No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.
A recent hoax circulating on the internet asserts that the Federal Reserve maintains accounts for individuals that are tied to the individual's Social Security number, and that individuals can access these accounts to pay bills and obtain money. These claims are false. The Federal Reserve does not maintain accounts for individuals, and individuals should not attempt to make payments using Federal Reserve Bank routing numbers or false routing numbers. Individuals who attempt to pay bills or conduct other transactions using a Federal Reserve Bank routing number may face penalty fees from the company they were attempting to pay, or the suspension or closure of their commercial bank or payment service provider accounts. Law enforcement, including the Federal Bureau of Investigation (FBI), is aware of this scheme,...
On Thursday June 16, 2022, at 2:00 p.m. ET, staff from the Federal Reserve hosted an Ask the Fed® webinar on the ELE tool for determining expected credit losses under CECL.
The ELE tool takes a financial institution’s loan-level data and assumptions as entered in by financial institution management and automates the Weighted-Average Remaining Maturity (WARM) method. This session walks through the spreadsheet-based tool intended to assist community financial institutions in implementing CECL.
The Ask the Fed® session and the ELE spreadsheet-based tool are available on the CECL Resource Center ELE page.
The Federal Reserve urges you to file a complaint if you think a bank has been unfair or misleading, discriminated against you in lending, or violated a federal consumer protection law or regulation. You can file a complaint online through the Federal Reserve's Consumer Complaint Form.
You can also call or email Federal Reserve Consumer Help, the System's central repository for consumer complaints and inquiries, and they will walk you through the process of filing a complaint and answer any questions you might have.
Although the Federal Reserve looks into every complaint that involves banks it regulates, it does not have the authority to resolve every problem. There are several federal agencies who handle complaints about banks and other financial institutions, so the Federal Reserve may connect you with or forward your complaint to another federal regulator.
The Federal Reserve Board on Monday announced that it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee (IPAC).
The IPAC was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act. It is comprised of 21 members who serve staggered three-year terms and have diverse professional backgrounds, including insurance accounting, actuarial science, academia, insurance regulation, and policyholder advocacy.
Each year, the Board selects seven individuals to each serve three-year terms. The Board may select additional individuals to fill any term that is unexpired and vacated by an existing member.
The Board plans to announce the appointment of members later this year. Additional information about the selection process, including instructions on how to apply for IPAC membership, can be found in the Federal...
The Federal Reserve, along with other co-sponsoring Federal Reserve Banks and regional planning universities, have made the decision to again host the National College Fed Challenge virtually to ensure the competition can be held in 2022. Please see College Fed Challenge 2022 Rules and Steps.
The virtual format will continue to allow schools outside the current Fed Challenge districts to compete in a "at-large" region.
- DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.
- DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.
Industrial production increased 0.4 percent in August after moving up 0.8 percent in July. Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage point. Although the hurricane forced plant closures for petrochemicals, plastic resins, and petroleum refining, overall manufacturing output rose 0.2 percent. Mining production fell 0.6 percent, reflecting hurricane-induced disruptions to oil and gas extraction in the Gulf of Mexico. The output of utilities increased 3.3 percent, as unseasonably warm temperatures boosted demand for air conditioning.
At 101.6 percent of its 2017 average, total industrial production in August was 5.9 percent above its year-earlier level and 0.3 percent above its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.2 percentage point in August to 76.4 percent, a rate that is...
Industrial production increased 0.4 percent in August after moving up 0.8 percent in July. Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage point. Although the hurricane forced plant closures for petrochemicals, plastic resins, and petroleum refining, overall manufacturing output rose 0.2 percent. Mining production fell 0.6 percent, reflecting hurricane-induced disruptions to oil and gas extraction in the Gulf of Mexico. The output of utilities increased 3.3 percent, as unseasonably warm temperatures boosted demand for air conditioning.
At 101.6 percent of its 2017 average, total industrial production in August was 5.9 percent above its year-earlier level and 0.3 percent above its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.2 percentage point in August to 76.4 percent, a rate that is...
The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System. The FOMC is composed of 12 members--the seven members of the Board of Governors and five of the 12 Reserve Bank presidents. The Board chair serves as the Chair of the FOMC; the president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chairman of the Committee. The presidents of the other Reserve Banks fill the remaining four voting positions on the FOMC on a rotating basis. All of the Reserve Bank presidents, including those who are not voting members, attend FOMC meetings, participate in the discussions, and contribute to the assessment of the economy and policy options. See the current list of FOMC members.
The FOMC schedules eight meetings per year, one about every six weeks or so. The Committee may also hold unscheduled meetings as necessary to review economic and financial developments. The FOMC issues a...
No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.
A recent hoax circulating on the internet asserts that the Federal Reserve maintains accounts for individuals that are tied to the individual's Social Security number, and that individuals can access these accounts to pay bills and obtain money. These claims are false. The Federal Reserve does not maintain accounts for individuals, and individuals should not attempt to make payments using Federal Reserve Bank routing numbers or false routing numbers. Individuals who attempt to pay bills or conduct other transactions using a Federal Reserve Bank routing number may face penalty fees from the company they were attempting to pay, or the suspension or closure of their commercial bank or payment service provider accounts. Law enforcement, including the Federal Bureau of Investigation (FBI), is aware of this scheme,...
- DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.
- Teams get 15 minutes to deliver their presentations on the current macroeconomic and financial situation, near-term outlook, and monetary policy recommendations. Five members from each team should be seated at the Board Room table; team alternates should not sit at the table. Alternate members and faculty advisers must remain in the holding room with their team before the team presents. Time keeper will provide time cues during the presentation at the two-minute mark and at the end of the presentation and question and answer portion. Do not identify your college or university when you introduce yourselves to the judges or at any time. Printed versions of team presentations are discouraged.
- DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.
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The Federal Reserve, along with other co-sponsoring Federal Reserve Banks and regional planning universities, have made the decision to again host the National College Fed Challenge virtually to ensure the competition can be held in 2021. Please see College Fed Challenge 2021 Rules and Steps.
The virtual format will continue to allow schools outside the current Fed Challenge districts to compete in a newly created "at-large" new region.
- DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 27–28, 2021.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
For media inquiries, call 202-452-2955
Minutes of the Federal Open Market Committee July 27-28, 2021: HTML | PDF
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[Space Bar] toggles play/pause;
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[Up/Down Arrows] increase/decrease volume;
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### examine various careers and educational requirements; evaluate different educational opportunities after high school; identify academic choices and extracurricular activities that will enhance their applications; research the cost of postsecondary education; explore types of financial aid and educational assistance; imagine their own path to success. ###“We believe the best ideas are born from diverse perspectives gained from people with a variety of backgrounds and experiences. We welcome everyone, including those from groups underrepresented in...
The Federal Reserve Board on Tuesday announced its approval of the application by SmartFinancial, Inc., Knoxville, Tennessee, to merge with Sevier County Bancshares, Inc., and thereby indirectly acquire its subsidiary state nonmember bank, Sevier County Bank, both of Sevierville, Tennessee.
The Board also approved the proposals by SmartBank, Pigeon Forge, Tennessee, to merge with Sevier County Bank and to establish and operate branches at the locations of the main office and branches of Sevier County Bank.
Attached is the Board's order relating to this action.
For media inquiries, call 202-452-2955.
- examine various careers and educational requirements; evaluate different educational opportunities after high school; identify academic choices and extracurricular activities that will enhance their applications; research the cost of postsecondary education; explore types of financial aid and educational assistance; imagine their own path to success.
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