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Account Services

Ensure your institution has a current Board Resolution (BR) and Official Authorization List (OAL) on file

January 15, 2017

Having the proper account information is imperative to engaging in business with the Federal Reserve Banks. Your institution needs to have a current Board Resolution (BR) and Official Authorization List (OAL) on file with your respective Federal Reserve Bank to identify the individuals who have the authority to take action as it relates to the operation of your account. These documents allow those individuals to issue instructions with respect to your institution's relationship with a Federal Reserve Bank and its use of Federal Reserve Financial Services.

Agreements, forms and other requests need to be signed by an individual listed on your institution's OAL. Please note that it is your institution's responsibility to confirm that the BR and OAL are reviewed regularly and new documents filed when changes warrant.

For more information about updating forms and agreements, please visit the Account Services Forms page or contact your institution’s respective district’s BR and OAL contact.

Announcement

Your institution needs to have a current Board Resolution (BR) and Official Authorization List (OAL) on file with your respective Federal Reserve Bank to identify the individuals who have the authority to take action as it relates to the operation of your account. For more information, please visit the Account Services Forms page or contact your institution’s respective district’s BR and OAL contact.

 

FedCash® Services

2017 marks the eighth year of the America the Beautiful Quarters® Program

January 15, 2017

For the eighth year, the Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program (Off-site Link). Since 2010, the U.S. Mint has issued five new quarter-dollar coins each year featuring designs depicting national parks and other national sites. All 56 coins in the America the Beautiful Quarters Program are expected to be introduced by 2021.

New quarters to be released
The following quarters are scheduled for release in 2017:

Quarter2017 Release Date1
Effigy Mounds National Monument in Iowa February 6
Frederick Douglass National Historic Site in Washington, D.C. April 3
Ozark National Scenic Riverways in Missouri June 5
Ellis Island (Statue of Liberty National Monument) in New Jersey August 28
George Rogers Clark National Historical Park in Indiana November 13

To be considered for the America the Beautiful Quarters Program, a site must be under the supervision, management or conservancy of the National Park Service, the U.S. Forest Service, the U.S. Fish and Wildlife Service or any similar department or agency of the federal government. The five national sites depicted in 2017 will join those introduced in previous years, including Shawnee National Forest (Off-site Link)Gettysburg National Military Park (Off-site Link) and Yosemite National Park (Off-site Link), to name a few. You can reference the America the Beautiful Quarters National Site Register (Off-site Link) to read more about each national site to be honored through 2021.

1Release dates are subject to change, and new coin designs will not be released prior to the dates provided.

“America the Beautiful Quarters” is a registered trademark of the United States Mint.

Announcement

For the eighth year, the Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters® Program (Off-site Link). Since 2010, the U.S. Mint has issued five new quarter-dollar coins each year featuring designs depicting national parks and other national sites. All 56 coins in the America the Beautiful Quarters Program are expected to be introduced by 2021.

 

Reminder - Depositing requirements for $50 and $100 denominations

January 15, 2017

When preparing Federal Reserve currency deposits, the $50 and $100 denominations must be deposited in full straps and/or full bundles that are faced with the portrait-side forward.

As shown in the images below, the orientation of the portrait may be right-side up or upside down, but the portrait side must face up in the strap, not down.

Depositing Guidelines for $50 and $100 denominations

 

The Cash Services Manual of Procedures (CSMOP) (PDF) defines depositing procedures in Section 4, which describes operational guidelines and requirements for cash transactions with the Federal Reserve. Please refer to the Deposit Visual Reference Guide for images of correct and incorrect packaging examples.

While $50 and $100 denominations must be faced with the portrait side forward, you may continue to deposit the $1 through $20 denominations without regard to direction or facing.

If you have questions, please contact your local FedCash® Services District Contacts.

Announcement

As a reminder, when preparing Federal Reserve currency deposits, the $50 and $100 denominations must be deposited in full straps and/or full bundles that are faced with the portrait-side forward. If you have questions, please contact your local FedCash® Services District Contacts.

