Financial Update (Second Quarter 2003)


   Business Method


   Check Truncation

   2002 Annual

   Consumer Finance

   Business Checking
   Freedom Act

   The Fed and 9/11

   Personal Financial


   Did You Know?

   Data Bank

   Circular Letters




2002 Atlanta Fed Annual Report Focuses on Transitions

2002 Annual Report

Transitions in the economy and the financial system had profound effects on the Atlanta Fed in 2002. In the Bank’s 2002 Annual Report, senior bank leaders discuss the ways the organization has met these challenges while staying true to its mission.

The report features first-person accounts by five of the bank’s officers. Each essay focuses on the changes that have occurred in various arenas: bank supervision and regulation, technology and human resources, among others. The bank’s managers are adapting the way they do business to fit the needs of the constituents they serve.

Senior Vice President Richard Oliver describes the significant changes he has seen in the payments area of the bank over the course of his 30-year career. For example, with widespread consumer and retailer acceptance of electronic banking transactions — from bill paying to point-of-sale purchasing — the volume of checks processed by the Atlanta Fed and the whole Federal Reserve System has declined in recent years. To align its business operations with this trend, says Oliver, the Fed has improved efficiency through its electronic payments operations while restructuring its check processing operations.

In human resources, notes Vice President Cynthia Goodwin, the Fed has moved toward providing benefits such as health insurance and payroll information on a self-service basis. Human resources today links employees with the benefits they need through the bank’s Intranet, Goodwin says. There are fewer on-staff benefits experts and a greater reliance on employees’ taking the initiative to manage their own benefits and retrieve their own payroll information. This process has helped reduce operating costs for the bank.

To learn more about how changes have affected other areas of the bank, read the entire 2002 Annual Report essay.

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