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.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The most frequently requested credit product was a business line of credit, yet it had a denial rate of 63 percent. With the exception of vehicle or equipment financing, which had the highest approval rate of 63%, products that require collateral pledges seem harder for applicants to obtain in an environment of depressed asset and real estate values.