First Quarter, Volume 23, Number 1

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Vol. 23, No. 1,
First Quarter 2010


Atlanta Fed Halts Paper Check Processing

New Credit Card Rules Proposed

Redesigned $100 Note to Debut in April

Publication Explains New Overdraft Rules

Atlanta Fed Chief Discusses Recovery Paths

Board Launches Guide to Credit Cards

Fed Vice Chair Urges Caution on Interest Rates

New Online Tool Assists Bank Directors

Atlanta Fed Chief Discusses Fed Independence

Reserve Banks Transfer Money to U.S. Treasury

Fed Discusses Its Role in Bank Supervision

Federal Reserve Approves Credit Card Rule Changes

Atlanta Fed Chief Sees Tentative Recovery in '10

Regulators Advise on Interest Rate Risks

New Atlanta Fed Directors Named


Circular Letters


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Editor's Note: This publication is posted on a rolling schedule and content will be added throughout the quarter.
Updated April 30, 2010
photo of Atlanta Fed check processing staff member Atlanta Fed Ceases Check Processing
3/26/2010 - The ongoing decline in paper check usage has led the Atlanta Fed to halt processing of paper checks. The Cleveland Fed will now process the Fed's paper checks, but the Atlanta Fed will continue to process the System's electronic checks.

image of magnifying glass over a credit card statement Federal Reserve Board Proposes New Consumer Credit Card Rules
3/26/2010 - The Federal Reserve recently proposed new rules limiting credit card penalty fees and requiring credit card companies to inform consumers of the reasons for any interest rate increases.

image of $100 bill U.S. Treasury to Unveil New $100 Note in April
3/26/2010 - Benjamin Franklin will soon have a new look: As part of the government's ongoing effort to thwart counterfeiting, a redesigned $100 note—the highest-value U.S. bill in circulation—will debut on April 21.
Audio icon Podcast on redesigning the $100 note (MP3 6:55)

photo of hand holding credit card at ATM Online Publication Explains New Overdraft Rules
3/26/2010 - Beginning July 1, banks will have to get customers' permission before enrolling them in overdraft services for ATM and debit card transactions. A new publication from the Federal Reserve explains some facts about the new rules.

photo of Atlanta Fed Chief Dennis Lockhart Lockhart Describes a Forked Economic Road
2/26/2010 - The national economy's fragile recovery could go one of two ways: a traditional sharp rebound following a deep recession, or a more gradual comeback with slow progress on unemployment, Atlanta Fed President Dennis Lockhart said in a recent speech.

photo hand holding credit card Federal Reserve Launches Consumer Guide to Credit Cards
2/26/2010 - The Federal Reserve Board has launched an online guide to credit cards that summarizes the recent new credit card protections. The guide includes interactive tools and other features that help inform consumers about credit cards.

photo of Fed Vice Chairman Kohn Fed Vice Chairman Kohn Cautions Banks on Interest Rate Risk
2/26/2010 - The nation's banks, thrifts, and credit unions must be particularly mindful of interest rate risk, Federal Reserve System Vice Chairman Donald Kohn said recently, warning that such mindfulness poses greater challenges than in the past.

graphic of Bank Director's Desktop tool New Online Tool Assists Bank Directors
2/26/2010 - The Federal Reserve has introduced the Bank Director's Desktop, an online too to acquaint bankers with a better understanding of the issues and responsibilities that bank directors face every day.

photo of Atlanta Fed Chief Dennis Lockhart Independence Crucial to Monetary Policymaking: Atlanta Fed President
1/28/2010 - Setting monetary policy in an apolitical environment and considering input from all regions of the United States are essential to optimal policymaking, Atlanta Fed President Dennis Lockhart said in a recent speech.
Video icon Watch President Lockhart discuss the economy and Fed independence.

photo of US treasury building Reserve Banks Return $46 Billion to U.S. Treasury
1/28/2010 - In 2009, the Federal Reserve System transferred $46.1 billion to the U.S. Treasury. This revenue represents most of the Reserve Banks' net income and came from a number of sources.

supervision and regulation graphic Board of Governors Issues Report on Fed's Role in Bank Supervision
1/28/2010 - In a January report to Congress, the Federal Reserve Board of Governors outlines why the Fed should continue to be central in bank supervision and regulation, while acknowledging that supervision and regulation must be made more effective.

magnifying glass on credit card statement Fed Approves Final Rule Protecting Credit Card Users
1/28/2010 - The Federal Reserve has approved a final rule intended to protect credit card users from a number of costly practices including unexpected increases in credit card interest rates and increasing the interest rate on an existing credit card balance.

photo of Atlanta Fed Chief Dennis Lockhart Atlanta Fed Chief Sees Slow Recovery, Real Estate Challenges in 2010
1/27/2010 - Even with an economic recovery under way, the U.S. economy in 2010 faces strong headwinds including real estate challenges and high unemployment, Atlanta Fed President Dennis Lockhart said in a recent speech.
Podcast logo Listen to a podcast of President Lockhart's speech.
Video icon Watch President Lockhart discuss the economy and Fed independence.

bank risk graphic Fed, Other Regulators Advise Banks on Managing Interest Rate Risk
1/27/2010 - Financial regulators recently emphasized the importance of managing potential interest rate risks, advising banks and bank holding companies about their supervisory expectations, which include effective corporate governance, stress testing, and internal controls.

photo of Federal Reserve board room Atlanta Fed and Branches Announce New Directors
1/27/2010 - The Atlanta Fed and its branches have announced their new directors. Among the new directors of the Atlanta Fed are Richard H. Anderson, Clarence Otis Jr., and T. Anthony Humphries.