Over 1,600 Financial Firms Tapped Fed’s Emergency Lending Tool
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More than 1,600 financial firms and their subsidiaries tapped the Federal Reserve’s emergency lending program created to support the industry during the regional banking turmoil two years ago.
Beal Bank USA and First Republic Bank took out the biggest loans through the Bank Term Funding Program, which was established in March 2023 to bolster liquidity within the financial system after the collapse of Silicon Valley Bank. At their peak, they each borrowed loans in excess of $8 billion from the Fed, according to data released from the Fed on Wednesday.