Comptroller of the Currency March 27, 2009 – Federal Register Recent Federal Regulation Documents

Risk-Based Capital Guidelines-Money Market Mutual Funds
Document Number: E9-6864
Type: Rule
Date: 2009-03-27
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
On September 19, 2008, the Board of Governors of the Federal Reserve System adopted the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (the ``AMLF'' or ``ABCP Lending Facility'') which enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a non- recourse basis if they use the proceeds of the loan to purchase certain asset-backed commercial paper (ABCP) from money market mutual funds. The purpose of this action was to reduce strains being experienced by money market mutual funds. To facilitate national bank participation in the program, the Office of the Comptroller of the Currency (OCC) adopted on September 19, 2008, on an interim final basis, an exemption from its risk-based capital guidelines for ABCP held by a national bank as a result of its participation in this program.