List of Conference Attendees and Their Affiliations

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1 List of Conference Attendees and Their Affiliations Peter W. Allsopp Assistant Chief of the Banking Department Bank of England Steve Beckner Market News Service John H. Beebe and Director of Research Federal Reserve Bank of San Francisco Robert P. Black Robert H. Boykin Federal Reserve Bank of Dallas J. Alfred Broaddus, Jr. and Director of Research Charles J. Buchta Executive First Interstate Bank of California Roland K. Bullard, II Vice Chairman CoreStates Financial Corporation Ronald G. Burke and Chief Executive Officer Bank Administration Institute James T. Byrne Morgan Guaranty Trust Company Bradford N. Carden Assistant Robert T. Clair Senior Economist Federal Reserve Bank of Dallas Donald R. Cohenour and Comptroller U.S. Central Credit Union 293

2 294 LIST OF CONFERENCE ATTENDEES AND THEIR AFFILIATIONS Philip E. Coldwell Chairman Coldwell Financial Consultants William C. Conrad Federal Reserve Bank of Chicago Anthony G. Cornyn Assistant Director Charlotte Crystal Business Reporter The Richmond News Leader Donna G. Dancy William B. Davenport Counsel The First National Bank of Chicago Wilhelm David Bundesbankdirektor Deutsche Bundesbank Michael DeLoose Conference of State Bank Supervisors William E. Douglas Commissioner Financial Management Service Department of the Treasury Patricia E. Dowden CoreStates Financial Corporation Lawrence E. Echelmeyer, Jr. & Manager First Interstate Bank of California Richard C. Emigh CoreStates Financial Corporation Catherine England Director of Regulatory Studies CATO Institute Edward C. Ettin Deputy Director Douglas D. Evanoff Senior Financial Economist Federal Reserve Bank of Chicago Roy L. Fauber Robert M. Fitzgerald Chicago Clearing House Association Charles Freedman Adviser to the Governor Bank of Canada Charles W. Furbee Federal Reserve Bank of Chicago Thomas E. Gainor First Federal Reserve Bank of Minneapolis James F. Ganley Senior Executive Irving Trust Company Matthew D. Gelfand Economist R. Alton Gilbert Assistant Federal Reserve Bank of St. Louis Thomas J. Greco Assistant General Counsel American Bankers Association

3 LIST OF CONFERENCE ATTENDEES AND THEIR AFFILIATIONS 295 Roberta J. Green Federal Reserve Bank of New York Kenneth A. Guenther Executive Independent Bankers Association of America Motoo Haruta Professor of Economics Nihon University Arnold A. Heggestad William H. Dial Professor of Banking University of Florida Stephen C. Holahan Connecticut National Bank Thomas F. Horan Director SRI Intemational W. Lee Hoskins Federal Reserve Bank of Cleveland Walter A. Howell Executive The Riggs National Bank of Washington, D.C. George R. Juncker Federal Reserve Bank of New York Robert J. Kaminski Continental Illinois National Bank Edward J. Kane Everette Reese Professor of Banking and Monetary Economics Ohio State University Marshall Kolin Econometrician U.S. Postal Service Headquarters James R. Kudlinski Chairman of the Board and Chief Executive Officer Frontier Federal Savings and Loan Association Richard W. Lang and Director of Research Federal Reserve Bank of Philadelphia Jeffrey C. Marquardt Economist Martin Mayer Author and Columnist The American Banker Elliott C. McEntee Associate Director Robert D. McTeer, Jr. Jack M. Meckler First Wachovia Corporate Services Thomas C. Melzer Federal Reserve Bank of St. Louis Gerald F. Milano Executive Director California Bankers Clearing House Association W. B. Millner, III Executive and Chief Financial Officer Signet Bank Cathy E. Minehan Federal Reserve Bank of New York

4 296 LIST OF CONFERENCE ATTENDEES AND THEIR AFFILIA nons Mary Mitchell Arlington, Virginia George W. Mitchell Retired Vice Chairman Jimmie R. Monhollon First Donald R. Monks Executive Irving Trust Company Charles A. Moran Government Securities Clearing Corporation William R. Moroney and Chief Executive Officer National Automated Clearing House Association Thomas R. Morris Staff Writer Richmond Times Dispatch Ayo Mseka Editor Corporate EFT Report Neil B. Murphy Professor of Finance and Marketing Virginia Commonwealth University J. William Murray First National Bank of Maryland Arthur V. Myers, Jr. Michael W. Newton Assistant David O. Nordby Executive Continental Illinois Corporation Richard R. Oliver Federal Reserve Bank of Atlanta Yoshiharu Oritani Associate Adviser Bank of Japan Kenneth L. Parkinson Executive Editor The Journal of Cash Management Franco Passacantando Associate Director of Research Studies Bank of Italy Carl E. Powell First Federal Reserve Bank of San Francisco RandallJ.Pozdena Assistant Federal Reserve Bank of San Francisco Richard K. Rasdall, Jr. Federal Reserve Bank of Kansas City James D. Reese Robert E. Reitz Norwest Bank Minnesota, N.A. Thomas M. Richards Manager General Accounting Office John S. Roberts General Manager Canadian Payments Association

