Actually, found it: https://www.klgates.com/The-Federal-Reserve-Pushes-Back-on-Narrow-Banking-04-29-2019 https://www.klgates.com/The-Federal-Reserve-Pushes-Back

Actually, found it: https://www.klgates.com/The-Federal-Reserve-Pushes-Back-on-Narrow-Banking-04-29-2019 https://www.klgates.com/The-Federal-Reserve-Pushes-Back-on-N... But my reading is that their problem is that having all your deposits with the fed is risky too, since it's over-exposed to interest rates.