Free Republic

The Federal Reserve Board on Wednesday [ed: Jan 24] announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions. During a period of stress last spring, the Bank Term Funding Program helped assure the stability of the banking system and provide support for the economy. After March 11, banks and other depository institutions will continue to have ready access to the discount window to meet liquidity needs. As the program...

New York Community Bancorp sent its shares plummeting 26% on Friday after the regional lender said has discovered “material weaknesses” in the ways it tracks loan risks and that its CEO is leaving. The New York-based firm announced late Thursday that CEO Thomas Cangemi would be leaving NYCB — capping off a 27-year tenure at NYCB — and that Alessandro DiNello would take his place, effective immediately. DiNello, NYCB’s executive chairman, had been acting as the bank’s true boss since earlier this month ... One NYCB director, Hanif “Wally” Dahya, said in a Feb. 25 letter that he “did not...

Both the US Federal government and California’s government are facing a fiscal inferno. Thanks to a softening economy and inane fiscal policies. First, let’s begin with banks to illustrate the worsening condition of the economy. Emergency loans from The Fed’s Bank Term Funding Program (BTFP) is on the rise, signaling perceived trouble in the economy. Small banks are suffering more than big banks. Consumer sentiment is below 70 (100 baseline) under Biden and Bidenomics. And then we have Gavin “Gruesome” Newsom and California. California is now facing a $68 billion deficit. It has also defaulted on a $20 billion loan...