Bank of America, Wells Fargo Led Fed’s TAF Borrowing

Bank of America Corp. and Wells Fargo & Co. were among the top borrowers from the Term Auction Facility, one of the Federal Reserve’s first and longest-lasting efforts to combat the financial crisis.

Bank of America had three loans for $15 billion each outstanding from the facility as of Jan. 15, 2009, while Wells Fargo had three loans for $15 billion each on Feb. 26, 2009, according to documents released today by the Fed to comply with orders from Congress to identify recipients of emergency aid.