Disintermediation Occurred in the S&L Industry

Multiple Choice

Disintermediation occurred in the S&L industry

A) when funds were transferred from commercial paper markets into S&L deposits.
B) when funds were withdrawn from S&Ls and reinvested directly in the open market.
C) because the Fed raised Regulation Q ceilings.
D) because sharply falling interest rates led depositors to abandon the low returns paid on S&L deposits.