An Atlanta Fed economist said that given available data, market participants should have been able to understand that a significant fall in housing prices would cause a large increase in foreclosures.

Federal Reserve Gov. Elizabeth Duke recently said that financial turbulence is affecting banks in various ways, noting that while the nation's largest banks have reduced lending, smaller banks as a group have expanded their loan portfolios.

The Fed recently published information regarding an assessment of banks' capital positions, changed an existing loan facility's interest rates, created currency swap arrangements with other central banks, and published Reserve Banks' financial statements.

The Americas Center of the Atlanta Fed recently held a conference in Miami to spur dialogue and collaboration among institutions and nonprofit groups that want to bring more people into the mainstream banking system.

In 2008, the Federal Reserve System transferred $34.9 billion to the U.S. Treasury. This revenue represents most of the Reserve Banks' net income and came from a number of sources.

The Atlanta Fed and its branches have announced their new directors. Among them, Scott Davis has been appointed chairman of the Atlanta Fed's board of directors, and Carol Tomé has been appointed its deputy chairman.

In a recent speech, Atlanta Fed President Dennis Lockhart said he expects Fed policy in 2009 to exert a corrective force on a weak economy and that further options remain available to the central bank.

In a recent speech, Atlanta Fed President Dennis Lockhart said some economic signs, such as falling energy prices and low mortgage interest rates, indicate that a modest recovery could start in the second half of 2009.

Lending standards and terms for a range of loan types tightened during the fourth quarter of 2008 at both domestic and foreign banks, according to a recent Fed survey of banks' loan officers.

The Federal Reserve and the U.S. Treasury recently addressed their joint role in preserving U.S. financial and monetary stability and the Fed's independence as a policymaking body.