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