Federal Reserve Bank

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Federal Reserve Bank of Richmond offers a range of financial products and services. The bank has been in operation since 1914 and is also known as Richmond Fed. It serves the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia. The bank supervises and regulates bank and financial holding companies. Federal Reserve Bank of Richmond also supervises state member banks. The bank handles banking applications from foreign organizations and individuals. It is responsible for collecting checks and electronically transferring funds. The bank s research department provides information on banking trends. Federal Reserve Bank of Richmond is a part of the Federal Reserve System.