The Cleveland and St. Louis Federal Reserve banks recently entered into a partnership combining local customer support. Account executives now travel across district lines and potentially service financial institutions located outside their Reserve bank. In addition, some functions, such as product development and communications, have been combined. While these activities are mostly transparent to customers, the partnership allows both districts to better align internal resources and become more efficient.
The Cleveland and St. Louis Feds also will jointly sponsor special events and educational seminars. Pooling these resources will enhance the quality of events offered and give customers more options to choose from when they select event locations.
The first opportunity to attend a regional event will come this spring when we introduce Fed Exchange, a new educational forum that will be held throughout April and May. All Fourth and Eighth District institutions will receive an invitation soon.
This partnership will not affect any other business you conduct with the Fed, such as check processing, cash orders or regulatory activities. The St. Louis Fed will continue providing these services for your institution. In addition, national and local support centers will continue to answer questions on various Fed services, such as FedACH®.
For more information about this partnership, see the special edition of Payments Quarterly, or contact your local account executive.