Legal Interpretations
Federal Reserve Act - 2020 Letters
March 25, 2020 (PDF)
Letter to Joseph M. Otting, Comptroller, Office of the Comptroller of the Currency, finding that the request by PNC Bank, N.A. (“Bank”) for an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board’s Regulation W (12 CFR Part 223) for Bank to purchase VRDNs from an affiliate appears to be consistent with the purposes of section 23A and in the public interest.
Broker-Dealers
March 18, 2020 (PDF)
Template letter to bank temporarily exempting the bank from section 23A of the Federal Reserve Act (12 U.S.C 371c) and Regulation W (12 CFR part 223) for certain asset purchases by the bank from its affiliated broker-dealers to ease liquidity pressures around broker-dealers. See H.2 for specific actions.
Money Market Mutual Funds
March 17, 2020 (PDF)
Template letter to bank temporarily exempting the bank from section 23A of the Federal Reserve Act (12 U.S.C 371c) and Regulation W (12 CFR part 223) for certain asset purchases by the bank from its affiliated money market mutual funds to ease liquidity pressures around money market mutual funds. See H.2 for specific actions.