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What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it
by abeppu 2y ago
What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries would eventually be published?
- AnimalMuppet 2y agoTransactions above $10k get reported. Reported to who? Is it the Fed? If that data got stolen, that would be enormous. If it's technical analysis data ("In October 1957, Idaho produced X tons of potatoes..."), then it's less interesting.
- eesmith 2y agoFor what it's worth, Idaho produced 35,525,000 cwt (1,776,250 short tons) of potatoes in fall of 1957. https://archive.org/details/CAT10268574003/page/4/mode/2up?q=idaho+ https://archive.org/details/CAT10268574003/page/4/mode/2up?q... ;)
- abracadaniel 2y agoNow this is what I come to HN for. Did you go looking for this report, or did you already know these were uploaded to the internet archive?
- eesmith 2y agoLooked for it. "idaho potato production 1957" to see what the right search terms were by looking at some hits, then "idaho farm report 1957" until I found that table via in-book text search; both searches as " Search text contents ", limited to <1965.
- chuckadams 2y ago> Reported to who? Department of Homeland Security, I imagine. Probably the IRS too. Probably not the Fed, they can't really do anything with the data other than report it to someone else.
- e63f67dd-065b 2y agoSARs are reported to FinCEN, which is part of the Treasury, not Fed.
- Kye 2y agoThis seems like the kind of data banks would hand over for FDIC insurance since it's on a per-account basis. I don't know if that makes its way to the federal reserve.
- JumpCrisscross 2y ago> kind of data banks would hand over for FDIC insurance since it's on a per-account basis Banks don't systematically hand over account-level data to the FDIC, much less for insurance.
- lxgr 2y agoThe Fed runs several RTGS and retail payment systems, including FedNow, FedACH, and Fedwire. FedACH processes roughly half of all ACH transfers, which include effectively all payroll direct deposit transactions in the US.
- panarky 2y agoLockbit primarily targets Microsoft Windows servers. Does the Fed run all this critical infrastructure on Windows?
- lxgr 2y agoPretty much everything in traditional banking runs either on mainframes or Windows PCs. If there's Linux servers or non-windows clients, that's usually bolted on via some sort of adapter to the mainframes.
- ewgoforth 2y agoWe were still using OS/2 for some stuff in the early 2000s. The ATMs ran on it.
- ttrei 2y agoDoes it process individual transactions? RTGS stands for Real Time Gross Settlement, and my understanding is that it lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions.
- JumpCrisscross 2y ago> Does it process individual transactions? Yes. FedNow and FedWire are real-time rails. FedACH is net settled, but I believe the Fed would see the full contents of each ACH message.
- lmz 2y ago> lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions This is the definition of a Net settlement scheme (multiple transactions are combined at end of a period, resulting in only the net changes being transferred), not a Gross settlement scheme.
- NovemberWhiskey 2y agoYou would anticipate a lot of confidential supervisory information: the Federal Reserve (and other Federal regulators) inspect banks regularly, and are allowed to ask for basically anything at all from them. You would expect there to be a significant volume of highly confidential stuff in the working papers. You'd also expect to see potentially embarrassing material for banks like negative supervisory findings, where banks are being asked to deal with things that potentially affect their safety and soundness. This stuff is all highly confidential, for obvious reasons.