Discussion Paper

High and Dry: Banking Deserts Increased in the Fifth District During the Pandemic


Abstract: The number of U.S. bank branches has been shrinking for years, but the COVID-19 pandemic accelerated the rate of closures. After the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 allowed banks to open branches across state lines, branch networks spread steadily across the country. That expansion continued until the Great Recession, after which banks moved from growing their physical footprints to increasing their automated services, like ATMs and online banking.

Keywords: 5th district; banking deserts; pandemic;

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Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2024-08-22