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The Federal Reserve Bank of Cleveland: Serving the Fourth District

17 million

The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, comprising Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The Fourth District has 169 counties, 68 of which are located within the District’s metropolitan statistical areas (MSAs). Cleveland, Cincinnati, and Columbus, Ohio, and Pittsburgh, Pennsylvania, are the most densely populated MSAs in the Fourth District and are home to roughly half the District’s population of nearly 17 million people.

Studying Economic Conditions in the Fourth District and the Nation

In many of the MSAs in the Fourth District, the traditional employment sectors of past decades have been manufacturing and, to a lesser extent, mining. However, in recent years, the District overall has seen increased industrial diversification. The Fourth District’s current employment share in manufacturing still exceeds that of the nation, but healthcare and social assistance, public administration, and retail trade now exceed manufacturing in the percentage of workers employed within the District.

For articles, links to the Beige Book, and data sets on economic conditions in the Fourth Federal Reserve District, visit Our Region. You can also check out economic research on the national economy and monetary policy, as well as peruse our publications on a range of topics.

Studying Issues of Community and Economic Development in the Fourth District

The Federal Reserve Bank of Cleveland also conducts applied research and analyses focused on workforce development challenges, small business concerns, and fair and impartial access to credit, among others, in order to better understand the issues that affect the development of strong communities within the Fourth District. The Bank’s Community Development Department’s economists, analysts, and advisors support the Federal Reserve’s economic growth objectives through quantitative and qualitative research that provides credible, evidence-based support and solutions for Fourth District constituents. To learn more about Community Development’s work, see Community Development.

Overall, the Cleveland Fed’s research helps to support and inform the region the Bank serves, the national economy, and the banking industry by increasing understanding of important issues such as inflation, unemployment, inequality, bank regulation and supervision, and more.

Serving Financial Institutions in the Fourth District

As a bankers’ bank, the Cleveland Fed provides cash services to financial institutions, accepting deposits of cash from and supplying currency and coin to banks in and around the Fourth District and credit and debiting accounts accordingly.

The Cleveland Fed supervises five of the nation’s largest bank and savings and loan holding companies and several hundred additional financial holding companies and state-chartered member banks.

Serving the Nation Beyond the Fourth District

The Federal Reserve Bank of Cleveland shares many similarities with the 11 other Reserve Banks around the System. A feature particular to the Cleveland Fed, however, is its handling of collections for the US Department of the Treasury.

Pay.gov, a Treasury site built by the Cleveland Fed.

Treasury Services provides a suite of digital products and services which provides the ability for agencies and partners to collect funds electronically. Our portfolio of digital products include websites, mobile applications, and web services, utilizing enterprise services for remittance capture, billing, user management, and fraud prevention. Through innovation, strategy and an emphasis on customer experience, Treasury Services invests in the latest mobile and web technologies to ensure the products and services are usable, flexible, and contemporary.

Treasury Services signature product is a web portal for individuals and business to make secure online payments to government agencies. The website processed more than 221 million transactions valued at more than $205 billion in 2019 from sources such as electronic debits, credit and debit cards, digital wallet with PayPal, and Amazon Pay. Additionally, we manage a central processing hub for collecting check and electronic check and debit transactions, with annual volumes of more than 299 million transactions valued at over $770 billion. This movement of government funds from commercial bank accounts to the Treasury requires strategic business partnerships with commercial authorization and settlement providers.

Our portfolio also supports operational activities for a web-based data warehouse containing all revenue collection transactions, which provides federal agencies and the Treasury with detailed business intelligence and analytics centered on revenue collections activities.