Diana Marszalek 29 Jan 2020 // 12:11PM GMT
CHICAGO — The Federal Reserve’s Customer Relations and Support Office, which oversees an electronic payment network that moves roughly $4tn a day, is reviewing PR agency support, the Holmes Report has learned.
The review is focused on creating a roster of agencies that the Fed could tap for support as needed over the next three years, according to individuals familiar with the pitch, which comes from the marketing and industry communications division of the CRSO. The office, which is based at the Federal Reserve Bank of Chicago (one of 12 regional branches of the US central bank), is currently seeking proposals for “marketing services,” sources said.
The firms that make the cut would essentially be pre-approved to work with the Fed on specific projects. The call for proposals did not include details about the nature or scope of the support the CRSO is looking for; Nor did it address its budget, sources said.
A spokesperson did not respond to requests for comment.
While the CRSO is not as high-profile as the Fed divisions that set policy and manage inflation, it plays a role in delivering on one of the bank’s other core functions, providing banking services. The electronic payment and information delivery network it manages, called FedLine, handles more than 71 million payments a day.