Reserve banks,

Definition of Reserve banks:

1. Components of the Federal Reserve System as designed by Congress whose function is to supervise and regulate financial institutions and their activities. They also work to provide banking services to the federal government and depository institutions and are responsible for ensuring banking customers receive fair treatment and appropriate information within the banking system. In addition to the central bank located in Washington DC, there are twelve regional Federal Reserve Banks located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.