March 17, 2020 / 1:47 AM / 12 days ago

Large U.S. banks plan to access Fed's discount window - statement

WASHINGTON, March 16 (Reuters) - The eight largest U.S. banks announced on Monday that they would be jointly accessing funding from the Federal Reserve’s so-called “discount window.”

The banks said that while they are strong and well-capitalized, the move is aimed at reducing the stigma attached to that low-interest funding tool, after banks shied away from it as a sign of weakness following the 2008 financial crisis. The joint move was announced by their trade group the Financial Services Forum, in a statement. (Reporting by Pete Schroeder; Editing by Sandra Maler)

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