News Topic: Money market funds
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Cash unwanted by banks piles up at the Fed reverse repo facility
Regulators modify liquidity coverage ratio requirements
The agencies issued a rule to better enable banks to participate in two of the Federal Reserve’s lending facilities and “support the flow of credit to households and businesses.” ... Read full article
Cheat sheet: 8 ways Fed is using emergency powers to counter pandemic
The central bank’s programs announced since mid-April in response to the coronavirus outbreak match if not exceed the actions it took during the 2007-9 financial crisis. ... Read full article
Banks reward front-line employees; Wells asks Fed for asset cap relief
BofA, JPMorgan said they are paying bonuses to branch and call center employees; the bank says removing the $1.9 trillion limit on growth will help it lend to more customers in need. ... Read full article
Fed expands reach of new credit facility to muni bond market
The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments. ... Read full article
Fed starts emergency program to aid money market mutual funds
The Money Market Mutual Fund Liquidity Facility, established under the central bank’s emergency authority, echoes a version that was set up during the global financial crisis. ... Read full article
What else can the Fed do to blunt coronavirus impact?
The Federal Reserve's support for the commercial paper market made clear that it was willing to go beyond cutting interest rates, but the central bank may feel pressure to do even more as the crisis worsens. ... Read full article
Banks challenged by low rates; Fidelity raises theirs
U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%. ... Read full article
JPM breaks free; Merrill to sweep uninvested funds away from MMFs
Bank to offer 100 free stock or ETF trades to customers; the BofA unit will deposit uninvested client cash in banks, not money market funds. ... Read full article
Correcting the record: The Reserve Primary Fund and the financial crisis
Setting the record straight on what happened to the Reserve Primary Fund at the height of the crisis. ... Read full article
Why the small-bank deposit gap could widen
If community banks fail to keep up with higher rates offered by online banks, credit unions and (soon) big banks, their liquidity may deteriorate even faster. ... Read full article
Preserve money market rules to avoid rerun of crisis
The Securities and Exchange Commission should hold steady against calls to roll back post-crisis reforms to money market mutual funds. ... Read full article
Flashback: When Merrill Lynch went after community banks’ lunch
In 1981, a Louisiana banker sarcastically offered advice to a money market fund chasing deposits in his market, presaging today’s battles over nonbanks encroaching on banks' turf. ... Read full article