Acronyms are a great way to simplify lengthy terms, but it can be tricky to keep track of what each acronym means. To help, we’ve compiled a list of acronyms that are frequently used across Federal Reserve Bank Services. How many of these do you recognize?
- Account Management Information (AMI): The AMI application provides online access to real-time information about an institution’s Federal Reserve account in a simple, easy-to-use format. Learn more about the enhancements that were recently made to the application.
- Automated Clearing House (ACH): The FedACH® Services product suite provides financial institutions with efficient, low-cost batched payment services that enable an electronic exchange of debit and credit transactions through the ACH network.
- Board Resolution (BR) and Official Authorization List (OAL): Your institution needs to have a current BR and OAL on file with your respective Federal Reserve Bank to identify the individuals who have the authority to take action as it relates to the operation of your account.
- Customer Contact Center (CCC): The CCC provides both technical and service setup support for FedLine® Solutions.
- Currency Education Program (CEP): The CEP (Off-site) is managed by the Federal Reserve Board. Its goal is to ensure that users of U.S. currency around the world have access to education, training and information about Federal Reserve notes.
- End User Authorization Contact (EUAC): EUACs are the primary contacts between their organizations and the Federal Reserve Banks. One of the most important responsibilities of an EUAC is managing Subscriber access to the services and applications offered by the Federal Reserve Banks via the FedLine Advantage® and FedLine Web® Solutions.
- Federal Open Market Committee (FOMC): The FOMC (Off-site) is made up of 12 voting members (the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and four of the 11 other Reserve Bank presidents). The FOMC is the policymaking body of the Federal Reserve System that sets national monetary policy.
- Originating Depository Financial Institution (ODFI): An ODFI originates outgoing ACH payments, debits and credits into the ACH network on behalf of its originators.
- Operating Circular (OC): Federal Reserve Financial Services are governed by the terms and conditions that are set forth in operating circulars.
- Receiving Depository Financial Institution (RDFI): An RDFI receives incoming ACH payments, debits and credits from the ACH network on behalf of its receivers.
- Term Deposit Facility (TDF): TDF is a program through which the Federal Reserve Banks offer interest-bearing term deposits to eligible institutions.
