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Federal Reserve Banks
Practical Law Glossary Item 4-386-5610 (Approx. 2 pages)
Glossary
Federal Reserve Banks
A network of 12 regional banks and their branches that serve as the operating arms of the Federal Reserve System (the Fed). The Federal Reserve Banks, of which the Federal Reserve Bank of New York (FRBNY) is the most prominent:
- Operate a nationwide payment system.
- Distribute the nation's currency and coin.
- Supervise and regulate member banks and bank holding companies.
- Serve as banker for the US Department of the Treasury.
- Act as depository for banks in its region.
The 12 Federal Reserve Banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.