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Annual Report of the Federal Reserve Bank of Chicago

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Annual Report of the Federal Reserve Bank of Chicago FEDERAL RESERVE BANK of CHICAGO 1995 ANNUAL REPORT Our Vision Further the public interest by fostering a sound economy and stable financial system. Provide products andservice of unmatched value to those we serve. Set the standard for excellence in the Federal Reserve System. Work together, communicate openly, be creative and fair. Live by our core values of integrity, respect, responsibility and excellence. The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks across the United States that, together with the Board of Governors in Washington, D.C., serve as the nation's central bank. The role of the Federal Reserve System, since its establishment by an act of Congress passed in 1913, has been to foster a strong economy, supported by a stable financial system. To this end, the Federal Reserve Bank of Chicago participates in the formulation and implementation of national monetary policy, supervises and regulates banks and bank holding companies, and provides financial services to depository institutions and the U.S. government. Through its head office in Chicago, branch in Detroit, regional offices in Des Moines, Indianapolis and Milwaukee, and a new facility in Peoria, the Federal Reserve Bank of Chicago serves the Seventh Federal Reserve District, which includes major portions of Illinois, Indiana, Michigan and Wisconsin, plus all of Iowa. CONTENTS Message to our Customers 1 Committed to our Customers 4 1995 Highlights 16 Operations Volumes 17 Financial Statements 18 Directors and Advisory Councils 20 Officers 22 Executive Changes 24 PRESIDENT's MESSAGE to our CUSTOMERS FROM LEFT: FIRST VICE PRESIDENT WILLIAM CONRAD, CHAIRMAN ROBERT HEALEY, DEPUTY CHAIRMAN RICHARD CLINE, AND PRESIDENT MICHAEL MOSKOW "THE CUSTOMER is KING" This maxim and similar refrains reflect the commitment to customers that has become the rallying cry for businesses ranging from Mom-and-Pop stores to huge retail conglomerates. Customer focus has to be paramount for a firm that exists to turn a profit. For such a firm the customer is truly the ultimate judge, not to mention the jury, and, in some cases, the executioner. But is focusing on the customer relevant for a public entity such as the Federal Reserve Bank of Chicago? This was a question we considered carefully during 1995, and the answer we arrived at was a resounding "Yes." 1 OUR VISION Further the public interest by Provide products and services fostering a sound economy and of unmatched value to those stable financial system we serve Admittedly, one does not necessarily associate central banking with customer service. Nevertheless, the Federal Reserve Bank of Chicago does serve customers. We have customers in the traditional sense be- cause we provide financial services for a fee to depository institutions. We also provide a variety of services to the U.S. Treasury in our role as fiscal agent. Customers who use our economic research "services" include groups interested in our regional economic analysis and a number of internal customers such as the Board of Governors in Washington, D.C., and our board of directors. Even depository institutions that we supervise and regulate are "customers" in a sense. Broadly speaking, the public at large is our most important customer as we are a creation of Congress and ultimately answerable to the American people. Evaluating our approach to customers was a key aspect of a Bank-wide strategic planning initiative during 1995 in which we took a "Fresh Look" at our organization. Perhaps the most important element of this "Fresh Look" planning effort was the development of a vision statement. In some ways, developing the vision was straightforward. For example, our vision reaffirms our mission to further the public interest by fostering a sound economy and stable financial system. That's the starting point for everything we do— the reason we come to work in the morning. How best to fulfill that mission is more difficult to determine. In our vision we have stated our commitment to achieving excellence. In most industries, a company will naturally compare itself to its com- petitors to gauge its progress. That strategy has an obvious drawback for a central bank. We're one of a kind, at least within our national borders. But given the Federal Reserve's structure of 12 regional Banks, we do have a basis of comparison. A healthy sense of competition exists within the System in which the Reserve Banks work together closely and share ideas but also try to outperform one another. The Reserve Banks are somewhat like runners in a relay team working together to win the event but also striving to post the best possible time for their leg of the race. Given this background, we have committed ourselves to setting the standard for excellence in the Federal Reserve System. What is the surest, most direct way to set the standard of excellence? In my view, it is focusing on customers. Our vision reflects this focus by committing us to providing products and services of unmatched value to those we serve. The key phrase is to those we serve. In other words, our customers determine if we are truly providing unmatched value. 