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Sweep Accounts

by Roger Snell

During the last year the Federal Reserve Board legal staff has issued several opinion letters to banks setting forth the conditions acceptable for a sweep product. While the initial proposals dealt strictly with NOW/MMDA approaches, the FRB legal staff has stated that other demand accounts could be included. The opportunity for banks is the reduction in reserve requirements to levels at or below the cash levels carried for liquidity purposes.

Banks cannot simply re>
For more information contact Roger Snell at (800) 486-1981.

Copyright © 1996 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 6, No. 6, 4/96

First published on 04/01/1996

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