The Federal Reserve has reintroduced two improved versions of Functional Cost and Profit Analysis (FCA), the unique accounting service that assists financial institutions in identifying costs, comparing performance and managing for profitability.
Under FCA Basic and FCA Plus, the Fed creates profitability reports for financial institutions, then compares their results with those of other institutions. New features of FCA include direct and indirect cost analyses, as well as updated transaction costing that recognizes both electronic and non-electronic transactions.
For more information, call Marilyn Corona at (314) 444-8883.
By Jan. 1, 1998, all Federal Reserve Banks are planning to export Image data using a new standard called the Common Output Format (COF). By converting to COF, the Fed will standardize the format of exported data regardless of type of media or type of Image system used to capture, store and export it.
Financial institutions that receive images on CD-ROM or magnetic tape from the Fed will need to work with their software vendors to ensure that their software can understand COF. For more information, call David Grace at (314) 444-4259 or your Fed account executive.
On Dec. 8, the Federal Reserve's Wire Transfer System will open for business at 12:30 a.m. Eastern time, eight hours earlier than the current opening. Participation is voluntary, and those who use the expanded hours can start at any time within the period. The Fed will provide a list of participants to financial institutions in the near future.