Large Banks Tap Discount Window to Remove Stigma

Members of the Financial Services Forum announced that all members are accessing funding from the discount window to reassure financial institutions of all sizes that they should use the facility to meet client liquidity needs during this difficult period.

While Forum member institutions individually have substantial liquidity and multiple sources of funding, they believe it is important to lead by demonstrating the value of the Federal Reserve’s discount window facility and to encourage its use by other financial institutions. Federal regulators have encouraged banks to use the discount window.

The Forum banks are strong, well-capitalized and committed to supporting their customers, clients and the economy as the world confronts the challenge of the COVID-19 pandemic.

Financial Services Forum member institutions are Bank of America (NYSE: BAC), Bank of New York Mellon (NYSE: BK), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS), State Street (NYSE: STT), and Wells Fargo (NYSE: WFC).

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