Discount Window & Payment System Risk Contact Information for Atlanta

FRB Atlanta BIC Program

 
Last Updated: 5/6/2018

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




Overview
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 Certification [MS Word; 64K] or [PDF; 136K], Electronic Collateral Addendum [MS Word; 25K] or [PDF; 136K] - Please complete one BIC certification, however please be sure to cover each loan type your institution plans to pledge and each location where loans are physically housed. You may add additional pages as necessary. The BIC Certification document must be signed by an authorized official of your institution, as designated by the OC-10 Authorizing Resolutions for Borrowers on file with the FRB. Additionally, the BIC Certification document must be reviewed and signed by an internal or external auditor. At the time we receive your BIC Certification, the FRB will complete a UCC-1 filing to perfect its interest in your collateral pledged.

    (2) Collateral Pledge Form [MS Word; 85K] - This document should be submitted with collateral schedule.

    (3) Collateral Schedule [MS Excel; 11K] - Your institution is responsible for submitting a Collateral Pledge Form and Collateral Schedule no later than the 10th day of the month for preceding month end. 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. Your institution may want to review these legal agreements and revise as needed.

    (4) Assignment [MS Word; 26K] - To be completed for perfection purposes.
          
    (5) Perfection for FHLB Members

    a. FHLB Atlanta: Guidelines on pledging collateral where both the FHLB and the FRB have collateral liens can be found in the link below:

    b. FHLB Cincinnati or FHLB Dallas: Contact the FRB of Atlanta to discuss these pledge arrangements.

    c. If your institution is in the process or currently images your loan notes and/or documentation

    d. If your institution will be pledging participated loans - additional documentation will be required ) Loan review policy and/or internal risk rating documentation

    (6) Sample of all types of loan notes you plan to pledge (do not send blank documents). Include the Promissory Note, Mortgage/Deed of Trust, and Security Agreement, where applicable, for each sample. Only one sample needs to be submitted for each loan type that is to be pledged.

    (7) Please notify a collateral analyst if your institution meets one or both of the following criteria as additional documentation may be required:
    Completed documentation for the Vault Loan Program and related required documents (OC-10 Legal Agreements) should be mailed to:

    Federal Reserve Bank of Atlanta
    Credit and Risk Management
    1000 Peachtree Street N.E.
    Atlanta, GA 30309-4470

    Contact us for questions and/or additional information


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