2004 Annual Report

2004 Highlights

Chicago Fed Highlights of 2004

First Quarter

Supervision and Regulation starts a successful year in which roughly 1,100 examinations, inspections and off-site reviews were conducted.
Groundbreaking is held at the site of the Bank's new Detroit Branch building, which is slated to open in January 2006.
A new and improved Web site offers users more efficient access to Chicago Fed information.
The Bank and Junior Achievement host a job-shadow day for high school students, one of numerous volunteer activities for employees throughout the year.
The Cash Department kicks off a year in which operational performance is improved and internal controls enhanced.
Supervision and Regulation continues efforts to improve its risk assessment process focusing on risk identification, analysis and resolution.
Chicago Fed President Michael Moskow appears on CNBC-TV's Squawk Box, one of his more than 25 public appearances in 2004 to discuss banking and economic issues.
Significant progress is made during the year toward implementing a comprehensive risk management framework and strengthening internal controls.

Second Quarter

The Bank hosts its 40th annual Conference on Bank Structure and Competition. Titled, How Do Banks Compete? Strategy, Regulation, and Technology, it is one of 29 research and public policy conferences conducted throughout the year.
Supervision and Regulation starts community bank director training sessions throughout the Seventh District. During the year, more than 600 directors are educated about regulatory compliance and other supervisory issues.
The Bank sponsors a Money Smart Week in both Chicago and Detroit to inform consumers about managing their personal finances.
A public hearing takes place at the Chicago Fed on the proposed merger of Bank One and J.P. Morgan Chase & Co.
Roughly 70 leaders from across the Federal Reserve System attend the first segment of a two-part Senior Leadership Conference sponsored by the Chicago Fed.
As part of a national consolidation of check-processing facilities, the Omaha check-processing office closes, with volume shifting to the Chicago Fed's Des Moines office.
People Practices' Gene Mysliwiec, the Bank's longest-tenured staff member, retires after 49 years of service.
Staff celebrates the 90th anniversary of the Bank's incorporation. Later in the year, the Chicago Fed celebrates the 90th anniversary of when it opened for business.

Third Quarter

Work continues at Chicago headquarters on a comprehensive set of building improvements carried out throughout the year to enhance security and ensure employee safety.
As part of a national consolidation of check-processing facilities, the Milwaukee office closes, with volume shifting to the Chicago Midway office. Construction at Midway is completed to make room for additional processing equipment.
Work progresses on management of the Federal Reserve's national financial services marketing efforts being centralized in the Bank's Customer Relations and Support Office, improving effectiveness and reducing costs. -Economist Bhashkar Mazumder examines sibling similarities, differences and economic inequality in one of 30 working papers published by Economic Research during the year.
Redesigned $50 bills, containing enhanced security features, are distributed to financial institutions.
Students from St. Charles North High School in St. Charles, Illinois tour the Bank's Visitors Center, part of a record 21,000 who visited the center in 2004.

Fourth Quarter

The Bank's Customer Relations and Support Office introduces Fedline Advantage - enhanced Web technology offering financial institutions more efficient ways to use critical payments services such as Fedwire Funds, Fedwire Securities and FedACH.
Part of a national consolidation of check-processing facilities, the Peoria and Indianapolis offices close, with volume shifting to the Chicago Midway and Cincinnati offices respectively.
Economic Research hosts its seventh annual International Finance and Economics Conference, Systemic Financial Crises: Resolving Bank Insolvencies.
New Check 21 legislation takes effect, with the Fed educating customers and offering related products and services.
Throughout the year, Economic Research publishes 16 articles in the Bank's Economic Perspectives, 12 issues of Chicago Fed Letter, seven special editions of Chicago Fed Letter, four issues of AgLetter, and monthly editions of the CFNAI and CFMMI data releases.
More than 2 billion checks are processed in the Seventh District throughout the year, with the Check department achieving local net revenue financial targets.
Support and overhead costs in the Seventh District drop 10 percent in 2004 without impacting service levels or incurring any undue risk.
Throughout the year, Economic Research has 21 papers accepted for publication in scholarly journals.