RPO Oversight Committee Charter

July 2016

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


I.   PURPOSE


The RPO Oversight Committee (Committee) of the Federal Reserve Bank of Atlanta (Bank) Board of Directors provides oversight of the Bank's operation, management, and administration of the Retail Payments Office (RPO). The Committee serves as a resource to RPO leadership on business initiatives and strategic efforts. Among other duties, the Committee oversees correspondence with other Reserve Bank boards of directors pertaining to the RPO.

In addition, the Committee ensures that RPO business activities support the Federal Reserve Financial Services Strategic Plan and are responsive to the service agreements put in place to operate and oversee RPO services on behalf of the other Reserve Banks. The Committee also ensures that the RPO manages its businesses in accordance with the Federal Reserve Act, the Monetary Control Act, and all applicable Board of Governors policies in achievement of its mission.


II.   COMPOSITION AND TERM


The RPO Oversight Committee shall consist of a minimum of three of the Bank's directors. The Chair of the Board of Directors shall appoint, with the approval of the full Board of Directors, board members to serve on the Committee for a one-year term. The Chair of the Board also designates a board member to serve as the Committee Chair.


III.   MEETINGS


The Committee meets when convened by the Committee chair, no less often than quarterly. When convening Committee meetings, the Committee chair shall endeavor to provide no less than seven days prior written notice to members of the Committee. A quorum is required for Committee action. A quorum shall consist of a simple majority of Committee members. In the rare event a quorum of present members cannot be achieved, a member unable to attend the meeting may communicate his/her vote in writing on matters requiring Committee action in advance of the meeting. In addition, where ratification of Committee action by an absent member is deemed necessary, the Committee may request such ratification subsequent to the meeting where the action was approved. The business of the Committee also may be conducted by conference calls or via correspondence, provided prior notice is given to all members of the Committee 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. At least one Committee meeting each year shall include a joint session with the Audit and Operational Risk Committee, with the agenda jointly developed by the respective committee chairs.


IV.   RESPONSIBILITIES


In addition to other actions deemed necessary and appropriate, the Committee shall have the following duties and responsibilities:

  1. Annual review and endorsement of the RPO strategic plan, business plan and budget
  2. Approval of large-scale programs
  3. Annual evaluation and assessment of RPO enterprise-wide risks
  4. Evaluating RPO performance, including insights from the RPO assessment conducted by the Financial Services Policy Committee