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Fed delays implementation of changes to policy
The Federal Reserve Board announced Tuesday a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banks (FBOs) (see our April 1, 2019 Top Story), which was due to be implemented April 1, 2020. In light of the challenges posed by the coronavirus, the Board is delaying implementation until October 1, 2020. This additional time will allow FBOs and the Federal Reserve Banks to focus on heightened priorities rather than establishing new arrangements for accessing intraday credit.