 

General

The 2016 Federal Reserve Payments Study highlights strong trends in card use

January 15, 2017

The initial data results for the 2016 Federal Reserve Payments Study were released on December 22, 2016 (PDF). This Study, conducted triennially since 2001, examines noncash payment trends in the United States. The 2016 Study, which presents 2015 payments data, found that the number of domestic core noncash payments totaled an estimated 144 billion – up 5.3 percent annually from 2012. The total value of these transactions increased 3.4 percent over the same period to nearly $178 trillion.

From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the U.S. Automated Clearing House (ACH) payments grew modestly over the same period, and check payments declined at a slower rate than in the past.

For more information, including key findings, review the initial data release report (PDF). Additional detailed information will be released in 2017 as the results of further analysis become final. Also, beginning in 2017, some survey data will be collected annually, rather than every three years, to enhance the value of the study.

The Federal Reserve partnered with McKinsey & Company on the DFIPS and CSS, and with Blueflame Consulting, of Melrose, Massachusetts, on the NPIPS. The information collected in each survey is combined with information about payments trends from previous studies and then analyzed to produce comprehensive estimates not available in other studies.

Announcement

The initial data results for the 2016 Federal Reserve Payments Study were released on December 22, 2016 (PDF). For more information, including key findings, review the initial data release report (PDF). Additional detailed information will be released in 2017 as the results of further analysis become final.

 

Federal Reserve Board request for comments: Proposed guidelines for evaluating Joint Account Requests

January 15, 2017

On December 19, 2016, the Federal Reserve Board announced in a press release (Off-site Link) that in light of ongoing developments to improve the U.S. payment system, including the Federal Reserve’s Strategies for Improving the U.S. Payment System (PDF) efforts, the Federal Reserve Board anticipates additional interest by industry participants in establishing joint accounts. Joint accounts are intended to facilitate settlement between depository institutions participating in U.S. payment systems.

The Federal Reserve Banks typically permit a single master account per eligible depository institution. In limited cases and for specific purposes, the Reserve Banks have in the past opened joint accounts held for the benefit of multiple depository institutions, which are managed by an agent on behalf of those depository institutions.

The Board proposes to establish guidelines to broadly outline considerations for evaluating joint account requests. Requests would be evaluated on a case-by-case basis, and more specific considerations and information necessary to evaluate a particular request would likely be required based on the complexity of the arrangement and other factors.

For more information, review the Federal Register (Off-site Link) Notice.

Request for comments
Submit (Off-site Link) your comments on the proposed guidelines to evaluate requests for joint accounts by February 19, 2017 and view (Off-site Link) comments submitted by others. Comments on the proposed guidelines are requested within 60 days of publication in the Federal Register.

Announcement

On December 19, 2016, the Federal Reserve Board issued (Off-site Link) a request for comment on its proposal to establish guidelines to broadly outline considerations for evaluating joint account requests.

 

First District

Find out if the Fed can help you meet your customers’ seasonal credit needs

January 15, 2017

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, institutions may obtain funds through the Discount Window during periods of seasonal need allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used. The seasonal borrowing rate is a variable, market-based interest rate currently at 0.75 percent. As it may fluctuate, please see the Federal Reserve’s Discount Window and Payment System Risk (Off-site Link) website for the most current seasonal discount rate.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The Federal Reserve Bank of Boston is currently accepting applications for seasonal lines of credit. The first step is to establish access to the Discount Window by completing the required Operating Circular 10 agreements (Off-site Link). Instructions are available to help you complete the agreements.

The next step is to read more about the program requirements (Off-site Link) and follow the directions to complete an application (Off-site Link). Applications should be submitted at least three weeks prior to the requested seasonal line start date. After reviewing your data, we will respond with a projected seasonal qualification that can be used to estimate your seasonal needs. Please note that all Discount Window loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Boston, as follows:

Email address: crmops.bos@bos.frb.org

Toll-free phone: (800) 716-3773

Mailing address:
Federal Reserve Bank of Boston
Credit Unit, H-3
600 Atlantic Avenue
Boston, MA 02210

Announcement

First District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Boston.

