The Bond Market Association (TBMA)* provides comments to the Board of Governors of the Federal Reserve System (Federal Reserve) on proposed Regulation W and the Interim Rule on intraday extensions of credit.  Proposed new Regulation W would address the treatment of transactions between a depository institution and its affiliates for purposes of Sections 23A and 23B of the Federal Reserve Act.  The Interim Rule together with Proposed Regulation W would address the applicability of Sections 23A and 23B of the FRA to intraday extensions of credit by a depository institution to its affiliates.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.