| First Quarter |
• |
The Board of Governors
approves Cash Recircula-tion Policy, which
reduces “cross-shipping” by providing
incentives for depository institutions to
recirculate fit currency. |
• |
Economic Research holds annual “Labor
Markets and the Economy” macro conference. |
• |
The Portland Branch successfully moves to a
leased facility, following the consolidation
of its check and cash operations to the Seattle
Branch in late 2005. |
• |
Construction begins for the new Seattle Branch
building in Renton, Washington, which is slated
for full occupancy in early 2008. |
• |
600 participants attend the biennial national
interagency Community Reinvestment Act conference
coordinated by Community Development. |
|
Second Quarter |
• |
The Cash Product Office announces the second
phase of the Cash Infrastructure Initiative,
which continues cash processing at the El Paso
and Helena Branches and will establish a cash
depot in Omaha, which will be serviced by the
Kansas City Fed in 2008. |
• |
The Center for Pacific Basin Studies co-sponsors
the annual World Bank Institute Global Seminar
for Senior Policymakers on “International
Capital Flows, Monetary Policy, and Current Issues
in International Finance” and sponsors
the “Safe and Sound Banking” conference. |
• |
Banking Supervision and Regulation launches
AsiaSource—a website on frbsf.org that
serves as the gateway to the Bank’s publicly
available information on Asia. |
Third
Quarter |
• |
The Bank sells the Portland Branch building,
which served the region for 55 years. |
• |
The Cash Product Office launches
the Custodial Inventory program—a component
of the Recircu-lation Policy that allows qualifying
depository. |
• |
institutions to convert a portion of the cash
balances in their vaults into reserve account
balances that can be easily invested. |
• |
Community Development contributes to the implementation
of “Bank on San Francisco,” a program
developed by the San Francisco mayor’s
and treasurer’s offices to help San Franciscans
with low incomes and credit problems open bank
accounts as an alternative to costly check-cashing
services. |
Fourth
Quarter |
• |
The Center for the Study of Innovation and
Productivity holds the “Financial Innovations
and the Real Economy” conference. |
• |
Public Information acquires a license to promote
and implement the International Economic Summit
program and curriculum throughout the Twelfth
District—including providing teacher training
and student materials directly to participating
high schools. |
• |
Substitute check volume from Check 21 legislation
swells from close to 60,000 checks printed per
month in January 2005 to over 18 million per
month at year-end 2006. |
• |
The Twelfth District’s check processing
revenue from local accounts exceeds its annual
target by $10.8 million, or 26.4 percent. |
