The banking industry is full of acronyms, and it can be overwhelming to remember what each one means. To help kick off the new year, we’ve compiled a list of acronyms that we frequently use across Federal Reserve Bank Services.
- 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 Federal Reserve Banks’ CCC sites provide both technical and service setup support for the FedLine® Solutions.
- 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.
- Image Cash Letter (ICL): An ICL is a cash letter deposit, presentment or return of items for electronic processing. FedForward®, FedReturn® and FedReceipt® belong to our suite of Check 21-Enabled Services, which offers your financial institution the capability to send and receive ICLs electronically.
- Operating Circular (OC): Federal Reserve Financial Services are governed by the terms and conditions that are set forth in OCs.