More Fed Layoffs

Posted by Mark Brousseau

An item from Saturday's Baltimore Sun:

The Federal Reserve Bank of Richmond said 55 employees in Baltimore will be laid off because the Fed is shutting down the check-processing operations in April.

The move is part of a consolidation of nearly two dozen check-processing facilities into four initially announced in 2007 as paper check volumes declined due to the increase of credit and debit card payments. Since that time, paper check volume has continued to fall, resulting in the Federal Reserve Bank of Cleveland serving as the single paper check processing site by the end of 2009.