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… but wait … toward the end of the article there’s more …

These specialized banks have drawn scrutiny because of their potential for abuse, including money laundering. The Federal Reserve Bank of New York describes international bank entities in the Virgin Islands and Puerto Rico as “high-risk” institutions. Last year, it temporarily suspended applications for them to obtain financial services from the Fed until it can issue stricter rules for them.”

Although admittedly ignorant of such things, as I suppose are well understood by members of the 99.9%, I am guessing that the article is saying that these (com’ on whoose we kidden’ here) “off-shore” – translate as … only real use is tax sheltering, money laundering banks, have access to Fed services such as the Fed’s Discount Window.

“At that time, the Fed required that banks prove they had no other source of funds.” Wow! it must be nice to be able to get large loans when one is able to prove they have no other sources of funds. What a deal! Doesn’t it usually work the other way for the rest of us 00.1% ers.

“The reason was that the discount rate was lower than the Fed funds rate. Many banks avoided the discount window even when they needed it.
In January 2003, the Fed replaced that system with the primary and secondary programs. Although desperate, banks still need to have good collateral to even qualify for the primary program. If they are really in bad shape, they can only be eligible for the secondary program. (secondary program? – a non-prime program for banks? WoooooW!) But for a poorly run bank, it’s still preferable than going out of business and being taken over by the Federal Deposit Insurance Corporation.” [quotations from an article on the Fed Discount Window in the balance.com]

Maybe in the next Quarterly Wrap-Up CAF can … https://youtu.be/AR6eXWNJzoY

I’m sorry. Pleeeaaaseeeee explain to me YEEEEEETTTTTT again why one should … (fill in the blank) …