders making withdrawals represented 79% of the 2021 data, showing that most account holders were actively using their accounts. On average, the amount per transaction increased from $72 in 2020 to $94 in 2021.

  9. Monographs and Reports

    The report outlines a number of initiatives that could help the Island restore its fiscal health. Authors: This report was prepared by the project team of Jaison Abel, Jason Bram, Richard Deitz, Andrew Haughwout, Thomas Klitgaard, and James Orr of the Federal Reserve Bank of New York's Research and Statistics Group; Hunter Clark, Tricia ...

  10. Research Data Reports

    2022 Survey and Diary of Consumer Payment Choice In 2022, 83 percent of consumers reported they had used cash in the past 30 days, a drop of 2 percentage points from the year before. Read the latest report. Personality Traits and Financial Outcomes Claire Greene, Oz Shy, Joanna Stavins Research Data Report 23-2 July 2023

  11. 2020 Findings from the Diary of Consumer Payment Choice

    Federal Reserve Bank of Boston Research Data Reports No. 17-7. Greene, Claire, Shaun O'Brien, and Scott Schuh. 2017. "U.S. Consumer Cash Use, 2012-2015: An Introduction to the Diary of Consumer Payment Choice." Federal Reserve Bank of Boston Research Data Reports No. 17-6. Greene, Claire, Scott D. Schuh, and Joanna Stavins. 2018.

  12. Consumers More Optimistic about Their Financial Situation and Credit

    NEW YORK—The Federal Reserve Bank of New York's Center for Microeconomic Data today released the January 2024 Survey of Consumer Expectations, which shows improvements in households' perceptions and expectations of their financial conditions and credit availability. Inflation expectations remained unchanged at the short- and longer-term ...

  13. Treasury Publishes 2024 National Risk Assessments for Money Laundering

    Reports Confirm and Update Key Illicit Finance Concerns in Response to Evolving Threat and Risk Environment WASHINGTON - Today, the U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United ...

  14. Examining the Recent Inflation Episode, the Fed's Response, and Effects

    In light of these inflation dynamics, the Federal Reserve responded more forcefully than both markets and policymakers themselves had anticipated. The policy adjustment process began from a very accommodative starting point. The Federal Reserve's targeted interest rate—the federal funds rate—had been brought down to around zero in March 2020.

  15. Bank of America's (BAC) Financial Stress Indicator Hits Lowest Since

    Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

  16. The Fed

    This report covers the calendar-year 2021 operations and activities of the Federal Reserve, the central bank of the United States (see figure 1.1 ), categorized in the five key functional areas: Conducting monetary policy and monitoring economic developments. Section 2 provides adapted versions of the Board's semiannual Monetary Policy Reports ...

  17. Fed Researchers See Risk in Bank, Private Credit Competition

    The continued competition between banks and direct lenders to win deals could compromise underwriting standards in transactions, researchers at the Federal Reserve wrote in a note Friday.. The growth of dry powder — which has quadrupled relative to 2014, according to the note — and managers' need to deliver returns to their limited partners could lead them to choose riskier deals and ...

  18. FDIC: Center for Financial Research

    Stefan Jacewitz and Haluk Unal The Effect of Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic FDIC Center for Financial Research Working Paper No. 2020-02 Haelim Anderson, Jin-Wook Chang, and Adam Copeland Information Management in Times of Crisis

  19. As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up

    Newly released Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark. This marks a 14% increase over reported losses in 2022. Consumers reported losing more money to investment scams—more than $4.6 billion—than any other category in 2023.

  20. Federal Register :: Financial Crimes Enforcement Network: Anti-Money

    This PDF is the current document as it appeared on Public Inspection on 02/13/2024 at 8:45 am. It was viewed 1326 times while on Public Inspection. If you are using public inspection listings for legal research, you should verify the contents of the documents against a final, official edition of the Federal Register.

  21. Federal Bank Ltd. Brokerage/Research Reports, analyst ...

    Federal Bank Ltd. Brokerage/Research Reports, analyst Research Reports MARKETS FEDERAL BANK LTD. SECTOR : BANKING AND FINANCE INDUSTRY : BANKS Federal Bank Ltd. NSE: FEDERALBNK | BSE: 500469 Turnaround Potential Download real time 153.85 -9.10 (-5.58%) New 52W High in past week 28.6M NSE+BSE Volume NSE Feb 20, 2024 01:10 PM Portfolio 12 S 5 W 11 O

  22. Americans with low credit scores use 'Buy Now, Pay Later ...

    Nearly 60% of financially fragile consumers have used BNPL five or more times a year, with nearly 30% of them conducting 10 or more BNPL transactions annually, according to a New York Federal ...

  23. Federal Bank Research/Brokerage Reports: Federal Bank Stock/Share

    Federal Bank Research/Brokerage Reports: Get the Latest Research Reports on Federal Bank , Federal Bank Stock Analysis Report. English. Hindi; Gujarati; Specials. Search Quotes, News, Mutual Fund NAVs

  24. Federal Register :: Agency Information Collection Activities; Proposed

    If you are using public inspection listings for legal research, you should verify the contents of the documents against a final, official edition of the Federal Register. Only official editions of the Federal Register provide legal notice of publication to the public and judicial notice to the courts under 44 U.S.C. 1503 & 1507.

  25. Federal Bank Ltd 5501

    About The Stock. Federal Bank is an old private sector bank based out of Kerala with 1282 branches and 1885 ATM across various states. Strong liability franchisee with over 94% of total deposits being retail. Balanced loan mix with retail: wholesale mix of 55:45. Q4FY22. Q4FY22 Results: Subdued operational performance, lower provisions aided PAT.

  26. FDIC: Center for Financial Research

    The FDIC established the Center for Financial Research to promote research on topics important to the FDIC's mission including deposit insurance, bank supervision, making large and complex financial institutions resolvable, and resolution of failed financial institutions.

  27. Tax Time Guide 2024: What to know before completing a tax return

    Creating an IRS Online Account can provide taxpayers with secure access to information about their federal tax account, including payment history, tax records and other important information. Having organized tax records can make the process of preparing a complete and accurate tax return easier and may also help taxpayers identify any ...

  28. Should parents be able to opt their kids out of learning about race

    About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions.