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Federal Reserve Banks plan to adopt global standards for FedCash® Services

August 2017

The Federal Reserve Banks have signaled their commitment to adopt global standards for supply chain logistics and package tracking in FedCash® Services by acquiring a company prefix number from GS1 US, a global supply chain standards organization. It will be a multi-year effort involving changes to our workflows and inventory control systems, as well as changes to the way we will interact with armored car companies and our customers. 


Why is the Federal Reserve doing this?

Doing this will enable the entire cash supply chain and the Reserve Banks to realize greater efficiencies and control. In today’s cash supply chain, it can take up to six hours to transfer cash packages from an armored vehicle to a receiving vault simply because the hundreds of packages on the truck must be manually recorded and individually reconciled against a paper manifest as they change hands. Lacking advance knowledge of what is in a shipment or a specific package, inventory planning and workforce management can be a challenge. And when problems arise, researching paper records to resolve the problem can take days. These practices are inefficient, time-consuming, error-prone … and unnecessary.

Decades ago, the retail, apparel and food service industries realized that they could reduce costs and errors by adopting standardized package identifiers like Universal Product Codes (UPCs) and electronic message formats to drive major efficiencies in their supply chains. More recently, a number of central banks in Europe have used the same standards for their cash supply chains and have realized benefits in terms of improved transparency, accountability and efficiency. 

The experience of these industries shows that the benefits of standards are not realized without broad adoption. As such, the Reserve Banks are working with leading financial institutions, armored car companies, merchants and solution providers to collectively adopt the same open messaging and identifier standards these other industries have developed with the support of GS1.1 This work is taking place under the banner of Cash Visibility.


How will it work?

The Cash Visibility vision is a cash supply chain without paper manifests or deposit tickets. Instead, all cash packages will have a globally unique barcode (radio-frequency identification, or RFID, tag) called an SSCC (Serial Shipping Container Code) that can be scanned and automatically reconciled against an electronic shipping manifest (e-Manifest). Using the e-Manifest and these identifiers means that the “six-hour transfer process” noted earlier should take only one or two hours, making vault and delivery personnel and equipment dramatically more efficient. Moreover, because the e-Manifest will include a globally unique identifier (Global Location Number or GLN) for the shipper of each and every package, deposit tickets will be unnecessary, and accounting records will be more accurate. And if packages do go awry, searching electronic records will be more efficient and accurate, enabling faster resolution of exceptions. In addition, knowing where deposits are, when to expect them (and when credits are passed for them) and details about each deposit/shipment will aid tremendously in managing workflows and cash positions. 

To realize this vision, the Federal Reserve Banks are working to implement the Cash Visibility standards. We have acquired a license for a GS1 US-issued GS1 Company Prefix, which is the root identifier we will be using to create our GLNs to identify all of our vaults. It is also the root identifier we will be asking our bag manufacturers to use to generate and print unique SSCCs on all of our shipping packages. In addition, we are beginning the multi-year effort to update our internal systems. Once completed, we will be able to scan packages and quickly account for every item coming into or going out of our operations.


How can the cash industry get ready?

As the Federal Reserve Banks get ready to implement our new systems, we will work with industry partners that adopt these standards as well. Eventually, we expect to be exchanging e-Manifests with all the armored carriers that deliver or pick up cash packages at our docks. We will also be working with our customers to help them start using SSCCs to identify the packages we send them and they send us. Like us, this will entail acquiring a license for a GS1-issued GS1 Company Prefix to create GLNs, using SSCCs on cash packages and updating internal systems to reap the significant benefits of Cash Visibility.2 Since this will be a multi-year process, the Fed will provide the cash industry with ongoing updates on Cash Visibility to help you stay informed and prepared for the future. Stay tuned for further communications on this important industry initiative. 

For more information about Cash Visibility and how to get involved, please visit the GS1 US Solutions for Banking and Cash-Intensive Businesses (Off-site Link) page and the FedCash Services Cash Highlights and Industry Outreach page.


1GS1 is a global not-for-profit organization whose mission is to make supply chains more efficient by facilitating adoption of supply chain logistics standards. GS1 identification standards uniquely identify products, locations and assets, and data exchange standards then enable information capturing and sharing throughout the supply chain.  For more information on GS1, visit (Off-site Link).

2For small organizations that have fewer than 10 branches or other locations, the initial license fee for such an identifier could be as little as $250, and up to $10,500 for large organizations with more than 10,000 branches and proprietary automated teller machines (ATMs).


FedCash® Services

Cash Holdings: A New View on Cash

August 2017

On June 28, 2017, the Federal Reserve Bank of San Francisco’s FedNotes publication featured an article entitled ”Cash Holdings: A New View on Cash(Off-site Link) written by Claire Wang. We are sharing a reprint of the article below, which discusses movement in consumers’ cash-holding behavior.





The average U.S. consumer still carries cash, despite reports that Americans don’t carry cash anymore (Off-Site Link). Last year, the Cash Product Office’s (CPO) paper, “Who Holds Cash?(Off-Site Link), found the answer to its title to be: quite a lot of people. The paper used data from the 2012 Diary of Consumer Payment Choice to show that the majority of Americans (89 percent) carried cash to some extent over their three-day Diary period, and nearly two-thirds held cash every day of the Diary. The paper also looked at how often U.S. consumers held and spent cash, identifying four types of cash holders:

  1. “Cash Lovers” — consumers who held and spent cash every one of the three days of the Diary.
  2. “Just-in-Case Holders” — consumers who held cash every day of the Diary but didn’t use it during their three-day Diary. This group may view cash as a safety net or a contingency fund.
  3. “Cash-Averse” — consumers who neither held nor used cash as a payment instrument during their three-day Diary.
  4. “Limited Choice Spenders” — consumers who did not hold cash at the end of each Diary day but spent cash every Diary day.

Due to changes to the Diary instrument, data from the 2012 and 2015 Diary of Consumer Payment Choice are not directly comparable. However, the 2015 Diary should provide better data and insight, as it incorporated an improved questionnaire and a more representative sampling frame.1 This paper focuses on data from the 2015 Diary of Consumer Payment Choice and updates the CPO’s findings on consumer cash holding and spending behavior. It provides more detail into the different types of consumers carrying cash, and what these findings suggest for cash’s future.


General Cash Holding Update

In 2015, U.S. consumers tended to be in the extremes when it came to how often they held cash, with the majority (86 percent) either holding cash every Diary day or not at all. The average amount held each Diary day in 2015 was $59 and, excluding those who never held any cash, the average held was $71. The median amount held—in other words, the amount held by the middle consumer—was smaller at $21.

More than two-thirds (69 percent) of 2015 Diary participants carried cash every Diary day (Figure 1). Of these consumers, most preferred to use a payment instrument other than cash. Only a small share of the population—17 percent—both preferred to use cash and carried cash every Diary day. One reason for the large amount of consumers carrying cash despite preferring alternatives is that cash is most people’s backup payment of choice.2 Even consumers who prefer credit and debit turn to cash when their first payment choice is not available.

Figure 1
Population comparison

Population comparison

Cash Matrix: Four Holder Groups
In “Who Holds Cash?,” the CPO differentiated between different types of cash holders using two factors: (1) how many of an individual’s three Diary days they ended holding cash (“cash holding”), and (2) how many days of their three Diary days they made at least one cash transaction (“cash spending”). Diary participants were given one of three labels for how frequently they held cash—either “all days” (3) of the Diary, “some days” (1-2), or “no days.” Similarly, participants were classified by how frequently they spent cash: they were labeled as spending cash “all days” (3) if they made at least one cash transaction each Diary day; “some days” if they made at least one cash transaction on either 1 or 2 days; and no cash transactions, or “no days,” if they did not make any cash transactions during their three-day Diary period.3

Combining the two factors, the matrix in Figure 2 depicts how frequently U.S. consumers held and spent cash in 2015, with darker squares indicating a larger portion of the population.

Figure 2
2015 cash holder matrix

2015 cash holder matrix

As in 2012, the largest portion of the population fell in the middle of the top row, holding cash all (3) days and spending cash some (1-2) days. Interestingly, when compared to 2012, in 2015 more consumers ended up in the top right and bottom right corners (either holding cash all days or not holding cash at all), though some of this difference may be attributed to the new sample of participants.

Focusing on the cash holder groups located at the outer corners, we observed changes in makeup of three of the four groups between the 2012 and 2015 Diaries. In 2015, the share of “cash lovers” was smaller, while the “cash-averse” (bottom right) and “just-in-case holders” groups were larger in size. Beyond changes in the total number of consumers in each group, there were demographic changes within each group as well. The next section explores each group in depth and examines the new findings.4 Further group statistics can be found in the appendix.


Cash Holder Group Case Analysis

Figure 3
Cash holder groups

Cash holder groups

Cash Lovers
Cash lovers are the people you can trust to have cash on them at any time. They are devoted cash users, both holding and spending cash every day of the Diary. They made up 8 percent of the population in 2015 and tended to be older, wealthier, and have a strong preference for cash.

Cash lovers were the oldest group, with an average age of 54. Nearly one-third of the group was older than 65. Likely correlated to their ages, cash lovers were a relatively wealthy group compared to the general population. More than a quarter had household incomes greater than $100,000. The group’s higher incomes may contribute to its higher average daily cash holding of $113. 

Rather unsurprisingly, cash lovers had a strong preference for cash. Nearly half (47 percent) stated cash as their preferred payment instrument; one third (30 percent) preferred debit, and 21 percent preferred credit. Consumers who chose cash and debit as their preferred ways to pay overwhelmingly cited convenience as their main motivation. For this group, cash and debit are favorable because they offer not only tighter spending controls but convenience and ease of use as well.

In general when compared to the general population, cash lovers are older and wealthier than the typical American consumer. However, the group looked different in 2015 than it did in 2012, comprised of a smaller share of the population and appearing more skewed in age. It could be that older consumers are remaining loyal cash users while younger consumers are dropping out of this category, either by spending or holding cash less frequently.

Just-in-Case Holders
Storing cash in your wallet as back-up or “just in case” appears to be on the rise among U.S. consumers. Just-in-case holders—people who held cash every Diary day but never spent it—made up 26 percent of the population in 2015. This group did not make any cash purchases during the Diary, though about a third of the group did not make any purchases in general during that time period. Just-in-case holders in 2015 exhibited diversity in terms of age, with a larger share of young consumers joining the ranks.

While just-in-case holders were the second oldest group, with an average age of 48, their ages were more evenly distributed than what was observed in 2012. There were more young consumers in this group in 2015, and nearly one third of just-in-case holders were between 18 and 34 years old. The group held on average $64 a day during the 2015 Diary.

Given that just-in-case holders never used cash during the Diary, their payment preferences mirrored their payment usage. Nearly half (45 percent) chose debit as their primary preferred payment instrument in 2015, and 38 percent chose credit. Only 13 percent of just-in-case holders chose cash as their preferred way to pay. 

Just-in-case holders’ household incomes were more evenly distributed than cash lovers’. However, a large share of them fell in the higher income ranges, which is likely related to their credit preference and ability to have cash available for contingencies. More than a quarter (28 percent) had household incomes greater than $100,000 per year.

While just-in-case holders may view cash more as a contingency tool than their go-to payment instrument, it may be that more people are joining the bandwagon and adopting this view. Given the growth in the group’s size, it is possible that some young consumers are moving from cash lovers to just-in-case holders, especially if they hold cash but now choose another way to pay.

Cash-averse consumers neither held nor spent cash during the Diary. Similar to the CPO’s 2012 findings, these consumers were young and had lower incomes. In 2015, cash-averse consumers made up 13 percent of the population.

Cash-averse consumers were the youngest of the cash holder groups, with an average age of 38 and with more than half of its members (53 percent) falling into the millennial category. Given their relative youth compared to other groups, cash-averse consumers had relatively low incomes. One-third had household incomes less than $25,000 a year in 2015, and the majority (54 percent) had household incomes below $50,000.

As a whole, cash-averse consumers continued to favor debit (55 percent). A smaller share, 23 percent, preferred cash, followed by 17 percent preferring credit. Since nearly a quarter of cash-averse consumers prefer cash yet neither carry nor spend it, it’s possible that this segment of the group is liquidity-constrained rather than cash foes. Given their stage of life and current financial immaturity, cash-averse consumers who prefer cash may simply not have enough money to hold onto it.

Another explanation is that millennials are different and have an aversion to credit.5 This age cohort has lower adoption rates of credit cards than other cohorts.6 This distaste of debt may stem from the fact that millennials came of age during the recession and face saddling student loans.

Though the cash-averse made up only 13 percent of the population in 2015, they remain an important group to monitor in future research, especially in understanding whether their preferences are a permanent generational difference or simply a stage of life.



The 2015 Diary of Consumer Payment Choice saw significant movement in consumers’ cash holding behavior. Overall, consumers moved to the extremes in how often they held cash—either holding it every Diary day or not at all. Consumers were either finding little or high value in carrying cash.

Using the framework created to analyze the 2012 Diary, the CPO observed how the different types of cash holders looked in 2015. Cash lovers had fewer younger consumers and consisted largely of 65 and older consumers. On the opposite end of the spectrum, cash-averse consumers were made up primarily of millennials. The greatest movement took place with just-in-case cash holders. This group comprised one quarter of the nation’s population in 2015. Though just-in-case holders once had distinct traits, they were more diverse demographically in 2015. They are no longer a collection of older, wealthy consumers, and younger consumers seem to have joined in on the always holding, never spending action, as well.

The growth of people holding cash “just-in-case” comes at a time of seemingly conflicting reports about cash. The value of currency in circulation continues to grow on average 6 to 7 percent a year, outpacing nominal gross domestic product (GDP) growth.7 There is currently more than $1.5 trillion in circulation as of May 2017, up 35 percent from the $1.1 trillion in circulation at the end of 2012.8 Meanwhile, cash’s share of transactions is decreasing.9 The growth of just-in-case holders, with their unique view of cash, reflects larger cash trends of increasing currency in circulation and flattening or declining cash usage. 

While it is too early to draw definitive conclusions from the first two Diaries of Consumer Payment Choice, it is possible that we are observing the development of a new use case of cash. Consumers may be demanding cash less as a means to pay, and more as a store of value. This theory falls in line with the general population’s movement towards always holding and never spending cash, and it is supported by the growth of just-in-case holders.

As new payments and technologies continue to emerge, cash retains a strong hold among consumers. Even if consumers choose not to use cash as their go-to payment instrument, they may take advantage of its near-universal acceptance and utility in contingency situations. The CPO will continue to monitor how consumers are holding and using cash to understand better cash’s changing role in the future.



Table A-1
Cash holder groups (Off-site Link)

Figure A-2
Cash holder matrix using share of cash purchases

Cash holder matrix using share of cash purchases


About the Cash Product Office

As the nation’s central bank, the Federal Reserve ensures that cash is available when and where it is needed, including in times of crisis and business disruption, by providing FedCash® Services to depository institutions and, through them, to the general public. In fulfilling this role, the Fed’s primary responsibility is to maintain public confidence in the integrity and availability of U.S. currency.

The Federal Reserve System’s Cash Product Office (CPO) provides strategic leadership for this key function by formulating and implementing service level policies, operational guidance, and technology strategies for U.S. currency and coin services provided by Federal Reserve Banks nationally and internationally. In addition to guiding policies and procedures, the CPO establishes budget guidance for FedCash® Services, provides support for Federal Reserve currency and coin inventory management, and supports business continuity planning at the supply chain level. It also conducts market research and works directly with financial institutions and retailers to analyze trends in cash usage.


About the Diary of Consumer Payment Choice

This paper uses a dataset from the Diary of Consumer Payment Choice (Diary) conducted by the Federal Reserve Banks of Boston, Richmond, and San Francisco. The Diary is a survey designed to study the purchase and payment behavior of U.S. consumers. The study is conducted using a nationally representative sample of U.S. consumers. The second fielding of the Diary of Consumer Payment Choice took place from October 16 to December 15, 2015. Participants were asked to record information on all transactions—purchases, bill payments, deposits, withdrawals, etc.—conducted during an assigned consecutive three-day period.

The 2015 Diary is the second iteration of this research initiative by the Federal Reserve Banks of Boston, Richmond, and San Francisco. Both the 2012 and 2015 Diaries surveyed a random sample of respondents across the United States, and responses were weighted to match the Census Bureau’s Current Population Survey population estimates. In 2012, participants were asked to record their transactions in the month of October to minimize seasonality effects in consumer spending patterns. Their responses were also staggered over the month of October to ensure almost equal numbers of participants each day. In 2015, participants were asked to record their transactions in the months of October, November, and December, and responses were staggered to ensure almost equal numbers of participants per Diary day.


Changes to the 2015 Diary of Consumer Payment Choice Structure

For both the 2012 and 2015 Diaries, participants tracked all transactions (deposits, withdrawals, purchases, bills, etc.) for an assigned, consecutive three-day period within the observation window. In 2012, the observation window was the month of October. The 2015 Diary expanded the observation window from October 16 to December 15. This extended timeframe allowed researchers to observe payment choice and purchase behavior through part of the 2015 holiday season.

Other additions to the 2015 Diary included:

  1. A separate bill payment module at the end of a diarist’s third day to improve bill payment records during the observed Diary period
  2. Follow-up questions regarding card acceptance to determine whether individuals were using cash for convenience or out of necessity
  3. Additional preference questions to allow participants to specify different payment preferences based on transaction value and on whether the purchase took place in-person or not

The 2015 Diary also revealed a marked change in the total number of transactions and small-value transactions when compared to the inaugural 2012 study. This reduction likely impacts small-value transactions that took place in-person and had a high probability of cash use. More information about this reduction can be found in the paper “U.S. Consumer Cash Use, 2012–2015: An Introduction to the Diary of Consumer Payment Choice” (Off-site Link) (2017) by Claire Greene, Shaun O’Brien, and Scott Schuh.

The differences between the 2012 and 2015 Diary data are not solely attributed to either economic conditions or consumer behavior changes. Many changes were implemented in the 2015 Diary to better understand payment preferences, increase accuracy with the number of bill and non-bill payments, and determine whether cash use was high due to a lack of card readers. In addition to the questionnaire changes, the panelists for the Diary changed between 2012 and 2015. The RAND American Life Panel was used for the 2012 Diary, while the Understanding America Study was used for 2015. Both panels were designed to be nationally representative, but the samples themselves are not the same. The measurement differences between these two years captures all of the questionnaire, panel, and economic changes; consequently, it is important to keep in mind that the 2012 and 2015 findings represent two distinct points in time and not a marked trend. The CPO is monitoring insights revealed in the 2015 data, but only with additional data will we be able to learn more and draw more definitive conclusions about payment trends.


1More information about the Diary of Consumer Payment Choice, and the differences between the 2012 and 2015 Diaries, can be found in the appendix.

2Federal Reserve Bank of San Francisco. (2016). The State of Cash: Preliminary Findings from the 2015 Diary of Consumer Payment Choice (Off-site Link).

3The Diary findings and matrix distribution shown in Figure 2 were similar when participants’ cash spending frequencies were calculated a second way: by the share of their total purchases for which they used cash. That new matrix (Figure A-2) can be found in the appendix.

4Limited-choice spenders—those who did not hold cash at the end of the day yet consistently used it to make purchases (bottom left corner)—made up an insignificant share of the population in both 2012 and 2015. Though it might seem impossible for a group to never hold yet always spend cash, the CPO believes that individuals in this category may be less affluent and forced to use any cash on-hand for immediate expenses. They are most likely unable to afford holding onto cash. Examples of consumers who may fall into this group include people who are paid daily in cash and low-income, unbanked individuals with little access to debit or credit cards. Due to the small number of observations in this category, any conclusions drawn about limited-choice spenders would be neither statistically significant nor nationally representative.

5The Washington Post. (2014, September 8). More than 6 in 10 Millennials Say They Don’t Have a Credit Card (Off-site Link).

