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Fed further amends check processing operations
WASHINGTON (10/9/09)—The Federal Reserve on Thursday announced that on October 17 it will transfer its check processing operations from the head office of the Federal Reserve Bank of Dallas to the Federal Reserve Bank of Cleveland. The Fed announced that effective November 14 it will also transfer to Cleveland the check processing operations of the Los Angeles branch of the Reserve Bank of San Francisco. The moves reflect an overall restructuring of the Fed’s check processing operations, and are a response to consumers’ and businesses’ shift from using paper checks toward electronic payments. According to the Fed, all check processing will be handled by the Cleveland office by early next year. For the full Fed release, use the resource link.
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