Research and Analysis

Our research informs the public and policymakers by examining economic issues of importance to those in our local communities, across the nation, and around the world.
- Research teams
- Publications
  
  We publish research and analyses to keep audiences informed of economic trends in our region and nationwide. View latest releases or explore our archive.
- Events
- Inflation questions?
  Visit our Center for Inflation Research for all things inflation—from general information on how inflation works and why it matters to the latest data and analysis on current inflationary trends.

Region and Community

We represent and gather information from the Fourth Federal Reserve District, spanning Ohio and parts of Pennsylvania, West Virginia, and Kentucky. These resources are useful for our region, the communities we serve, and communities across the United States.
- Our region
  
  Learn about our work to advance understanding of economic trends affecting the Fourth District.
- Our communities
  
  The Cleveland Fed offers numerous resources to promote economic opportunity for residents across our region and the US.
- Events
  
  Hear from local leaders and community development experts about economic problems their communities face and the solutions they are putting forth.
- By topic
  
  Looking for the Fed’s work on a particular subject? Narrow your search to the areas that interest you.

Education

Learn economic basics, dive into inflation, and get educational resources and games for yourself or to share with others.
- What’s new?
  
  Explore the latest educational resources from the Cleveland Fed—from interactive articles and video explainers to games.
  - Infographics on Inflation
  - Inflation 101
- Financial Literacy and Career Readiness
  
  Browse the Cleveland Fed’s suite of programs and resources for informative ways to learn about personal finance or career readiness.
- Visits and tours
  
  Visit us to learn more about our history and our ongoing work to promote financial literacy throughout our region.
  - Visit Us
- Financial Literacy Curriculum
  Learn more about resources supporting required high school, middle school, and elementary school financial literacy courses.

Banking and Payments

We supervise financial institutions, support American consumers’ financial security, and maintain the financial stability and payment systems for the US Treasury.
- Banking research and tools
  
  The Cleveland Fed provides a range of tools for tracking trends in the lending environment.
- For consumers
  
  Learn about the resources we offer to help people in the community navigate the financial system.
- For financial institutions
  
  Understand the various requirements for Fed-chartered financial institutions and discover the range of services available to them—from cash services and reserve balance data to the discount window.
- Supporting the financial system
  
  Find out how the Cleveland Fed supervises member banks to ensure financial-system stability and support the US Treasury.

About Us

We serve the American people as part of the US central bank. We support the US economy and our region by studying economic conditions and issues that impact our communities, serving financial institutions, and providing economic education and resources for all.
- Our leadership
  
  Meet the individuals leading our mission, including the president and executive leadership team, advisory council members, and the boards of directors of each Cleveland Fed branch.
- Who we are and what we do
  
  The Fed does more than inform monetary policy. Learn about the mission, structure, and role of our organization, both regionally and nationally.
- Sharing our work
  
  Community outreach, education, and research are central to the Fed’s mission. Connect with us as we share our work, latest publications, and welcome you to visit our learning center.
- We have a long-standing commitment to diversity, equity, inclusion, and opportunity for our employees and the communities we serve.

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Discount Window and Collateral

What are the functions of the Federal Reserve discount window?

serves as a financial stability tool by backstopping funding markets during times of widespread or idiosyncratic stresses
dampens large fluctuations in the federal funds rate and other short-term bank funding rates by providing standing access to liquidity at a fixed rate
helps depository institutions manage their liquidity to ensure credit can continue to flow to households and businesses at all times of the business cycle

What are the requirements for access to the discount window?

The borrower must be a Depository Institution as defined by the Federal Reserve Act.
Properly executed legal agreements (OC-10 agreements) and collateral are required to obtain access to the discount window.
Collateral can be pledged in several ways
- the Federal Reserve’s National Book-Entry System (NBES)
- the third-party Depository Trust Company’s (DTC’s) Custody Service
- on Reserve Bank premises
- through borrower-in-Custody (BIC) arrangements, which allow depository institutions the flexibility to pledge loans held on their premises to the Reserve Bank.

Information and forms

Borrower-in-custody (BIC) program

Guidelines (pdf)
1-4 Family Certification (pdf)
Commercial Certification (pdf)
Consumer Certification (pdf)
Image and Destroy Certification (pdf)
Electronic Note Certification (pdf)
BIC Withdrawal Transmittal Form (doc)
BIC Pledge Transmittal Form (doc)
Seasonal Credit Application (xls)
ALD Loan Template (xls)
Credit Card Receivables Certification (doc)
Electronic Collateral Questionnaire (doc)