Financial Update (First Quarter 2007)

Vol. 20, No. 1,
First Quarter 2007


Dennis Lockhart Named
Atlanta Fed President

Fed to Study Nation's
Payment Habits

Check 21 Continues
Brisk Growth

Atlanta Fed Joins
Poverty Research

Agencies Update Brochure
on Nontraditional Mortgages

Guidelines on Commercial
Real Estate Loans Issued

Bernanke Focuses on
Fed's Supervisory Role

New Atlanta Fed
Directors Named

$1 Presidential Coin
Program Begins

Fed Turns Money
Over to Treasury


Did You Know?

Data Bank

Circular Letters


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Atlanta Fed and Branches Announce New Directors

Rudy E. Schupp, president and chief executive officer of 1st United Bank in Boca Raton, Fla., was recently elected to the Federal Reserve Bank of Atlanta's board of directors. D. Scott Davis, chief financial officer and vice chairman of United Parcel Service, was reappointed to the board, and Teri G. Fontenot, president and chief executive officer of Woman's Hospital in Baton Rouge, La., was re-elected to the board. Their terms began Jan. 1, 2007, and run through Dec. 31, 2009.

New Directors
Cordia W. Harrington
Marvin O'Quinn
Leonard L. Abess
Walter Banks
Robert S. Boh
Cordia W. Harrington
Marvin O'Quinn
F. Michael Reilly
Wendell A. Sebastian
Rudy E. Shupp
Rudy E. Shupp
M. Terry Turner
F. Michael Reilly
Wendell A. Sebastian
Rudy E. Shupp
Matthew G. Stuller Sr.
M. Terry Turner

Prior to his position at 1st United Bank, Schupp was chairman, president, and chief executive officer of Republic Security Bank in West Palm Beach, Fla. After Wachovia's acquisition of Republic Security, Schupp served as chairman of Florida banking at Wachovia until December 2001.

Fontenot joined Woman's Hospital in 1992 as senior vice president, chief financial officer, and treasurer. She was promoted to executive vice president and chief operating officer in 1994 and to her current position in 1996.

Sixth Federal Reserve District directors
Federal Reserve Structure & Functions

Davis is a member of the UPS management committee and acts as a liaison to the finance, investor, and analyst communities. He is responsible for all activities related to accounting, auditing, finance, financial planning, taxes, and treasury. Davis joined UPS in 1986 when the company acquired the Oregon technology company II Morrow, where he served as chief financial officer and then chief executive officer. From 1998 to 2000, he served as chief executive officer of Overseas Partners Ltd., a Bermuda reinsurance company, and then rejoined UPS as vice president of finance.

The Atlanta Fed also announced that Larkin Martin, managing partner of Martin Farm and vice president of The Albemarle Corp., has been appointed chairman of the Federal Reserve Bank of Atlanta's board of directors, and Davis has been appointed its deputy chairman. Their one-year terms began Jan. 1, 2007.

Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three class A directors represent national and state-chartered banks. Three class B directors are elected by these banks but represent commerce, industry, agriculture, labor, and consumers. Three class C directors represent the same broad array of public interests but are appointed by the Federal Reserve Board of Governors in Washington, D.C.

The following members were elected, appointed, or reappointed to the boards of directors of the Federal Reserve Bank of Atlanta and its branches:

Director Name
Elected/Appointed by
Atlanta D. Scott Davis* Chief financial officer and vice chairman, UPS FR Board of Governors
Teri G. Fontenot* President and CEO, Woman's Hospital Elected by member banks
Rudy E. Schupp President and CEO, 1st United Bank Elected by member banks
Birmingham F. Michael Reilly President and CEO, Randall-Reilly Publishing Co. FR Board of Governors
Bobby A. Bradley* Managing partner, Lewis Properties LLC and Anderson Investments LLC Atlanta head office directors
Samuel F. Dodson* Consultant, International Union of Operating Engineers Local 312 Atlanta head office directors
Jacksonville Wendell A. "Bucky"
President and CEO, GTE Federal Credit Union Atlanta head office directors
Linda H. Sherrer* President and CEO, Prudential Network Realty FR Board of Governors
Ellen S. Titen* President, E.T. Consultants Atlanta head office directors
Miami Leonard L. Abess Chairman, president, and CEO, City National Bank of Florida Atlanta head office directors
Walter Banks President, Lago Mar Resort and Club Atlanta head office directors
Marvin O'Quinn President and CEO, Jackson Health System FR Board of Governors
Nashville Daniel A. Gaudette* Senior vice president, North American manufacturing and supply chain management, Nissan North America Inc. Atlanta head office directors
Cordia W. Harrington President and CEO, Tennessee Bun Co. Atlanta head office directors
M. Terry Turner President and CEO, Pinnacle Financial Partners Atlanta head office directors
David Williams II* Vice chancellor and general counsel, Vanderbilt University FR Board of Governors
New Orleans Robert S. Boh President and CEO, Boh Bros. Construction Co. LLC FR Board of Governors
Christel C. Slaughter* Partner, SSA Consultants LLC Atlanta head office directors
Matthew G. Stuller Sr. Chairman and Chief Executive Officer, Stuller Inc. Atlanta head office directors

Role of directors
The head office board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank's operations and recommends changes in the discount rate, the rate at which banks borrow from the Fed. Both the head office and branch board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank's president.