The Federal Reserve is seeking public comment to support review by the Office of Management and Budget (OMB) of a sweeping new data-collection exercise for large U.S. banks and foreign branches and agencies doing business here. The data requested are demanding with regard to an array of money-market activities and may require significant changes in operating and tracking systems at affected banks. Significantly, the new data may lead to supervisory action where the FRB fears undue exposure by a bank to short-term funding instruments or other risk factors and perhaps also to broader regulatory action related to liquidity risk.
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