6Federal Reserve Bank of Boston. (2015). Payment Instrument Adoption and Use in the United States, 2009-2013, by Consumers’ Demographic Characteristics (Off-site Link).

7Federal Reserve Bank of San Francisco. (2012). Annual Report: Cash is Dead! Long Live Cash! (Off-site Link)

8Federal Reserve Board of Governors. (2015, March 2). FAQs: Currency and Coin (Off-site Link).

9Federal Reserve Bank of San Francisco. (2016). The State of Cash: Preliminary Findings from the 2015 Diary of Consumer Payment Choice (Off-site Link). 

The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.



Fed Facts: Learn how the 12 Federal Reserve Banks found their homes

August 2017

In last month’s Fed Facts article, we featured the New York Fed’s multi-phase construction project that spanned well over a decade. This month, we’re sharing an assortment of notable facts about the other 11 Federal Reserve Bank buildings. For instance, did you know that the Kansas City Fed sits on the former site of St. Mary’s Hospital and features a memorial built from bricks that were part of the hospital chapel? As one might expect from a century-old institution, there have been many twists and turns along the way to getting the Federal Reserve Banks settled in their current buildings.

DistrictBuilding History Facts
Federal Reserve Bank of Boston The original 1922 Federal Reserve Bank of Boston building was declared a landmark in the 1980s and now serves as a luxury hotel, The Langham (Off-site Link). In 1977, the Boston Fed moved to its current site at 600 Atlantic Avenue in Dewey Square. The 604-foot, 33-story office tower was designed as an "office in the air." To find out more, view the History of the Boston Fed: A Timeline (Off-site Link).
Federal Reserve Bank of New York The New York Fed building, described in the July Fed Facts article, was designated a New York City landmark on December 21, 1965, and was added to the State and National Registry of Historic Places on May 6, 1980. There’s much more to learn on the About the Building (Off-site Link) page.
Federal Reserve Bank of Philadelphia On November 16, 1914, precisely at 9 a.m., Bank Guard William Ernest Jones swung open the stout double doors of the Federal Reserve Bank of Philadelphia. The newly renovated building was the former Western Bank Building at 406-408 Chestnut Street. Jones' matter-of-fact opening of its doors was the only ceremony attending the first banking day of the Philadelphia Reserve Bank. Fifty years later to the day, retiree Ernie Jones returned and was asked to help open the doors to the next 50 years. You can discover more on the Fed’s Fiftieth Anniversary (Off-site Link) page.
Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland building, located at Superior Avenue and East 6th Street, was completed in 1923. A 1998 extension provided new facilities for check processing and cash handling. Its original bank vault door is the largest in the world, and it incorporates the largest hinge ever built. The vault's use was discontinued in 1997, though it is preserved intact for posterity. For more info, check out The Cleveland Fed at a Glance (Off-site Link).
Federal Reserve Bank of Richmond The Federal Reserve Bank of Richmond has had three downtown locations. The current headquarters, located at 701 E. Byrd Street, overlook the historic James River and opened in 1978. On December 8, 1977, President Robert Black and Board Chairman E. Angus Powell officiated at the Cornerstone Ceremony (Off-site Link) of the new building. Select items placed in a box behind the cornerstone include a list of all employees, photos of the board of directors, 1977 Federal Reserve notes, an issue of The Richmond News Leader and other memorabilia.
Federal Reserve Bank of Atlanta The 2001 opening of the Atlanta Fed's new headquarters building at Peachtree and Tenth Streets in Midtown Atlanta was a milestone in the Bank's history. It marked the end of an era at 104 Marietta Street in downtown Atlanta and the beginning of a development renaissance in Midtown. For two years, there was a beehive of activity until the last piece of marble – mined from quarries in north Georgia – was applied and the massive front doors installed. A convoy of flatbed trucks hauled the signature columns, which had stood for decades in front of the Atlanta Fed's downtown building, to their new home. Photos and details can be found on The Atlanta Fed in the Modern Era (Off-site Link) page.
Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago's landmark building at the corner of South LaSalle Street and West Jackson Boulevard in the city's financial district has a rich architectural history. Completed in 1922, it was designed by the firm responsible for the Wrigley Building, Shedd Aquarium, Merchandise Mart and the Continental Illinois Bank building directly across the street. The façade – with Corinthian colonnades rising 65 feet – was designed to produce "the impression of dignity and strength, in harmony with the power and purpose of the institution," according to a newspaper of the day. You can learn more about the building and its major renovations on the Chicago Fed’s Our Building (Off-site Link) page.
Federal Reserve Bank of St. Louis The Federal Reserve Bank of St. Louis opened for business on the fourth floor of Boatmen’s Bank with six officers and 17 employees. In December 1915, the St. Louis Fed moved into new quarters in the New Bank of Commerce building one block south of its former location. The building was renamed the Federal Reserve Bank Building, and it furnished a "light, commodious, and convenient" banking area on the second floor, with plenty of vault space. In 1924, the St. Louis Fed relocated to its newly-constructed, permanent home at 411 Locust Street. More details can be found on the St. Louis Fed’s History (Off-site Link) page.
Federal Reserve Bank of Minneapolis The current home of the Federal Reserve Bank of Minneapolis opened in 1997 with an eight-story office tower at the corner of Hennepin Avenue and First Street North that connects via skyway and tunnel to the four-story operations center. The site was previously occupied by Native Americans who had a summer camp along the river, the Pacific Lumber Mills, the Great Northern Train Depot, which was demolished in 1978, and the Northup King seed company. See more on the 100 Years of the Ninth District Fed in Downtown Minneapolis (Off-site Link) page.
Federal Reserve Bank of Kansas City The building at 925 Grand served the Federal Reserve Bank of Kansas City well for almost 80 years. The need for additional room necessitated a move. After considering multiple sites, the former St. Mary’s Hospital was selected as the location for the Bank’s new headquarters in spring 2003. Today, the Bank recognizes the site’s heritage with a memorial built from bricks that were part of the hospital chapel and the chapel bell. The hospital’s corner¬stone was set into the monument on October 3, 2007, 100 years from the date it was placed for the hospital. More information about the history of the Tenth District can be found in the Confidence Restored (Off-site Link) brochure.
Federal Reserve Bank of Dallas After occupying several temporary locations, the Federal Reserve Bank of Dallas constructed its own building at 400 S. Akard Street in 1921. This solid, ornate building would serve as its headquarters for 71 years. Today, the Dallas Fed is located at 2200 N. Pearl Street. The building is located on eight acres of property adjacent to Dallas’ Arts District in the historic State–Thomas neighborhood. Opened in September 1992, the 17-story structure has an Indiana limestone exterior. The ground floor contains all of the Bank’s financial operations. This space alone covers six acres, or approximately 250,000 square feet, which is equivalent in space to an average 12-story office building. Check out the About the Dallas Fed (Off-site Link) page for more details.
Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco first opened its doors for business in a temporary space in the back of the old Merchants National Bank. In 1924, the staff moved into the Bank's newly built headquarters at 400 Sansome Street, a location that it would occupy for the next 60 years. In 1983, the bank relocated to larger and more modern facilities at 101 Market Street. The San Francisco Fed has come a long way from its beginning as a group of fewer than 25 employees in rented quarters to a staff of 1,694 serving the massive Twelfth District. You can learn more about the San Francisco Fed’s story on its Our History (Off-site Link) page.


Keep exploring

Want to see the Federal Reserve Bank buildings in person? Learn about touring opportunities in the June 2017 FedFocus article, "Fed Facts: From coast to coast, make the most of the Fed's educational exhibits." To learn more about the inner workings of the Fed, visit the Structure of the Federal Reserve System (Off-site Link) page.


The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.



