NYCB’s Woes Are Worrying Wall Street. Now, the Fed’s Lifeline for Banks Is About to Go Away.

New trouble for New York Community Bancorp and America’s top regional banks feels right around the corner—just as the Federal Reserve is getting ready to shut the emergency lending window it opened nearly a year ago. The Fed launched the Bank Term Funding Program (BTFP) after the collapse of Silicon Valley Bank and other institutions in mid-March. The rescue program, aimed at calming depositors and investors, let banks and other financial institutions take out up to a year-long term loan from the Fed using beaten-down bonds as collateral.