Lending Central (Discount Window)

The Discount Window is an instrument of monetary policy that allows eligible financial institutions access to funding, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions. In order to obtain access to the Discount Window, financial institutions must comply with Operating Circular 10 (OC 10): Lending. An institution can borrow from the Discount Window by either calling its local Reserve Bank (Off-site) or through Discount Window Direct (DWD).


DWD is a self-service application accessed through FedLine® that enables users to conduct Federal Reserve Bank (FRB) Discount Window activities in a new, modernized and convenient way.

Select secure logon below to access DWD. FedLine credential and password required.

Secure Logon Discount Window Direct (DWD) Secure Logon


Additional information about the Discount Window, including lending programs and intraday credit, can be found on the FRB Discount Window and Payment System Risk website.

VIEW DISCOUNT WINDOW (OFF-SITE) FRB Discount Window website (off-site)

DWD Application Setup

This page offers information on the necessary steps to set up access to the DWD application. It includes instructions and links to the forms that must be completed. For additional information, review the DWD Frequently Asked Questions (FAQs) or contact your local Reserve Bank (Off-site).

DWD Feature Guide

Find out more about functions, features and eligibility of DWD.

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