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September 02, 2015 11:32 PM ET

Banks

Company Overview of The Federal Reserve System

Company Overview

The Federal Reserve System is based in the USA.

20th Street and Constitution Avenue, NW

Washington, DC 20551

United States

Founded in 1913

Phone:

202-452-2948

Fax:

202-452-6481

Key Executives for The Federal Reserve System

Chief Operating Officer and Director of Management Division
Age: 56
Chief Information Officer and Director of Information Technology Division
Director of Division of Banking Supervision and Regulation
Executive Vice President
Chair of Faster Payments Task Force
Compensation as of Fiscal Year 2015.

The Federal Reserve System Key Developments

The Federal Reserve System Appoints Sean Rodriguez as Faster Payments Strategy Leader

The Federal Reserve System announced the appointment of Federal Reserve Bank of Chicago Senior Vice President Sean Rodriguez as its Faster Payments Strategy Leader. In this role, Rodriguez will lead activities to identify effective approaches for implementing a safe, ubiquitous, faster payments capability in the United States. Rodriguez will chair the Federal Reserve's Faster Payments Task Force, comprised of more than 300 payment system stakeholders interested in improving the speed of authorization, clearing, settlement and notification of various types of personal and business payments. In addition to leading faster payments activities, Rodriguez will continue to oversee the Federal Reserve's Payments Industry Relations Program. Rodriguez brings more than 30 years of experience with Federal Reserve Financial Services in operations, product development, sales and marketing. More recently, Rodriguez was instrumental in the design and launch of the Federal Reserve's Payments Industry Relations Program charged with engaging a broad range of organizations in efforts to improve the U.S. payment system.

Federal Reserve Board Issues Final Order that Establishes Enhanced Prudential Standards for General Electric Capital Corporation

The Federal Reserve Board issued a final order that establishes enhanced prudential standards for General Electric Capital Corporation designated by the Financial Stability Oversight Council for supervision by the Board. In light of the plan announced and in the process of execution by General Electric, parent company of GECC, to substantially shrink GECC's systemic footprint and retain only those business lines that support GE's core industrial businesses, the final order provides for application of enhanced prudential standards in two distinct phases. Because of the substantial similarity of GECC's current activities and risk profile to that of a large bank holding company, the enhanced prudential standards that would be applied to GECC are similar to those that apply to large bank holding companies, but are tailored to reflect the unique characteristics of GECC. The standards for both phases include: capital requirements; capital-planning and stress-testing requirements; liquidity requirements; and risk-management and risk-committee requirements. The final order takes into account GE's announced timeline to accomplish this plan, progress made to date toward executing it, and GE's stated intention to seek de-designation by FSOC of GECC by phasing in GECC's compliance with the prudential standards in two stages. Effective from January 1, 2016, GECC must comply with risk-based and leverage capital requirements, the liquidity coverage ratio rule, and related reporting requirements. These standards will help ensure that GECC maintains high-quality regulatory capital and liquidity in amounts commensurate with its risk as it executes its divestiture plan. If GECC is still designated by the FSOC prior to January 1, 2018, GECC would be required to comply with liquidity risk-management, general risk-management, capital-planning, and stress-testing requirements, as well as restrictions on intercompany transactions. Additionally, GECC would also be subject to certain governance requirements unique to its structure.

The Federal Reserve Board Announces Executive Changes

The Federal Reserve Board announced that Brian F. Madigan has been appointed secretary of the Federal Open Market Committee (FOMC) and deputy director of the Board's Division of Monetary Affairs. As FOMC secretary, Madigan will direct the work of the FOMC Secretariat, which produces minutes and transcripts of FOMC meetings and maintains the Committee's records. He will also advise the Committee on monetary policy. Madigan will report to Thomas Laubach, whom he succeeds as FOMC secretary. Laubach continues as director of the Division of Monetary Affairs and the Committee's primary adviser on monetary policy. Madigan was director of the division and FOMC secretary from 2007 to 2010. Most recently, he was visiting professor of economics and director of the master's degree program in applied economics at Georgetown University.

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