Washington Post: As paper checks disappear, so may some Fed jobs

John Berry reports that the Federal Reserve has warned employees of its twelve regional banks that some jobs may be cut in coming months due to the decline in check volume cleared by the Fed.

In a typical letter sent this month to Fed employees, Robert D. McTeer Jr., president of the Dallas Federal Reserve Bank, said: “The Federal Reserve’s national check business has experienced significant losses in volume and revenue over a period of many months. This volume loss is attributable to a number of factors including consolidations in the financial services industry and greater use of electronic payments.”