The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
To the Chief Executive Officers of All Depository Institutions and Others Concerned in the Second Federal Reserve District:
On May 30 the Federal Reserve Board announced the issuance and request for comments, by August 6, 2001, of an interim policy statement that allows a depository institution that has a self-assessed net debit cap (average, above average, or high) to pledge collateral to its Federal Reserve Bank in order to access additional daylight overdraft capacity above its net debit cap level. The official notice (pdf - 64kb) is contained in the Federal Register of June 5.
This is one of five notices regarding payments system risk that the Board is issuing for comment, which were also published in that issue of the Federal Register: The others are:
Modifications for foreign banking organizations (pdf - 51kb) in the criteria used to determine their U.S. capital equivalency. Comments are due by August 6.