2 Set the standard for excellence Work together, communicate Live by our core values of in the Federal Reserve System openly, be creative and fair integrity, respect, responsibility and excellence Clearly, the Federal Reserve cannot be driven by the customer in the same way as a for-profit firm. Our bottom line is serving the public good. Nevertheless, our customers, though diverse and sometimes amorphous, are the best and truest source of feedback for evaluating our efforts. At the end of the day, they determine if we are achieving excellence. The customer is king, even for a public institution such as the Federal Reserve Bank of Chicago. The past year has been challenging and exciting. I am very proud of what we have already accom- plished and look to the future with optimism. Our achievements during the past year would not have been possible without the contributions of our entire staff of over 2300 people. The Chicago Fed also benefited greatly from the services of our directors in Chicago and Detroit, an outstanding group of individuals who unselfishly provided their time and expertise. I want to express my gratitude to three directors who completed their terms at the end of 1995: Richard Cline, J. Michael Moore, and Norman Rodgers. I particu- larly want to thank Richard Cline, who served as deputy chairman for two years and as chairman for three years. During their six years of service on the Chicago and Detroit boards, all three provided insightful perspectives and leadership that helped guide our activities. A commitment to our customers was the common thread tying together our activities during 1995. The following article briefly reports on just a few of our efforts, which reflect our commitment to providing excellent service to customers for many years to come. Michael H. Moskow, President March 28,1996 3 COMMITTED TO OUR CUSTOMERS IN PURSUING ITS MISSION THE CHICAGO FED ULTIMATELY SERVES THE GENERAL PUBLIC, PEOPLE SUCH AS (FROM LEFT TO RIGHT), JASON, BONNIE, BARRY, ASHLEY AND JARED GRANT, SHOWN HERE IN THE NERVE CENTER OF THEIR URBANDALE, IOWA HOME—THE KITCHEN. 4 We are committed to responding to the needs of our customers. That is the surest way to achieve excellence and fulfill our mission of fostering a healthy, growing economy and a stable financial system. Who are the Federal Reserve Bank of Chicago's customers? Given our broad mission, ultimately everyone in the Seventh Federal Reserve District, including people such as the Grant family of Urbandale, Iowa. On the following pages we will introduce you to more of our customers and review some of the Chicago Fed's accomplishments in 1995 driven by customer needs. 5 COMMITTED to our CUSTOMERS DEPOSITORY INSTITUTIONS Working with depository institutions PROCESSING CHECKS MORE EFFICIENTLY The Chicago Fed in 1995 opened a new check-processing facility at the Peoria Airport, improving customer service to area financial institutions. Since the facility is located in central Illinois, nearby customers have more time each day to process checks internally. Customers also benefit from lower prices for check-processing services. BUILDING RELATIONSHIPS WITH CUSTOMERS In an effort to provide better The Chicago Reserve Bank works service, the Bank created three customer advisory groups made up of Seventh in a number of ways with depository District bankers. The advisory groups provided feedback on financial services, institutions in the Seventh offering suggestions on the types of products and services to offer. IMPROVING CUSTOMER SERVICE A group of Bank staff studied ways to im- District. The Chicago Fed's prove customer service during 1995. Based on the group's recommendations, the Chicago Fed will develop a new area dedicated to handling the wide range responsibilities include super- of customer service inquiries received by the Bank. The unit will initially focus on inquires and requests for new services from depository institutions. vising bank holding companies and state member banks and offering CONDUCTING EXAMINATIONS OFF-SITE The Chicago Fed was a leader among the Reserve Banks in 1995 in developing programs to increase the off-site portions financial services such as check pro- of exams. Examiners are now spending more of their time at Fed offices and less cessing and electronic payments to all time on bank premises. The result has been to enhance the efficiency of exams and reduce the disruption to commercial bank operations. District institutions. RESPONDING TO CHANGE The Chicago Fed played an active role in a Federal Reserve System initiative called Reserve Bank Examination Process for the 21st Century, which is designed to adapt the Fed's supervisory approach to the chang- ing nature of banking and financial services.
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