Operating Circulars

Federal Reserve Financial Services are governed by the terms and conditions that are set forth in the following operating circulars.

Please refer to News and Communications for announcements related to changes to the operating circulars.

OC 1

Account Relationships (PDF, Effective 4/01/07)

Operating Circular 1 contains the terms for opening, maintaining, and terminating a master account with a Federal Reserve Bank, as well as general provisions regarding Reserve Bank services applicable to institutions whether or not they maintain a Reserve Bank account.

Appendix: Agreements and Forms (PDF)

Appendices to Account Relationships.

OC 2

Cash Services (PDF, Effective 2/05/07)

Operating Circular 2 contains the provisions that apply to a financial institution’s cash and food coupon transactions with a Federal Reserve Banks.

OC 3

Collection of Cash Items and Returned Checks (PDF, Effective 8/06/07)

Operating Circular 3 applies to the handling of all cash items that we accept for forward collection and all returned checks that we accept for return.

OC 4

Automated Clearing House Items (PDF)

Operating Circular 4 applies to clearing and settlement of commercial automated clearing house (ACH) credit and debit items by the Federal Reserve Banks, sending banks, and receiving banks.

  • 3/1/08 Revisions - Operating Circular 4 (OC4) has been amended, effective March 1, 2008, to include terms and conditions for two new FedACH Services: File Alert and FedEDI Plus. The terms and conditions for File Alert and FedEDI Plus are contained in new Appendices E1 and F1, respectively.
  • Summary of Key Changes – 2/15/08 Revisions (PDF)

OC 5

Electronic Access (PDF, Effective 3/15/06)

Operating Circular 5 includes the terms under which a financial institution may access certain services and applications provided by a Reserve Bank, and under which a financial institution or its service provider may send certain data to or receive certain data from a Reserve Bank, by means of electronic connection(s).

Certification Practice Statement (PDF, Effective 12/04/06)

The Certification Practice Statement (“CPS”) describes the policies and practices of the Federal Reserve Bank’s Certification Authority (FR-CA), and sets forth the obligations of an external user of an FR-CA certificate.

Password Practice Statement (PDF, Effective 1/20/05)

The Password Practice Statement (“PPS”) describes the policies and practices of the Federal Reserve Banks (FRB) with respect to FRB-issued passwords used to access FRB business applications.

OC 6

Funds Transfers through Fedwire Funds Service (PDF, Effective 9/5/06)

Operating Circular 6 applies to funds transfers through the Fedwire® Funds Service.

Fedwire Funds Security Procedure Agreement and Instructions (PDF, Effective 9/5/06)

Agreement to be completed by all new Fedwire Funds customers.

Fedwire Funds and Fedwire Securities Service Third Party Service Arrangement (PDF, Effective 9/5/06)

Agreement to be completed by all financial institutions who have designated a third party service provider to act on their behalf for Fedwire Funds and Fedwire Securities.

OC 7

Fedwire Securities Account Maintenance and Transfer Services (PDF, Effective 8/19/05)

Operating Circular 7 includes the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.

OC 8

Collateral (PDF, Effective 10/23/00)

Operating Circular 8 specifies the purposes for which the Federal Reserve Banks may hold collateral and contains the terms applicable to certain types of collateral pledges.

OC 9

Federal Tax Payments and Treasury Tax & Loan Depositaries (PDF, Effective 11/15/07)

Operating Circular 9 contains the provisions under which the Federal Reserve Banks handle and process federal tax deposits and administer the United States Department of the Treasury‘s Treasury Tax and Loan (TT&L) program.

OC 10

Lending (PDF, Effective 10/15/06)

Operating Circular 10 contains the terms under which an entity may obtain Advances from, incur Obligations to, or pledge Collateral to a Federal Reserve Bank.

OC 11

There is not an Operating Circular 11.

OC 12

Multilateral Settlement (PDF, Effective 6/01/05)

Operating Circular 12 contains the terms under which the Federal Reserve Banks provide certain settlement services (the “National Settlement Service”).

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