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 U102 Account Setup Checklist provides the necessary steps to establish restricted collateral accounts to pledge securities. U102 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