Central Banking

Federal Reserve to close Columbia branch

The Federal Reserve Bank of Richmond's regional office in Columbia will close in August, it was announced earlier this month.

The closure is part of a system-wide reform of cheque processing in the Federal Reserve announced in February 2003. The branch office in Columbia, South Carolina, is one of five (of the network of 25), which no longer process cheques, that will close. A local news station reported that the closure will result in the loss of about 50 jobs. A further eight sites cease to

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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