Now, the inside story! How we’re organized…
...and more detail about how we do what we do
If you’re applying for a job with the Cleveland Fed, it will be helpful to you to know something about the departments and groups you might be working in and with.
First, we at the Cleveland Fed are approximately 1,000 employees who work at the headquarters office in Cleveland and at the Cincinnati and Pittsburgh branches. This version of “what we do” explains some of our organizational structure and provides more information about what each area does.
The Research department studies economic issues at the local and national levels and publishes their findings. While the department specializes in inflation, the general responsibilities of the department include
- Studies the economy by analyzing economic issues and publishing findings
- Collects information from businesses to understand the conditions of our district
- Creates models and datasets to measure the performance of the economy
- Supports our Bank’s president when they vote to set monetary policy with the Federal Open Market Committee
The department is made up of academic economists, research analysts, librarians, and other administrative staff who typically have backgrounds or degrees in economics, statistics, and library science. The department is organized by research specialties including macroeconomic policy and forecasting, microeconomics, banking and finance, regional analysis, and economic inclusion.
The Community Development department studies issues that impact low- and moderate-income communities such as employability, public transportation, inequality, and fair access to borrowing money. Responsibilities of the department include
- Gathers data and capture insights from communities across our region.
- Identifies emerging issues and trends through applied research and analysis
- Shares findings in publications, webinars, meetings, and conferences, especially at the biennial Policy Summit, our largest signature event.
- Convenes community and economic development practitioners to inform policy, decisionmaking, and investment.
The department is made up of economists, policy analysts, and outreach managers. The work of this department grew out of the “Community Reinvestment Act,” (CRA) passed in 1977. The CRA requires the Federal Reserve to work with financial institutions to serve the communities where they are located, especially low- to moderate-income neighborhoods. From there, the Fed extended that requirement to researching other issues that affect these neighborhoods.
The Treasury Services designs, builds, and runs electronic payment systems for the US Treasury, supporting the Treasury’s effort to expand the use of digital products and payment services across the federal government. The work is focused on
- Supporting pay.gov, a web portal through which one can make secure online payments to government agencies, such as the Veterans Administration or the National Parks Service
- Securing transactions. In 2019, we processed 221 million transactions for the Treasury, valued at more than $205 billion in 2019 through electronic debits, credit and debit cards, digital wallet with PayPal, and Amazon Pay.
Supervision, Credit Risk, and Statistics
Our Supervision, Credit Risk, and Statistics (SCS) department employees promote the safety and soundness of financial institutions in our region, help control the nation’s banking and financial structure, and enforce laws and regulations. The departments responsibilities include
- Supervision and Regulation: Our supervision and regulation team promote a safe banking system, fosters financial market stability, and supports compliance with laws and regulations, including those relating to consumer protection.
- Credit Risk: Credit risk employees provide liquidity to the banking system, work to avoid losses that undermine the integrity of payment systems or the credibility of the Federal Reserve System and facilitate the implementation of monetary policy.
- Statistics and Analysis: Teams in statistics and analysis support monetary policymaking, supervision and regulation, and fiscal agency responsibilities through collecting, analyzing, and ensuring the quality of financial and banking structure information.
Cleveland Fed operations employees keep things moving. They function in a fast-paced, inclusive team environment to safeguard not only Fed employees and facilities, but the integrity of the nation’s financial system, too. Operations comprise three key areas, each with a range of opportunities for those with or without college degrees.
- Law Enforcement Unit (Federal Reserve police) staff members receive specialized training and are responsible for safeguarding the people, property, and assets of the Federal Reserve Bank of Cleveland.
- The Real Estate Services Group supports the Cleveland Fed’s mission by ensuring a safe, functional, and healthy work environment. RESG specializes in capital planning and management of the Bank’s physical assets, including architectural and infrastructure projects, building maintenance, and business administration.
- Cash specialists provide high-quality and reliable services to banks within the Cleveland Fed’s region through counting, verifying, and distributing currency and coin. They are supported by business and compliance analysts to ensure the integrity and efficiency of Cash operations.
Administrative Support Services
- Financial Services ensures the integrity of the Cleveland Fed’s financial reporting to the public, the Board of Governors, the US Treasury, and others. They also coordinate the Bank’s budgeting process, provide financial and cost accounting information, and obtain services and supplies to support the Bank's operational and strategic initiatives.
- Human Resources, which we call “People and Culture,” builds alliances with our varied departments to attract and retain talented employees. They promote a positive, quality-minded business culture, maintains progressive compensation and benefit programs, delivers strategic employee development opportunities, and serves as a consultant on employee relations issues.
- Information Technology: Our technology experts work in an agile environment to deliver high-quality applications and information management solutions on behalf of the Federal Reserve System and the US Treasury. Work ranges from application development and information security to innovative digital payments solutions.
- Education Museum and Outreach
- Internal Communications and Editorial
- Marketing and Communications
- Media and Public Information
- Office of Diversity, Equity, Inclusion, and Opportunity