Posts Tagged ‘WFC’
By Dan Freed
03/21/11 – 12:28 PM EDT
NEW YORK (TheStreet) — The Federal Reserve will release data on bank borrowing during the financial crisis of 2008, after the Supreme Court rejected an appeal by the banking industry aimed at preventing the disclosures, Bloomberg News reported Monday.
Bloomberg sued the Federal Reserve to get it to release the data, and a Fed spokesman said the U.S. central bank will comply with the decision and release the records within the next five days.
It will be the first time a court has forced the central bank to disclose borrowing at its discount window, according to the report.
The Clearing House Association, which represents U.S. banking subsidiaries of Bank of America(BAC_), Bank of New York Mellon(BK_), Citigroup(C_), Deutsche Bank(DB_), HSBC(HBC_), JPMorgan Chase(JPM_), U.S. Bancorp(USB_) and Wells Fargo(WFC_) had argued such disclosures would make banks less likely to borrow at the discount window in the future for fear disclosure of those actions would attach a stigma to the institution, the report stated.