Credit Risk Management


Credit Risk Management

The Credit Risk Management (CRM) unit administers daylight and overnight credit to Fifth District depository institutions through our discount window, payment system risk, condition monitoring and collateral functions.


The discount window functions as a safety valve in relieving pressures in reserve markets; extensions of credit can help relieve liquidity strains in a depository institution and in the banking system as a whole. The discount window also helps ensure the basic stability of the payment system more generally by supplying liquidity during times of systemic stress.  To gain access to the discount window, depository institutions must have the agreements specified in operating circular 10 (OC-10) on file with the Reserve Bank and discount window loans must be secured by collateral acceptable to the lending Reserve Bank.  Our hours are from 8 a.m. EST until the close of Fedwire each day.

Contact Us:

Toll free: 1-800-526-2036

General Information

FRB Discount Window Web site 

Operating Circular 10 (Discount Window) 

Borrowing Agreements

  1. Letter of Agreement 
    The Letter of Agreement evidences an institution's acceptance of the terms and conditions in Operating Circular No. 10.
  2. Authorizing Resolutions for Borrowers 
    The Authorizing Resolutions for Borrowers evidences an institution's authorization to borrow from and pledge assets to a Reserve Bank.
  3. Official OC-10 Authorization List
    The Official OC-10 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.
  4. Letter of Agreement to Correspondent Credit and Payment Agreement 
    If your institution does not have a Federal Reserve account, please select a correspondent to receive discount window advances and make payments on your institution's behalf.
  5. Certificate 
    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.  It is required for all depository institutions  pledging loans as collateral to the Reserve Bank.

Discount Rates

Current Discount Rates 

Historical Discount Rates 

Collateral is required to obtain access to the discount window and to hold U.S. Treasury tax deposits via the Treasury Tax and Loan (TT&L) program. Collateral may take many forms: Borrower-in-Custody (BIC); National Book-Entry System (NBES) account securities; third party custodian arrangements; securities held at the Depository Trust Corporation (DTC); and collateral held on the Reserve Bank premises. BIC collateral allows depository institutions the flexibility to pledge loans that are held on their premises to the Reserve Bank. Collateral analysts assess risks associated with the institution's collateral during its on-site reviews. Collateral analysts analyze and determine the eligibility of assets (both loans and securities) submitted for pledge to the Reserve Bank.

Contact Us

Toll free: 1-800-526-2036

General Collateral Information

FRB Discount Window Collateral Information 

Frequently Asked Questions 


Discount and Payment System Risk Collateral Margins Table 

Condition monitoring is charged with minimizing the risk of loss to the Federal Reserve and U.S. Treasury from weak or failing depository institutions, and more generally, avoiding losses that undermine the integrity of the payments system or the credibility of the Federal Reserve. To this end, condition monitoring staff monitors the safety and soundness of all Fifth District institutions that access or may access services provided by the Federal Reserve itself or by the Federal Reserve as agent for the U.S. Treasury, including national member banks, nonmember banks, savings institutions, and credit unions. Staff continues to monitor the condition of high-risk institutions for material changes in risk or service activity levels until such time that monitoring is no longer necessary. This change in monitoring status could arise because of improvement in an institution's condition, because an institution is acquired by another institution, or because an institution fails. In the case of an acquisition or failure, condition monitoring staff will assist the primary regulator with an orderly resolution of the institution.

Contact Us

Toll free: 1-800-526-2036

The Payment System Risk (PSR) function administers the Federal Reserve's Policy on Payment System Risk for depository institutions in the Fifth District. The primary functions of the group include monitoring and counseling depository institutions that incur daylight overdraft policy violations or overnight overdrafts in their Federal Reserve accounts and assessing fees or penalty charges when warranted. PSR also works closely with Condition Monitoring staff to monitor the safety and soundness of Fifth District depository institutions and applies controls to Federal Reserve accounts to protect the Reserve Bank from risk in providing payment services to financially unhealthy depository institutions.

Contact Us

Toll free: 1-800-322-0580

General PSR Information

Policy on Payment System Risk 

Overview of Federal Reserve's Payment System Risk Policy

Guide to the Federal Reserve's Payment System Risk Policy 

Contact Us


Supervision, Regulation & Credit
(804) 697-8000