Regional banks to close check facilities

WASHINGTON, June 16 (UPI) -- The Federal Reserve said Wednesday its 12 regional banks will close additional check-processing facilities this year.

Central bank officials said they are working on transition programs to help workers who lose their jobs as a result of the closings.

"While the changes in payments technology are good for consumers and make the industry more efficient, these changes mean that the Reserve Banks will be losing dedicated management and staff," said Gary Stern, president of the Minneapolis Fed and chairman of the Fed's payment services committee.

"While regrettable, these job reductions are an outgrowth of change, and the Reserve Banks will do their best to make this transition as smooth as possible," Stern said.