Financial Update (January-March 1997)

Atlanta Fed Forms Credit and
Risk Management Department

O n Jan. 23, the Federal Reserve Bank of Atlanta announced organizational changes related to extensions of Federal Reserve credit, collateral management, and administration of the Payments System Risk program. These changes will be phased in over the coming months.

The most significant change is that all payments risk-related functions previously performed in branch offices and in the Atlanta accounting office will be assumed by a newly formed Credit and Risk Management Department. Amy Murphy, Assistant Vice President, has been assigned responsibility for this department.

Listed below are the primary responsibilities of the new department:

  • Management of discount window lending and collateral (previously the responsibility of the Discount and Credit Department).
  • Oversight of daylight and overnight overdrafts for all Sixth District financial institutions (previously the responsibility of the head office and Branch Accounting functions).
  • Implementation of all policies related to daylight overdrafts and payments systems risk (previously the responsibility of the Corporate Accounting, Branch Accounting, and Discount and Credit Departments).
  • The issuance and renewal of all Sixth District financial institution daylight overdraft caps (previously the responsibility of the Branch Accounting and Discount and Credit Departments).
The Corporate Accounting and Branch Accounting Departments will continue to service reserve and clearing accounts, assist with information relating to reserve/clearing position and maintenance, provide notification of as-of adjustments, and coordinate account relationship changes for mergers or new services.

Local Federal Reserve contacts will continue to be available during the transition period to assist with any questions or concerns.

Those with comments may contact the local Federal Reserve accounting representative; Amy Murphy at (404) 589-7297; or Lois Berthuame, vice president in the Supervision and Regulation Division, at (404) 589-7204.

The Credit and Risk Management staff can be reached, toll-free, at 1-888-500-7390.

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