The Federal Reserve banks have a first-of-its-kind service to help institutions mitigate ACH risk. The new FedACH Risk Origination Monitoring Service provides the ability to customize monitoring criteria at the company ID level or a specific routing number. You can also monitor accumulated totals over the origination processing day or multiple exposure days.
The service provides e-mail notification of batches pended due to breached caps. Institutions can also set end-of-day defaults to reject or release pended batches in extraordinary situations where batches remain pended at end of day. For more information, go to www.frbservices.org.
Honest Abe is getting a makeover. The U.S. Treasury has announced that the $5 note, which features President Abraham Lincoln on the front, will be redesigned. The U.S. Secret Service has detected a pattern of counterfeiters bleaching the ink off $5 notes and then printing $100 notes on the paper. The security features on the $5 and $100 notes are in similar places. The new $5 note is expected to be issued in early 2008, with a new $100 note to follow.
Donald L. Kohn became vice chairman of the Federal Reserve's Board of Governors June 19. Kohn, a member of the Board since August 2002, replaced Roger Ferguson, who retired in April.
Before becoming a Fed governor, Kohn served as the advisor to the Board for Monetary Policy. He has also served as secretary of the Federal Open Market Committee. Earlier in his career, Kohn served as a financial economist at the Fed.