April 23, 2020 / 9:30 PM / a month ago

Federal Reserve eases bank access to intraday Fed credit

WASHINGTON, April 23 (Reuters) - The U.S. Federal Reserve announced Thursday it was temporarily easing requirements for banks to access intraday credit from Federal Reserve banks in a bid to ensure banks continue lending amid the coronavirus pandemic.

The Fed said it was temporarily waiving limits on uncollateralized intraday credit and overdraft fees for banks that are eligible for its primary credit program. And it also streamlined the process for secondary credit banks to seek collateralized credit. All changes are due to remain in place until the end of September, and the Fed said it should not “meaningfully increase credit risk” to the Fed. (Reporting by Pete Schroeder in Washington Editing by Matthew Lewis)

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