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The Federal Reserve
Discount Window | Payment System Risk

 * General Information
   
   The Discount Window
   
   The Mechanics of Borrowing
   
   Frequently Asked Questions
   
   Primary and Secondary Lending Programs
   
   Regulation A of the Federal Reserve Board of Governors
   
   Seasonal Lending Program
   
   Bank Term Funding Program

 * Guidelines
   
   Operating Circular 1: Account Relationships
   
   Operating Circular 10: Lending
   
   Regulation A of the Federal Reserve Board of Governors
   
   The Federal Reserve Act

 * Agreements
   
   OC-10 Agreements

 * Discount Rates
   
   Current Discount Rates
   
   Historical Discount Rates

 * Collateral
   
   Collateral Eligibility
   
   Collateral Valuation
   
   Pledging Collateral

 * Payment System Risk
   
   Account Management Guide
   
   General Information
   
   Learn about the Account Management Information System
   
   Payment System Risk Policy Documents

 * Select Your District
   
   Atlanta (6th District)
   
   Boston (1st District)
   
   Chicago (7th District)
   
   Cleveland (4th District)
   
   Dallas (11th District)
   
   Kansas City (10th District)
   
   Minneapolis (9th District)
   
   New York (2nd District)
   
   Philadelphia (3rd District)
   
   Richmond (5th District)
   
   San Francisco (12th District)
   
   St. Louis (8th District)
   
   Federal Reserve Board

GENERAL INFORMATION

 * The Discount Window
 * The Mechanics of Borrowing
 * Frequently Asked Questions
 * Primary and Secondary Lending Programs
 * Regulation A of the Federal Reserve Board of Governors
 * Seasonal Lending Program
 * Bank Term Funding Program

GUIDELINES

 * Operating Circular 1: Account Relationships
 * Operating Circular 10: Lending
 * Regulation A of the Federal Reserve Board of Governors
 * The Federal Reserve Act

AGREEMENTS

 * OC-10 Agreements

DISCOUNT RATES

 * Current Discount Rates
 * Historical Discount Rates

COLLATERAL

 * Collateral Eligibility
 * Collateral Valuation
 * Pledging Collateral

PAYMENT SYSTEM RISK

 * Account Management Guide
 * General Information
 * Learn about the Account Management Information System
 * Payment System Risk Policy Documents

SELECT YOUR DISTRICT

 * Atlanta (6th District)
 * Boston (1st District)
 * Chicago (7th District)
 * Cleveland (4th District)
 * Dallas (11th District)
 * Kansas City (10th District)
 * Minneapolis (9th District)
 * New York (2nd District)
 * Philadelphia (3rd District)
 * Richmond (5th District)
 * San Francisco (12th District)
 * St. Louis (8th District)
 * Federal Reserve Board


AGREEMENTS


OC-10 AGREEMENTS

Last Updated: 11/22/2023

Establishing Discount Window Access

If your institution would like to establish access to the Federal Reserve
Discount Window, please complete the Operating Circular No. 10 (OC-10)
agreements listed below. The Instructions for Completing Required OC-10
Agreements guide provides direction on completing the agreements. All extensions
of credit must be secured to the satisfaction of the lending Reserve Bank by
collateral that is acceptable for that purpose; visit the Collateral pages of
the website for additional information. If your depository institution is a U.S.
branch or agency of a foreign bank, please contact your local Reserve Bank for
additional discount window documentation requirements.

Submit completed OC-10 agreements to your local Reserve Bank.

--------------------------------------------------------------------------------

Operating Circular No. 10 (OC-10) Agreements Agreement Type Agreements for U.S.
Borrowers (Appendix 3) Agreements for Non-U.S. Borrowers (Appendix 4) The Form
of OC-10 Letter of Agreement evidences an institution's acceptance of the terms
and conditions in Operating Circular No. 10. Appx 3 Form of OC-10 Letter of
Agreement Appx 4 Form of OC-10 Letter of Agreement The Certificate will provide
the Federal Reserve Bank all of the information needed to make an effective
UCC-1 financing statement filing against the Borrower. Appx 3 Form of OC-10
Certificate Appx 4 Form of OC-10 Certificate The Authorizing Resolutions for
Borrowers evidences an institution's authorization to borrow from and pledge
assets to a Reserve Bank.

Appx 3 Form of OC-10 Authorizing Resolutions for Borrowers

Note: If your institution was chartered by the State of Wisconsin, please
complete the Appx 3 Form of OC-10 Authorizing Resolutions for Borrowers
Chartered by the State of Wisconsin instead.

Appx 4 Form of OC-10 Authorizing Resolutions for Borrowers The Official
Authorization List is a list of individuals, including their titles, who are
authorized to borrow and/or pledge/withdraw collateral as specified in the
institution's Authorizing Resolutions for Borrowers. Appx 3 Form of OC-10
Official Authorization List Appx 4 Form of OC-10 Official Authorization List The
Legal Opinion of Foreign Outside Counsel and the Legal Opinion of United States
Outside Counsel relate to the enforceability of agreements and interests and
should be completed by legal counsel of non-U.S. borrowers.  

Appx 4 Form of OC-10 Legal Opinion of Foreign Outside Counsel

Appx 4 Form of OC-10 Legal Opinion of United States Outside Counsel

 

Ancillary Agreements and Forms The Agreement for Third-Party Custodian to Hold
Collateral allows an institution to designate a third-party custodian to provide
collateral custody services in connection with the discount window. Appx 5 Form
of Agreement for Third-Party Custodian to Hold Collateral The Letter of
Agreement to Correspondent Credit and Payment Agreement allows an institution to
designate a correspondent as a settlement point for discount window advances.
Note: This agreement is required for institutions that do not have a master
account. Appx 5 Form of Letter of Agreement to Correspondent Credit and Payment
Agreement

 

Notice and Additional Information A Primary Credit Borrower, by making a request
for a Term Advance, acknowledges and agrees to these Terms. Notice of
Availability of Term Advances and Applicable Terms ("Terms") The Instructions
for Completing Required OC-10 Agreements provides guidance and examples as a
courtesy to institutions completing OC-10 forms and agreements. Instructions for
Completing Required OC-10 Agreements The Account Setup Checklist provides the
necessary steps to establish restricted collateral accounts to pledge
securities.  Account Setup Checklist The Federal Reserve collects balance sheet
data from discount window borrowers on the FR 2046 to monitor discount window
borrowing. Borrowers report six data items: total securities, federal funds sold
and resale agreements, total loans (gross), total assets, total deposits, and
federal funds purchased and repurchase agreements. FR 2046: Selected Balance
Sheet Items for Discount Window Borrowers Money Market Mutual Fund Liquidity
Facility (MMLF) Borrowing Documentation

Certification - MMLF

Form of Authorizing Resolution for Borrowers

Letter of Agreement - MMLF


Select Your District

Atlanta (6th District)

Boston (1st District)

Chicago (7th District)

Cleveland (4th District)

Dallas (11th District)

Kansas City (10th District)

Minneapolis (9th District)

New York (2nd District)

Philadelphia (3rd District)

Richmond (5th District)

San Francisco (12th District)

St. Louis (8th District)

Federal Reserve Board

Discount RatesCollateralSelect Your DistrictFrequently Asked QuestionsPrivacy
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