Financial Update (Second Quarter 2007)

Atlanta Fed Ready for 2007 Hurricane Season

The impact of severe weather can be felt in all areas of society. The nation's payments and financial systems are no exception. The Federal Reserve System has made significant preparations for weather-related situations, including one of the most critical components during a crisis: the ability to communicate.

Related
2007 Hurricane Preparations and Contacts pdf document
Audio icon Podcast with Patrick K. Barron on hurricane preparedness
Podcast Icon Financial Update Focus
Federal Reserve Financial Services Web site off-site image
Federal Reserve Business Continuity Guide off-site image

Anticipating storms
The Atlanta Fed recently distributed contingency contact information to financial institutions throughout the Southeast to promote contingency planning. In the event of a hurricane (the season began June 1), institutions can contact the Atlanta Fed for additional information. The contact information also includes recommendations for contingency planning and key steps to take during a weather-related crisis.

Technology plays an integral role
One of the recommendations is to use the Atlanta Fed's Web site, which is designed to serve as the primary location for all Atlanta Fed storm-related information, including details on payment services (check, cash, and automated clearinghouse), discount window, bank supervision, and other vital information. An additional resource for payments systems information is www.frbservices.org, the Federal Reserve's national financial services Web site.

While existing communication tools have served the Atlanta Fed well in the past, an additional tool has been added. FRENSi (Federal Reserve Emergency Notification Services/Internet) is an Atlanta Fed Web application that allows institutions to provide and update contingency contact information.

Having current and accurate contingency information ensures that the Fed can communicate efficiently with its intended recipient. FRENSi registration is quick and easy and can benefit any institution going into contingency mode. Contact the Atlanta Fed's help line at 404-498-8870 if you have questions about FRENSi or difficulty in registering.

Finally, the Atlanta Fed encourages institutions to review the Federal Reserve's National Business Continuity Guide.

guide

Patrick K. Barron

Financial Update Focus Podcast Series
Hurricane Preparedness
June 2007
An interview with Patrick K. Barron, Atlanta Fed first vice president and chief operating officer, on steps banks and the Fed can take to prepare for hurricane season.

Audio icon Play Transcript icon Transcript
     
     
June 8, 2007