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The Federal Reserve System has announced it will reduce its check-processing sites from 45 to 32 and its check-adjustment sites from 43 to 12. Among the sites that will no longer process checks are the Little Rock and Louisville branches.
While some Fed offices will transition beginning this year, Little Rock and Louisville will continue processing checks until sometime in late 2004. At that point, Little Rock's check-processing function will be shifted to the Memphis Branch and Louisville's to the Cincinnati Branch of the Cleveland Fed.
The plan was approved by the Fed's Conference of Presidents in January after a team of Federal Reserve check operations experts worked with consultants from Accenture—a leading management consulting and technology services company—to analyze the Fed System's existing check infrastructure.
In making its recommendations, the team considered several criteria, including an office's:
In the Feditorial, St. Louis Fed First Vice President LeGrande Rives offers Fed customers his reassurance that check service levels will remain high.
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Fed in Print: An index of the economic research conducted by the Fed.