WASHINGTON - (06/01/06) -- The Federal Reserve, which has beenreducing its check processing, announced Wednesday it is closingdown three more of its check processing facilities. Since 2003 theFed has reduced the number of its check processing offices from 45to 18. The latest move means the Fed will discontinue checkprocessing in San Francisco, Kansas City and Helena, Mont.Processing operations in San Francisco will be moved to LosAngeles; in Kansas City to St. Louis; and in Helena to Denver. Themove will mean 280 people at those three facilities will lose theirjobs. Check volumes in the U.S. has declined from 50 billion in1995 to 37 billion in 2003.
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The embattled Long Island bank unveiled a turnaround plan that involves selling noncore assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
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During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
May 1 -
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
May 1 -
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
May 1 -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
May 1 -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
May 1