5 LIST OF CONFERENCE ATTENDEES AND THEIR AFFILIATIONS 297 John R. Rodelli Continental Illinois National Bank Seymour R. Rosen Citibank Jack Rosenstock Chase Manhattan Bank Frederick J. Schroeder Economist Michael Serlin Assistant Commissioner Financial Management Service Department of the Treasury O. Darwin Smith Executive and Group Executive NCNB Corporation Richard L. Smoot Executive Provident National Bank George M. Stetter Director of Cash Management Merrill Lynch and Company Edward J. Stevens Assistant Federal Reserve Bank of Cleveland William H. Stone, Jr. First Federal Reserve Bank of Philadelphia Bruce J. Summers Stephen C. Swaim Group Director Federal Reserve Audit Site General Accounting Office Albert D. Tinkelenberg Walker F. Todd Assistant General Counsel and Research Officer Federal Reserve Bank of Cleveland O. J. Tomson Chairman and Chief Executive Officer Citizens National Bank Walter A. Varvel William H. Wallace First Federal Reserve Bank of Dallas F. Jean Wells Specialist in Money and Banking Library of Congress Ottomar Werthmoller Member of the Board Deutsche Bundesbank David D. Whitehead Research Officer and Senior Finance Economist Federal Reserve Bank of Atlanta Florence M. Young Adviser Flavian E. Zeugin First Swiss Bank Corporation Linda Fenner Zimmer Payment Services Correspondent

6 Index Automated clearing house (ACH), 2, 61,104 barriers to use 22, 23 cost reduction of 25, 26 electronic delivery 26, 288 formats 29, 31, 61 productivity of 3 reliability of 28, 288 return items 27 substitute for checks 4,16,21,33,46, 57,69,116,286,289 unit cost of 49, 50 Automated teller machines (ATMs) 50, 99,102,103,106,114,115,118, 123,288 (called automated banking machines, ABMs, in Canada) Automation 3, 93, 111 Bill payment 34, 35, 37 Cash 49,59,69, 115, 124,258 float 51 payments 2, 250 unit cost of 49,50 Cash concentration (see corporate payments) Checks availability of funds 99, 287 checkless society 1,101 chosen because 2 depository transfer checks (DTCs) 20,90 digitized image 3, 6, 61, 71 finality of payment float2,4,46,51,52,57-60, 100, 108 large-dollar items 99, 103 multiple processing of 58, 64, 65 overuse of 52,69 productivity of 3, 70 return items 6, 61, 100, 101 setting standards for 5,6,

7 300 truncation 62, 68, 91,109,287 unit cost of 49,50, 104, 286 written by business 53, 54, 56, 60, 61, 69,70,102 written by consumers 53,54,56,61, 62,69,70, 102 written by government 53,54,57,62, 63,69,70,103 Clearing House Interbank Payment System (CHIPS) 129, 145, 173, 176,177,199,202,210,289 Competition 224, 226, 229, 234 Federal Reserve vs. private sector 223,225,227,228,230, , Controlled disbursement (see corporate payments) Corporate payments 16, 28, 29, 35, 37, 43,60,61,88,104, ,117 cash concentration 20, 28, 34 controlled disbursement 19, 109 Credit cards 50, 59, 60, 69,113 float 51 INDEX 132,136,146,215,229,237,260 Fed guarantee of 186, 187, 207 receiver finality 162, 163, 168, 181, 185,187,188 rules for , 157, 166, 169, 171, ,182, settlement finality , 168 Interstate banking 7,46, 63-68, 71 in Canada 95 Market failure 45, 47, 48, 60-63, 70, 153,286 Markets segmentation of time to penetrate 18 Money banknote redemption ,262 different roles of role of banks Money orders 50 float 51 Daylight overdrafts 146, 163, 177, 199, 200,265 caps for ,202,215 pricing for 201, , 215 (see also payment risks) Deposit insurance , 282 Deregulation 94, 95,112 Discount window Electronic Data Interchange 4,35,43, 56,107,117,126 cost savings 5 Electronic payments 50, 62, 65-69, 98, 108,116,117,122,123,285 underuse of 52,69 Fedwire 129, 145, 175, 176, 198, 199, 202,229 Finality of payment 100, 106, 130, 131, Netting 131,135,189 Payment risks 7,51,127,130,150,197, 198,226,248,289 estimation of , 184 from operations 132, 133 methods of risk reduction 152, 177, ,200,289,290 privatization of shared risks 134, 135, 137 (see also daylight overdrafts) Payment system in Canada reliability of 225, 235 role of Fed in , 226, 229, 233, ,246,270,271 total costs of 2, 286 unit cost of payment instruments 50-57

8 INDEX 301 Point of sale (POS) 4, 34, 37, 60, 69, 98, ,124 unit cost of 49,50 Product development 15 Productivity 2, 3 Transfer payment (see check float) Travelers checks 50 float 51 Settlement 129, 130, 135, 136, 138, 150, 156,166,168,181,259,262 Social costs 50,69 Stop payment order 32, 101 Technology assimilation of 14, 15 Value transfer 30 Wire transfers 49,50, , ,229 productivity of 3 rules for

Federal Advisory Council December 31, 1985

Federal Advisory Council December 31, 1985 1985 Directories and Meetings 251 December 31, 1985 District 1 ROBERT L. NEWELL, Chairman and Chief Executive Officer, Connecticut National Bank, Hartford, Connecticut District 2 LEWIS T. PRESTON, Chairman