Dodd-Frank forced banks to hold billions of dollars in reserve. Now, some have found a way to free up that cash.
Big banks have complained for years about a key feature of the Dodd-Frank overhaul requiring them to keep billions of dollars of cash in reserve. Some are trying to find a way around it.
Commercial banks including Wells Fargo & Co. have been dangling higher rates over the past year to attract deposits from Fannie Mae, Freddie Mac and other government-backed lenders, according to industry executives. The goal is to replace one type of funding banks use to manage their daily finances, overnight loans, with another, deposits.
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