2006 Annual Report
Chicago Fed Highlights of 2006
Economic Research and Programs
- Chicago Fed economists provided support throughout the
year to the president and board members to help them
carry out their monetary policy responsibilities.
- Research Department members prepared eight special
policy briefings, including presentations on topics such
as the long-run trends in housing markets and inflation
dynamics.
- Twenty-seven working papers were produced, and 25
previously written papers were accepted for publication
in top-tier scholarly journals.
- The Research and Consumer and Community Affairs
(CCA) areas held 41 conferences.
- Research reports were presented in Economic
Perspectives, Ag Letter, Profitwise News and Views, and
Fed Letter, including 12 special issues of Fed Letter.
- Department economists gave 49 paper presentations to
academic audiences and presented 129 speeches and
lectures to a variety of audiences.
- Policy conferences and forums were held on financial
access for immigrants, rural economic development,
community development finance, access to financial
services, and foreclosure prevention.
Financial Institution Supervision and Regulation
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Supervision and Regulation continued to focus on
improving core supervisory functions by promoting staff
development and a collaborative work culture as well as
improving risk assessment and operational processes.
- The department's primary 2006 focus was on enhancing
the quality of risk resolution work.
- More than 1100 examinations, inspections and off-site
reviews were conducted.
- The department focused strategic efforts on streamlining
processes for low-risk organizations and activities and
making improvements in examination processes.
- New procedures were implemented for examining banks
with low-risk information technology operations.
Financial Services
- Check processing successfully met all cost, productivity
and sales targets and played a leadership role in supporting,
selling and implementing Check 21 products.
- Cash Services successfully met all unit cost, productivity
and quality targets.
- 2006 marked the first full year in the new Detroit Cash
facility, featuring multiple machine rooms, state-of-the-art
technology, increased capacity, and a strengthened
control environment.
- The Des Moines check-processing operation remains
among the top in the Federal Reserve System.
- The Midway check-processing center improved its efficiency,
increasing both productivity and quality.
- Cash and check continued to maintain internal quality
controls throughout the year.
Customer Relations and Support Office (CRSO)
- The CRSO successfully completed the migration of FedLine
Advantage and converted the more than 8,600 remaining
customers off of the DOS-based FedLine platform.
- National Marketing and Sales continued strong performance
and played a critical role in achieving outstanding results
in 2006.
- The CRSO developed a new customized Check 21 Value
Calculator and online resource center for customers
and issued the first quarterly National Customer
Satisfaction Survey.
Other Activities
- A new Financial Markets Group was created to study
financial markets and the clearing and settlement operations
that support these markets, with particular focus on
Chicago derivatives exchanges and clearinghouses.
- Money Smart Weeks held in Chicago, Michigan, Indiana
and Wisconsin involved more than 500 partner organizations
and featured more than 1300 events providing
financial education to consumers throughout the Seventh
Federal Reserve District.
- Executives from around the Federal Reserve System
gathered in Chicago twice during the year for the Senior
Leadership Conference, featuring thought-provoking
activities and presentations.
- The process began to identify the successor to Chicago
Fed President Michael H. Moskow, who will retire at the
end of August of 2007.
- The bank better managed operational risks and controls.
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