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Banker Resources

Depository Institution Services

The Cleveland Fed extends credit to Fourth District financial institutions. Additionally, the Cleveland Fed watches the depository institutions themselves, monitoring their financial health.

Find resources for the discount window, payment system risk, reserve account management, business continuity for financial services, and the Community Reinvestment Act (CRA) here.

What are the functions of the Federal Reserve discount window?

  • Acting as a “safety valve” by relieving pressure in reserve markets.
  • Extending credit (lending money) to help relieve strains for depository institutions. Supplying liquidity during times of systemic stress can also help to ensure the stability of the banking system as a whole.
  • Serving as an overnight funding resource. Banks can turn to the Fed discount window if their needs cannot be satisfied in the federal funds or similar markets. The amount of the loan is added to the institution’s balance in its reserve account at the Federal Reserve.

What are the requirements for access to the discount window?

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:

  • National Book-Entry System (NBES) account securities
  • Third-party custodian arrangements securities held at the Depository Trust Corporation (DTC)
  • Collateral held on the Reserve Bank premises
  • Borrower-in-Custody (BIC) collateral allows depository institutions the flexibility to pledge loans held on their premises to the Reserve Bank.
contacts

Contacts

Fourth District Discount Window Loans and Collateral Inquiries 888.719.4636 | More Contact Information

Resources
The Federal Reserve’s Discount Window website
General information and FAQs about the discount window and related policies
Current and Historical Discount Rates Data
The Mechanics of Borrowing
Required OC-10 Agreements
Collateral Information and Margins Table
The Federal Reserve periodically conducts reviews of its margins and valuation practices, making adjustments as needed.
Federal Reserve Bank of Cleveland Borrower-In-Custody (BIC) Program Information
  • Guidelines (DOC)
  • 1-4 Family Certification (DOC)
  • Commercial Certification (DOC)
  • Consumer Certification (DOC)
  • Image and Destroy Certification (DOC)
  • Electronic Note Certification (DOC)
  • BIC Withdrawal Transmittal Form (DOC)
  • BIC Pledge Transmittal Form (DOC)
  • Seasonal Credit Application (DOC)
  • Category Code Alignment Reference Table (DOC)
  • ALD Loan Template (DOC)

What is the Federal Reserve Board of Governors’ Payment System Risk (PSR) policy?

  • The PSR policy addresses the risks that payment systems present to the Federal Reserve Banks, the banking system, and other sectors of the economy.
  • One component of the PSR policy is to govern institutions’ use of Federal Reserve intraday credit, also referred to as “daylight overdrafts.”
  • A daylight overdraft occurs when funds in an institution’s reserve account are insufficient to cover outgoing transactions. Fedwire funds transfers, incoming Fedwire securities transfers, or other payment activity processed by a Reserve Bank such as check or automated clearinghouse (ACH) transactions are all examples.1
contacts

Contacts

Fourth District PSR Inquires 888.719.4636 | More Contact Information

Resources
Payment System Risk Information
General information and FAQs about the PSR policy and related items
PSR Policy Overview
A document to help institutions comply with the Federal Reserve PSR policy, including a glossary of terms
PSR Policy (PDF)
Official Federal Reserve Policy on Payment System Risk
PSR Policy Guide
Detailed information on the steps necessary for depository institutions to comply with the Federal Reserve’s policies on intraday credit
Federal Reserve Financial Services
Information on the financial services the Federal Reserve Banks provide to depository institutions
Account Management Guide
A reference guide for depository institutions on opening and managing their accounts with the Federal Reserve
  1. Fedwire is a registered service mark of the Federal Reserve Banks.

How can financial institutions access information on reserve balances and the amount of interest earned?

  • Reserves Central provides resources and tools to help financial institutions access information on reserve balances and related calculations, such as the amount of interest earned on those balances. From Reserves Central, financial institutions can review their reserve balances and drill down into interest calculations.

What is the Term Deposit Facility?

