July 25, 2016 4:57 AM ET

Banks

Company Overview of Board of Governors 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

2,825 Employees

Phone:

202-452-2948

Fax:

202-452-6481

Key Executives for Board of Governors of the Federal Reserve System

Chief Financial Officer and Director of Financial Management Division
Chief Operating Officer
Chief Information Officer and Director of Information Technology
Executive Vice President
Chair of Faster Payments Task Force
Compensation as of Fiscal Year 2016.

Board of Governors of the Federal Reserve System Key Developments

The Federal Reserve Board Appoints Matthew J. Eichner as Director of its Division of Reserve Bank Operations and Payment Systems, Effective May 1, 2016

The Federal Reserve Board announced the appointment of Matthew J. Eichner as director of its Division of Reserve Bank Operations and Payment Systems, effective May 1, 2016. Eichner has served as deputy director of the division since January 2015 and succeeds Louise L. Roseman, who will serve as senior adviser until her retirement later this year. As division director, Mr. Eichner will be responsible for the division's oversight of: Federal Reserve Banks' operations; the development of regulations and policies governing payment, clearing, and settlement systems; the supervision of systemically important financial market infrastructures; carrying out the Board's responsibilities as issuance authority for U.S. currency; fostering improvements to the efficiency and integrity of the U.S. payments system more broadly; and the division's research program focused on a variety of payment, clearing, and settlement topics. Eichner joined the staff of the Federal Reserve Board's Division of Research and Statistics in 2008. He began his career at the U.S. State Department and also served at the U.S. Treasury Department and the Securities and Exchange Commission. He has taught economics and finance at Columbia University and Johns Hopkins University.

The Federal Reserve Banks Reports Audited Earnings Results for the Year 2015

The Federal Reserve Banks reported audited earnings results for the year 2015. For the year earnings, inclusive of other comprehensive income, were $100.3 billion. The Reserve Banks reported a net loss of $16.8 billion as a result of the increased amount of remittances to Treasury related to the implementation of the FAST Act.

Federal Reserve System Issues Order to Cease and Desist and Order of Assessment of Civil Money Penalty to Higher One, Inc. and Federal Deposit Insurance Corporation Issues an Order for Restitution and Order to Pay Civil Money Penalty Higher One, Inc

On December 23, 2015, the board of Governors of the Federal Reserve System issued to Higher One, Inc., a wholly-owned subsidiary of Higher One Holdings, Inc., an order to cease and desist and order of assessment of civil money penalty issued upon consent pursuant to the Federal Deposit Insurance Act, as Amended (Fed Order), related to the Federal Reserve Board matter previously disclosed in the company's Form 10-K and Form 10-Q filings. Pursuant to the terms of the Fed Order, Higher One is required to, among other things: continue to take all action necessary to correct all violations previously cited by the Federal Reserve Board and prevent the recurrence of similar violations; submit to the Philadelphia Reserve Bank an acceptable written plan to enhance the consumer compliance risk management program to ensure that the marketing, processing, and servicing of student financial aid-related deposit or loan products or services by Higher One comply with all consumer protection laws and regulations; deposit $24,000,000 into a qualified settlement fund for purposes of providing restitution of certain OneAccount fees to consumers, as provided by the Fed Order, and submit to the Philadelphia Reserve Bank an acceptable written plan to provide for the restitution; and pay a civil money penalty of $2,231,250. Also on December 23, 2015, the Federal Deposit Insurance Corporation (FDIC) issued to Higher One a consent order, order for restitution and order to pay civil money penalty related to the FDIC matter previously disclosed in the Company's Form 10-K and Form 10-Q filings. Pursuant to the terms of the FDIC Order, Higher One is required to, among other things: continue to correct and eliminate all violations of law previously cited by the FDIC and prevent the recurrence of similar violations; review its Compliance Management System as it relates to its student financial aid-related deposit or loan products and revise, develop and/or implement changes as necessary to ensure such products and services comply with all applicable consumer protection laws; deposit $31,000,000 into a segregated deposit account for the purpose of providing restitution of certain OneAccount fees to consumers, as provided by the FDIC Order; and submit to the Regional Director of the FDIC for non-objection a plan to provide restitution; and pay a civil money penalty of $2,231,250. Concurrent to Higher One entering this FDIC Order, the FDIC lifted the August 7, 2012 Consent Order previously disclosed in the Company's Form 10-K and Form 10-Q filings.

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