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The Federal Reserve Bank of New York seeks to promote the safety, soundness and vitality of regional, national and international financial systems through its works as supervisor, economic policy advisor and financial service provider in the Second District.

Features

Federal Reserve Banks and The Clearing House Issue Specifications for New Cover Payments Message Format

Extended Custodial Inventory Program: Request for Proposals The New York Fed is asking depository institutions to submit proposals for possible inclusion in its Extended Custodial Inventory (ECI) program or, if applicable, to propose the addition of a new ECI operation. The ECI program, which is designed to facilitate the distribution of U.S. currency in overseas markets, allows selected depository institutions to hold U.S. currency in their overseas vaults but to carry the inventory on the books of the Federal Reserve. If you are interested in learning more about responding to the Reserve Bank’s formal Request for Proposals, please contact David Duttenhofer for additional material.

Extended Custodial Inventory Program: Request for Information The New York Fed is asking depository institutions to propose one or more new geographic sites for possible inclusion in its Extended Custodial Inventory (ECI) program or, if applicable, to propose the addition of a new ECI operation to an existing geographic location. If you are interested in learning more about responding to this request for information, contact David Duttenhofer.

Federal Reserve Announces National Minority-Owned Bank Program Circular No. 11960, June 18, 2008

Federal Reserve Consumer Help A new centralized resource that consolidates and streamlines the Federal Reserve’s consumer complaint and inquiry program, FRCH will assist you in filing complaints against a financial institution, answer questions about banking or financial institution practices and offer help in understanding federal consumer protection laws.

Recent Speeches

Strategic Risk Management in an Interconnected World Remarks by Governor Randall S. Kroszner at the Risk Management Association Annual Risk Management Conference, Baltimore, Maryland October 20, 2008

Reducing Systemic Risk Remarks by Chairman Ben S. Bernanke at the Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming August 22, 2008

Research Highlights

Hedge Funds, Financial Intermediation, and Systemic Risk The authors acknowledge that various market failures, such as the events surrounding the 1998 collapse of hedge fund Long-Term Capital Management, may make CCRM imperfect. However, CCRM has improved significantly since then, and it remains the appropriate starting point for limiting the potential for hedge funds to generate systemic disruptions. By John Kambhu, Til Schuermann, and Kevin J. Stiroh, Economic Policy Review, Forthcoming

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