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

The Federal Reserve Banks have made changes to Operating Circular 1 (OC1) in an effort to provide additional clarity with respect to opening, maintaining and terminating a Federal Reserve Account, as well as establishing a correspondent/respondent relationship for transaction and service fee settlement. A new companion guide, the Federal Reserve Account Structure, Transaction Settlement and Reporting Guide (Account Structure Guide), is also now available to provide further guidance regarding account structure and transaction and service fee settlement authorization rules.

Account Relationships (PDF, Effective 09/01/11)

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.

Operating Circular 1 (OC1) Agreements and Forms (Effective 09/01/11)

FedTransactionSM Analyzer Terms and Conditions (PDF)

Account Structure Guide (PDF, Effective 09/01/11)

Account Structure Guide (ASG) Forms (Effective 09/01/11)

OC 2

Cash Services (PDF, Effective 4/01/11)

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

Cash Services Manual of Procedures (PDF, Effective 4/01/11)

The Cash Services Manual of Procedures (CSMOP) describes the operational guidelines and requirements of the Federal Reserve Banks with respect to a financial institution’s cash transactions with the Federal Reserve Banks.

Deposit Visual Reference Guide (Effective 4/01/11)

OC 3

Collection of Cash Items and Returned Checks (PDF, Effective 7/15/08)

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, Effective 01/01/11)

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.

OC 5

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

Operating Circular 5 includes the terms under which an institution may access certain services and applications provided by a Federal Reserve Bank and under which an institution may send certain data to or receive certain data from a Federal Reserve Bank, in each case, by means of an electronic connection.

Certification Practice Statement

The Certification Practice Statement describes the policies and practices of the Federal Reserve Banks’ public key infrastructure with respect to the issuance, management and usage of digital certificates and sets forth the obligations of certificate users. The Federal Reserve Banks will soon use two Certification Authorities to issue digital certificates relating to FedLine® access solutions and each Certification Authority has its own Certification Practice Statement. Institutions will be notified once the new Certification Authority goes into effect.

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

The Password Practice Statement describes the policies and practices of the Federal Reserve Banks with respect to Federal Reserve Bank-issued passwords used to access Federal Reserve Bank business applications.

OC 6

Funds Transfers through Fedwire Funds Service (PDF, Effective 11/21/11)

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

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 12/12/11)

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 6/04/09)

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

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