Central Bank Services Department
The Central Bank Services (CBS) Department oversees lending that helps ensure the stability of the payment system by supplying liquidity during times of systemic stress. It does this via lending to depository institutions through what’s called the Discount Window, which has both loan and collateral units. CBS staff members also monitor and counsel depository institutions that incur overdrafts in their Federal Reserve accounts and assess fees or penalty charges when warranted.
In addition, CBS employees carry out activities that minimize the risk of weak or failing depository institutions contributing to losses suffered by the Federal Reserve and U.S. Treasury. They also monitor Seventh District depository institution reserve requirements, counsel the institutions on deficiencies, assess deficiency penalty charges, and process the payment of interest on required reserve and excess reserve balances. In addition, CBS staff members provide timely and accurate information and analysis regarding the Seventh District banking and financial industry.