Board of Governors of the Federal Reserve System (Off-site Link)

Federal Reserve Bank of Atlanta (Off-site Link)

Federal Reserve Bank of Boston (Off-site Link)

Federal Reserve Bank of Chicago (Off-site Link)

Federal Reserve Bank of Cleveland (Off-site Link)

Federal Reserve Bank of Dallas (Off-site Link)

Federal Reserve Bank of Kansas City (Off-site Link)

Federal Reserve Bank of Minneapolis (Off-site Link)

Federal Reserve Bank of New York (Off-site Link)

Federal Reserve Bank of Philadelphia (Off-site Link)

Federal Reserve Bank of Richmond (Off-site Link)

Federal Reserve Bank of San Francisco (Off-site Link)

Federal Reserve Bank of St. Louis (Off-site Link)


Events and Education

Gear up for fall conference season

August 2017

Summer is still in full swing, but as the days start to get shorter, preparing for the fall starts to creep up in the back of our minds. The new season brings refreshed spirits after summer vacations along with a reinvigorated motivation for work. This energy is helpful for those heading out for fall conferences – and there are many spanning the nation in the next few months!

Fall conference season allows you to stretch your legs, see what’s happening in the industry and meet with colleagues to tackle new challenges head on. Of course, Fed experts will be in the thick of it all and ready to speak with you about our services, industry trends and the latest in the efforts to improve the U.S. payment system. Check out the list below to see which events we will be attending. Be sure to catch up with a Fed expert and check to see if there’s a Fed speaker on the agenda!

The Industry Events page provides a full list of 2017 events that we will attend. We encourage you to bookmark this page to check back for updates. Conferences are a valuable experience for all, and we hope to see you during this exciting fall season. 

Independent Community Bankers of Minnesota Annual Convention & Directors’ Conference (Off-site Link) August 10-12 Bloomington, MN
Upper Midwest Automated Clearing House Association (UMACHA), Financial & Retailers Protection Association (FRPA) and Federal Reserve Bank of Minneapolis Fraud Symposium (Off-site Link) August 24 Bozeman, MT
Symitar Educational Conference (SEC) and Technology Expo (Off-site Link) August 28-31 San Diego, CA
Data Center Inc. (DCI) Conference (Off-site Link) September 10-12 Overland Park, KS
Indiana Bankers Association Annual Convention and Trade Show (Off-site Link) September 10-12 French Lick, IN
Missouri Independent Bankers Association Annual Convention & Exhibition (Off-site Link) September 11-13 Lake Ozark, MO
WesPay Payments Symposium (Off-site Link) September 11-13 Newport Beach, CA
Wisconsin Bankers Association Annual Convention (Off-site Link) September 12-13 Wisconsin Dells, WI
Community Bankers Association of Oklahoma Annual Convention (Off-site Link) September 13-15 Oklahoma City, OK
Community Bankers Association of Illinois Annual Convention & Expo (Off-site Link) September 14-16 Springfield, IL
Iowa Bankers Association Annual Convention (Off-site Link) September 17-19 Des Moines, IA
Independent Bankers of Colorado Annual Convention (Off-site Link) September 20-22 Vail, CO
Sharetec Users Conference (Off-site Link) September 18-20 New Orleans, LA
Kentucky Bankers Association Annual Convention (Off-site Link) September 24-27 Asheville, NC
Credit Union National Association (CUNA) Technology Council Conference (Off-site Link) October 1-4 Phoenix, AZ
Navigating Payments Conference – by UMACHA & Federal Reserve Financial Services (Off-site Link) October 3-5 Minneapolis, MN
Concepts West (Off-site Link) October 4-6 Acme, MI
Computer Services, Inc. (CSI) Customer Conference (Off-site Link) October 9-11 Orlando, FL
Ohio Bankers League / Illinois League of Financial Institutions (OBL/ILFI) Joint Annual Convention (Off-site Link) October 12-15 Asheville, NC
Association for Financial Professionals (AFP) Annual Conference (Off-site Link) October 15-18 San Diego, CA
EPCOR Payments Conference – Fall (Off-site Link) October 16-18 Overland Park, KS
Jack Henry Annual Conference (Off-site Link) October 16-19 Nashville, TN
Sibos (Off-site Link) October 16-19 Toronto, Canada
Money 20/20 (Off-site Link) October 22-25 Las Vegas, NV
Iowa Bankers Association Applied Technology Conference (Off-site Link) October 24-25 Des Moines, IA


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FedFocus is your source for the latest Federal Reserve Bank Services news. Each issue keeps you informed about hot topics in the industry, as well as provides insight into the value of Federal Reserve Financial Services.