U.S. Treasury
The Richmond Fed manages several applications that support the U.S. Treasury Department and other federal agencies.
The Federal Reserve System provides a range of payments services to the federal government, primarily the U.S. Treasury Department. In addition, Reserve Banks offer other services as fiscal agents of the United States. For example, they support the auction, issuance, and redemption of marketable Treasury securities, as well as the processing of U.S. savings bonds.
The Federal Reserve Bank of Richmond jointly developed an application with the U.S. Department of Agriculture's Food and Nutrition Service to manage the accounts of the Supplemental Nutrition Assistance Program. The application also supports the use of debit cards to obtain food stamp benefits electronically.
The Richmond Fed also jointly developed several applications with the U.S. Treasury Department's Financial Management Service to:
- Enable federal grant recipients to submit payment requests and receive payments via the Internet,
- Record government agency deposits and payments processed by the Federal Reserve, and
- Improve processes for Treasury check accounting, reconciliation, collection, and claims.
Finally, the Richmond Fed maintains an application developed by the U.S. Department of Education (DOE) and the U.S. Department of Housing and Urban Development (HUD). The program processes principal and interest payments on facility construction loans issued by DOE to colleges and universities and low-interest public facility loans issued by HUD to municipalities.