Bank Term Funding Program

Last updated: 3/15/2023

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.

In order to obtain an advance under the Program, eligible borrowers must submit a request using a standard template email to its lending Reserve Bank at the time it requests its first advance under the Program from an individual currently designated on the Operating Circular 10: Lending authorization list. 

Term Sheet: Bank Term Funding Program

BTFP Standard Template Email

BTFP Collateral Pledge Instructions

Frequently Asked Questions