Fed Portfolio Stabilized Term Repos despite MMMF, Hedge-Fund Stress
On Friday, the Federal Reserve Bank of New York released a staff paper tracking the income-inequality impact of small-business lending, finding that borrowers receiving loans had incomes eleven percent higher after five years than rejected, very similar ones.  Further, the impact of credit on income is greatest in the immediate wake of a financial crisis.

FFIEC Tries to Balance Loan Accommodation with Safety/Soundness
The FFIEC today attempts to address what happens when CARES Act, voluntary, and local-ordinance loan accommodation ends, encourage financial institutions to consider “when appropriate” options that are “prudent” to ease borrower cash flows to improve debt-servicing capacity while also ensuring “prudent” credit-risk management.