A press release entitled, "StoneCastle Increases the Capacity and Liquidity of the Federally Insured Cash Account (FICA) Program," says, "StoneCastle Cash Management, LLC is proud to announce significant enhancements to its Federally Insured Cash Account (FICA) program. Effective immediately, clients can get the benefit of up to $60 million of FDIC insurance per tax ID with the convenience of next day liquidity. As post-crisis regulatory initiatives continue to impact many traditional cash vehicles, treasurers are left facing many headwinds." StoneCastle CEO Steve Rotella comments, "As treasurers look to eliminate market and regulatory uncertainty associated with Basel III and money fund reform, FICA remains a proven alternative to those seeking safety, liquidity and yield." Vice-President of Marketing Chris Takacs adds, "These enhancements are a direct response to the feedback from our clients and the treasury community. We believe FICA is now even better suited to meet the short term cash management needs of treasury professionals." The release adds, "FICA is a liquid, structured bank deposit vehicle that provides investors a competitive yield on multi-million dollar deposits backed by the full faith and credit of the U.S. Government." In other news, Vanguard Charitable posted an update, "Money market reform to impact investment options." It reads, "New rules by the Securities and Exchange Commission (SEC) have mandated to the financial industry that institutional investors of prime money market funds can no longer invest in retail prime money market funds. As an institutional client of The Vanguard Group, Vanguard Charitable is required to comply with the rule, effective on October 14, 2016. To do so, Vanguard Charitable will exchange all assets invested in the Vanguard Prime Money Market Fund to the Vanguard Federal Money Market Fund. This exchange will occur on April 29 and affect accounts invested in Vanguard Charitable's Money Market and Gift Preservation investment options." Also, Pensions & Investments published, "Colorado County Officials & Employees goes with Vanguard money market fund, drops Fidelity." The article states, "Colorado County Officials & Employees Retirement Association, Littleton, is adding the Vanguard Federal Money Market Fund to the lineup of its defined contribution plans, said Jacob Kuijper, executive director.... Effective May 20, the Vanguard Group fund will replace the Fidelity Money Market Fund. The change is being made due to the Fidelity Money Market Fund's new designation as a retail fund, Mr. Kuijper said. CCOERA participants have $5.8 million invested in the Fidelity fund."
