Bank Term Funding Program
Last updated: 8/28/2023
The Federal Reserve Board, on March 12, 2023, announced the creation of a new Bank Term Funding Program (BTFP). The BTFP offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par.
To gain entry into the BTFP, eligible borrowers must submit a standard template email to its lending Reserve Bank at the time it requests its first advance under the BTFP from an individual currently designated on the Operating Circular 10: Lending authorization list. This email must include only the appropriate number of Authorized Borrowers for the institution. Additionally, eligible borrowers must follow up with a phone call to their local Reserve Bank to request the Discount Window loan, contact information can be located on each local Reserve Bank page.
Applying for Discount Window Access
If your institution would like to establish access to the Federal Reserve Discount Window, please complete the Operating Circular No. 10 and additional required 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. Completed documents should be sent to the Discount Window staff at your local Reserve Bank.
Term Sheet: Bank Term Funding Program
BTFP Standard Template Email
BTFP Collateral Eligibility Certification
BTFP Collateral Pledge Instructions