Effective Jan. 1, 2000, redemption of U.S. Treasury detached, semiannual interest coupons will be consolidated at the Federal Reserve Bank of Dallas. All other Federal Reserve Banks and Branches will stop processing Treasury coupon redemptions at the close of business Dec. 31, 1999. After this date, all coupons should be sent to:
Federal Reserve Bank of Dallas
P.O. Box 660656
Dallas, TX 75266-0656
Coupons will be paid within one business day of receipt, but no earlier than the interest due date. The Dallas Fed will make payments to financial institutions by crediting the institution's reserve account. Individuals will be paid through a fiscal agency check.
In early 2000, the Fed will conduct seminars to introduce institutions to the Treasury Investment Program (TIP) and Paper Tax System (PATAX), which will replace the current Treasury Tax and Loan (TT&L) program later next year. Cash managers and operations staff from all TT&L Note Option institutions will be invited to attend a one-day seminar discussing the applications' features, which include a new investment option, enhanced reporting and the ability to initiate account changes online. The seminar also will cover improvements in collateral monitoring, customer support and electronic access.
The St. Louis Fed will host seminars in the Eighth District during the week of Feb. 7 and in the Tenth District during the week of March 13. Look for additional information in the upcoming months.