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Community Investment Council Shares Insights on Fifth District Community Development Needs

The 2024 CIC group poses for a group photo

The Richmond Fed’s Community Investment Council convened on April 11–12 to share insights centered around our Bank’s community development goals for our region. Leaders representing all states within the Fifth District (Virginia, Maryland, South Carolina, North Carolina, Washington, D.C., and West Virginia) met at the Richmond location.

The Community Investment Council keeps our Bank informed about issues and trends that affect community development across the Fifth District, including those within low- and moderate-income neighborhoods and communities.

During the meeting, Richmond Fed President Tom Barkin participated in a roundtable discussion with Council members and Community Development staff on topics including the labor market, current economic conditions of households and communities, and economic optimism versus concern.

Attendees also heard a presentation on the challenges and opportunities tied to housing and homeownership in rural areas of our region and were provided a national and regional economic outlook.  

“Engaging in meaningful discussions about community development and the issues that impact our region is an extremely valuable part of our work,” said Carrie Cook, vice president of Community Development and our Bank’s community affairs officer. “These conversations help to inform the work that we do by allowing us to better understand the needs within our district and explore opportunities to further advance our community development initiatives,” shared Cook.

During the meeting, Council members also learned about the progress of the Rural Investment Collaborative – a partnership between the Richmond Fed and rural partners that aims to train 16–20 community leaders each year to help improve community and economic development efforts where they live and support greater capital access in small towns. The inaugural cohort of leaders will conclude training this month, and the application period for the next cohort opens this summer.

Visit to learn more about the Community Investment Council and their work with our Bank’s Community Development team.

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Jim Strader (804) 697-8956 (804) 332-0207 (mobile)