Discount Window & Payment System Risk Contact Information for Minneapolis


Last Updated: 3/11/2022

Please note: This information is specifically for the Federal Reserve Bank of Minneapolis's BIC Program. Information regarding your Federal Reserve Bank's BIC program may be available on your district's Contacts & Resources page.


The BIC Booklet describes the Borrower-in-Custody (BIC) program, including eligible collateral and requirements.

Application Process
If you qualify and would like to apply for the BIC program, complete the following documents and submit the originals to the Federal Reserve Bank.

(1) BIC Certifications - Please complete all of the applicable certifications based on the type of collateral your institution plans to pledge:

The BIC Certification documents must be signed by an authorized official of your institution, as designated by the OC 10 Authorizing Resolutions for Borrowers on file with the Federal Reserve Bank of Minneapolis. Additionally, the BIC Certification documents must be reviewed and signed by an internal or external auditor. At the time we receive your BIC Certification, the Federal Reserve Bank will complete a UCC 1 filing to perfect its interest in your collateral pledge.

(2) BIC Cover Letter - This document should be submitted with loan listings.

(3) Collateral Schedule - If your institution is approved for the BIC program, you will be expected to submit monthly a summary cover letter and a collateral schedule, using an approved secure method, such as Zix FRSecure Message Center. The monthly collateral schedule must be signed or emailed by an authorized official of your institution, as designated by the OC 10 Lending Agreements on file with the Federal Reserve Bank of Minneapolis. Your institution may want to review these legal agreements and revise as needed to ensure they meet your needs in relation to the BIC program.

  • Collateral Schedule - Contact us for the template
(4) Loan review policy and/or internal risk rating documentation

(5) Sample of all types of loan notes you plan to pledge (do not send blank documents)

(6) Please notify a Credit/PSR analyst if your institution meets one or both of the following criteria as additional documentation may be required:
  • If your institution is in the process or currently images your loan notes and/or documentation.
  • If your institution will be pledging participated loans - additional documentation will be required.

The completed documentation for BIC and related required documents (OC10 Legal agreements) should be mailed to:

Federal Reserve Bank of Minneapolis
Attn: Credit/PSR, TOW-5
P.O. Box 291
Minneapolis, MN 55480-0291

Any sensitive electronic information can be securely emailed to using Zix FRSecure Message Center.

Contact us for questions and/or additional information.