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The Atlanta Fed


March 2012

FEDERAL RESERVE BANK OF ATLANTA
RPO (or RETAIL PAYMENTS OFFICE) OVERSIGHT COMMITTEE CHARTER

I.   PURPOSE

The RPO Oversight Committee of the Federal Reserve Bank (Bank) of Atlanta Board of Directors provides board oversight and linkage to the District's national retail payments operations. The Committee serves as the first level of Board of Director involvement in the Retail Payments Office and as such would serve as the vehicle by which correspondence with other Reserve Bank boards would occur, if necessary.

The Committee makes certain that Bank business activities support the Strategic Framework for the Federal Reserve System and are responsive to the new governance guidelines developed by the Reserve Bank Presidents, the Board of Directors, and the Board of Governors.

II.   COMPOSITION AND TERM

The RPO Oversight Committee consists of a minimum of three of the Bank's directors. The Chair of the Board of Directors appoints, with the approval of the full Board of Directors, the Committee members for one-year terms and designates the Committee Chair.

III.   MEETINGS

The Committee meets when convened by the Committee Chair, no less often than quarterly. The Committee Chair in calling a meeting shall endeavor to transmit reasonable notice thereof to all members of the Committee, and a meeting shall be held provided a quorum can be assembled. Any two members of the Committee constitute a quorum for the transaction of business. Acts of the Committees are determined upon the vote of a majority of those present. The business of the Committee also may be conducted by means of a conference telephone call or via correspondence, provided reasonable efforts are made to have all members of the Committee participate and provided further that a quorum of the Committee participates. Minutes of all meetings of the Committee shall be kept by such person as the Committee may from time to time designate for that purpose.

IV.   RESPONSIBILITIES

The Bank's Retail Payments Office Oversight Committee has the following duties and responsibilities:

  1. Ensures administration of the RPO supports strategic objectives of System and provides guidance on long term strategies.
  2. Serves as a resource to management by providing input on RPO business and financial plans and initiatives.
  3. Evaluates RPO performance; develops assessment for full Board review.
  4. Reviews key enterprise-wide risks associated with the RPO.