Investment funds

BofA, JPMorgan said they are paying bonuses to branch and call center employees; the bank says removing the $1.9 trillion limit on growth will help it lend to more customers in need.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

The Money Market Mutual Fund Liquidity Facility, established under the central bank’s emergency authority, echoes a version that was set up during the global financial crisis.

The Federal Reserve's support for the commercial paper market made clear that it was willing to go beyond cutting interest rates, but the central bank may feel pressure to do even more as the crisis worsens.

Regulators already finalized a rollback of the proprietary trading ban section of the rule but signaled then that their overhaul was not finished.

The agencies handed banks a significant victory when they finalized revisions to the Dodd-Frank proprietary trading ban, but officials also plan to re-propose changes to the “covered funds” section of the rule.

U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.

Attempts to roll back a safeguard on derivatives would give megabanks a $40 billion windfall, putting taxpayers on the hook.

The Pittsburgh bank says it is selling the assets to Federated Investors to focus its PNC Capital Advisors unit on providing outsourced services.

The company protects digital assets with hardware-based security, biometrics and quorums. Hedge funds are already signing on.