That's not quite accurate. They don't need reserves of cash like they used to, its true, but they do have capital and liquidity requirements, including things like the supplemental liquidity ratio.
W...
It is perhaps worth noting that those capital requirements themselves are generally more paper instruments so I am splitting hairs a little. But so were the cash reserve requirements.
Also I forgot to say GM. ðŸ˜
Also I forgot to say GM. ðŸ˜