Fed fines Bank of NY Mellon $6 million

NexusFi · 2012-04-16T13:33:17-04:00

WASHINGTON (MarketWatch) -- The Federal Reserve on Monday fined Bank of New York Mellon $6 million for allegedly putting up ineligible collateral when it borrowed money under one of the central bank's emergency loan programs in 2008. Specifically, the Fed alleged that Bank of New York Mellon breached some representations when it participated in an Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, a program the central bank set up to help institutions meet the demand for …

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Updated April 16, 2012

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Fed fines Bank of NY Mellon $6 million

April 16th, 2012, 01:33 PM	#1 (permalink)
kbit Aurora, Il USA Elite Member Experience: Advanced Platform: TradeStation Trading: futures Posts: 5,854 since Nov 2010 Thanks Given: 3,295 Thanks Received: 3,364	WASHINGTON (MarketWatch) -- The Federal Reserve on Monday fined Bank of New York Mellon $6 million for allegedly putting up ineligible collateral when it borrowed money under one of the central bank's emergency loan programs in 2008. Specifically, the Fed alleged that Bank of New York Mellon breached some representations when it participated in an Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, a program the central bank set up to help institutions meet the demand for redemptions by investors. The collateral was included due to a failure of internal processes at Bank of New York Mellon, the Fed said. Fed fines Bank of NY Mellon $6 million - Yahoo! Finance

Last Updated on April 16, 2012