Is every financial firm that can participate in ON RRP transactions with the Fed also eligible to receive the IOER?

A.

No, government-sponsored enterprises like Fannie Mae and Freddie Mac are not eligible to receive the IOER.

B.

No, only large commercial banks are eligible to receive the IOER.

C.

Yes, any financial firm that participates in ON RRP transactions is also eligible to receive the IOER.

D.

Uncertain, as eligibility depends on the size of the reserve balances being held with the Fed.