  • The Term Deposit Facility (TDF) is a program under which the Federal Reserve offers term deposits to institutions that are eligible to receive interest on the balances they maintain at the Reserve Banks. An eligible institution may place funds at its Reserve Bank in a term deposit for an agreed upon number of days and reduce the amount of reserves it holds.

What are excess balance accounts?

  • Excess balance accounts are limited-purpose accounts for maintaining the excess balances of institutions that are eligible to earn interest on balances at Federal Reserve Banks. The participating eligible institutions ('participants') authorize another institution ('agent') to manage the excess balance account on their behalf.

Are reserve requirements still in effect?

  • On March 15, 2020, the Board of Governors reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
    Effective March 11, 2021, the Reserves Central application has been modified to reflect the elimination of reserve requirements and streamline information for users. Links to Reservable liabilities will be disabled for maintenance periods after March 10, 2021. Additionally, Reserve Balance Requirement detail links will be disabled going forward as all reserve requirement ratios are set to zero percent.
contacts

Contacts

Fourth District Reserves Inquiries CRM.Reserves@clev.frb.org or 888.719.4636 | More Contact Information

Resources
Account Management Guide
Reference guide for depository institutions on opening and managing their accounts with the Federal Reserve.
Reserves Central
Resources to help financial institutions view account balances and the interest earned on those balances.
Term Deposit Facility
Information on Term Deposit Facility set-up, operation results, and link to the Term Deposit Facility application.
Excess Balance Account
Information on excess balance account set-up and frequently asked questions.

What happens if there’s a business disruption at the Federal Reserve?

  • Federal Reserve Cash Services maintains comprehensive business continuity plans activated in the event of a business disruption. The Federal Reserve Bank of Cleveland’s business continuity plans align with those of other Federal Reserve Banks to support continuity of service. If the normal provision of cash services is impaired, the Fourth District will notify its customers via FedLine Web.

How do I access Federal Reserve Cash Services?

  • If FedLine Web, your normal currency and coin ordering channel, is unavailable, you can also place orders by contacting your local Federal Reserve office via telephone. In order to expedite our due diligence process, ensure the employee who contacts our Federal Reserve office is reflected on your institution’s official authorization list (OAL).
  • If a Fourth District Fed office becomes inaccessible for an extended period of time, your financial institution may be directed to place orders with other Federal Reserve offices. You may also be informed about restrictions on currency and coin orders and deposits, and you may be directed to alternative pick-up and delivery points.
contacts

Contacts: Cleveland Office
Cash Services Telephone Numbers

If your normal currency and coin ordering channels are unavailable, please use the following contact numbers to place your orders:

Telephone orders (currency and coin) 1.216.579.CASH (2274)
Fax orders (currency and coin) 1.216.579.2950
Cash administration division 1.216.579.CASH (2274)
Cleveland FRB Police 1.216.579.2829

If the Cleveland office is inaccessible, please contact the Cincinnati Branch office.

contacts

Contacts: Cincinnati Office
Cash Services Telephone Numbers

If your normal currency and coin ordering channels are unavailable, please use the following contact numbers to place your orders.

Telephone orders (currency and coin) 1.513.455.4241
Fax orders (currency and coin) 1.513.455.4588
Cash administration division 1.513.455.4241
Cincinnati FRB Police 1.513.455.4220

Recent CRA performance evaluations of state member banks examined by the Federal Reserve Bank of Cleveland are found in the CRA performance evaluations archive.

The Community Reinvestment Act (CRA) is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. It was enacted by Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228).

The CRA requires that each depository institution’s record in helping meet the credit needs of its entire community be evaluated periodically by the appropriate federal financial supervisory agency. A bank’s CRA performance record is taken into account when considering an institution’s application for deposit facilities.

Community Bankers: Looking for Resources?

Community Banking Connections provides guidance and tools to help community banks across the United States. The Federal Reserve System publication serves to clarify key supervisory guidance, highlight new regulation, provide perspectives from both bank examiners and Federal Reserve staff, and address challenges and concerns facing community banks, providing resources to assist them.