Central Banking

Fed plans to change its check operations

The Federal Reserve System moved Thursday to streamline its behind-the-scenes check-processing operations, citing Americans' increasing use of debit cards and other electronic payment options to pay bills. The move is likely to lead to several hundred job losses at the Federal Reserve.

Less than a year after the Federal Reserve Bank of Boston agreed to conduct a coast-to-coast study on ways to improve and streamline the nation's payment systems, Boston Fed president Cathy Minehan unveiled the

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