If the SEC requires money funds to switch to a floating net asset value (NAV), 43% of companies that invest in the funds directly say they would decrease their investments, as do 35% of those who invest via an independent portal and 41% of the companies that invest using a bank portal. If the SEC put in place a 30-day redemption hold of 5% of assets, 52% of companies that invest directly say they would decrease their investments, as do 48% of those that use an independent portal and 52% of those using a bank portal.

On the other hand, companies might look more favorably on money funds if the unlimited FDIC coverage on bank accounts disappears. Nineteen percent of companies that invest directly in money funds, 8% of those that invest via independent portals and 14% of those using bank portals say they would increase their assets in money funds in that case.

If both changes occur—the SEC re-regulates money funds and unlimited FDIC coverage ends—Campbell says companies would probably turn to such short-term investments as government securities, direct purchases of corporate securities and repurchase agreements.

Campbell notes that some of his company's clients have prepared for the possibility of new money fund regulations combined with limited FDIC coverage by setting up the infrastructure to make investments via a separate account. The companies are still investing in money funds, he says, and haven't yet funded the separate account. But if there were significant changes in money fund regulations, “they would simply swap between the two options,” he says.

Campbell also sees a trend toward treasuries relying less on credit rating agencies and more on independent due diligence or other sources of information. Just 33% of the executives say they rely on credit ratings, down from 36% in last year's survey, while 8% say they pay for third-party research, up from 4% last year.

Craig Jeffery, managing partner at Strategic Treasurer, notes that the survey also shows companies' continued focus on diversifying debt, including more growth in debt laddering. And while there seem to be fewer covenants on companies' debt, “the covenants that exist are a little bit tighter, more restrictive,” Jeffery says. “We think that's pretty significant.”

And despite the widespread complaints about thin staffing of treasury departments, Jeffery notes that the survey suggests more hands on deck: while 12% of executives say their staffing decreased over the last two years, 19% say it increased.