The turbulent macroeconomic developments of the 1970s, along with technological and business innovations, helped produce an increasingly tight squeeze on the traditional commercial banking business model. The squeeze came from both the liability side, in the form of more attractive savings vehicles such as money market funds, and from the asset side, with the growth of public capital markets and international competition.
Check clearing was disrupted throughout the areas affected by Katrina, yet checks were being written by individuals who were seeking shelter and other necessities--and who needed to access their funds. As relief and recovery efforts began, the restoration of check clearing became increasingly important. We quickly shifted the check processing that was normally handled by our New Orleans office to Atlanta.