 

Seventh District

Find out if the Fed can help you meet your customers’ seasonal credit needs

January 15, 2017

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, depository institutions may obtain funds through the Discount Window during periods of seasonal need allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used. The seasonal borrowing rate is a variable, market-based interest rate currently at 0.75 percent. As the rate may fluctuate, please see the Federal Reserve’s Discount Window and Payment System Risk (Off-site Link) website for the most current seasonal discount rate.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The Federal Reserve Bank of Chicago is now accepting applications for January 2017 seasonal lines of credit. The first step is to establish access to the Discount Window by completing the required Operating Circular 10 agreements (Off-site Link). Instructions (Off-site Link) are available to help you complete the agreements.

The next step is to read more about the program requirements (Off-site Link) and follow the directions to complete an application (Off-site Link). Applications should be submitted at least three weeks prior to the requested seasonal line start date. Using your data, we will respond with a projected seasonal qualification that can be used to estimate your seasonal needs. Please note that all loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Chicago, as follows:

Email address: loanschicago.chi@chi.frb.org

Toll free phone: (800) 380-3762

Mailing address:
Federal Reserve Bank of Chicago
Loans, 12th Floor
230 S. LaSalle Street
Chicago, IL 60604

Announcement

Seventh District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Chicago.

 

Ninth District

Find out if the Fed can help you meet your customers’ seasonal credit needs

January 15, 2017

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, institutions may obtain funds through the Discount Window during periods of seasonal need allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used. The seasonal borrowing rate is a variable, market-based interest rate currently at 0.75 percent. As the rate may fluctuate, please see the Federal Reserve’s Discount Window and Payment System Risk (Off-site Link) website for the most current seasonal discount rate.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The Federal Reserve Bank of Minneapolis is now accepting applications for January 2017 seasonal lines of credit. The first step is to establish access to the Discount Window by completing the required Operating Circular 10 agreements (Off-site Link). Instructions (Off-site Link) are available to help you complete the agreements.

The next step is to read more about the program requirements (Off-site Link) and follow the directions to complete an application (Off-site Link). Applications should be submitted at least three weeks prior to the requested seasonal line start date. After reviewing your data, we will respond with a projected seasonal qualification that can be used to estimate your seasonal needs. Please note that all Discount Window loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Minneapolis, as follows:

Email address: mpls.credit@mpls.frb.org

Toll free phone: (877) 837-8815

Mailing address:
Federal Reserve Bank of Minneapolis
Credit/PSR Section
P.O. Box 291
Minneapolis, MN 55480-0291

Announcement

Ninth District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Minneapolis.

 

Tenth District

Find out if the Fed can help you meet your customers’ seasonal credit needs

January 15, 2017

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, institutions may obtain funds through the Discount Window during periods of seasonal need allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used. The seasonal borrowing rate is a variable, market-based interest rate currently at 0.75 percent. As the rate may fluctuate, please see the Federal Reserve’s Discount Window and Payment System Risk (Off-site Link) website for the most current seasonal discount rate.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The Federal Reserve Bank of Kansas City is currently accepting applications for January 2017 seasonal lines of credit. The first step is to establish access to the Discount Window by completing the required Operating Circular 10 agreements (Off-site Link). Instructions (Off-site Link) are available to help you complete the agreements.

The next step is to read more about the program requirements (Off-site Link) and follow the directions to complete an application (Off-site Link). Applications should be submitted at least three weeks prior to the requested seasonal line start date. Using your data, we will respond with a projected seasonal qualification that can be used to estimate your seasonal needs. Please note that all Discount Window loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Kansas City, as follows:

Email address: credit@kc.frb.org

Toll free phone: (800) 333-2987

Mailing address:
Federal Reserve Bank of Kansas City
Credit and Risk Management
1 Memorial Drive
Kansas City, MO 64198

Announcement

Tenth District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Kansas City.

 

Twelfth District

Find out if the Fed can help you meet your customers’ seasonal credit needs

January 15, 2017

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, institutions may obtain funds through the Discount Window during periods of seasonal need allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used. The seasonal borrowing rate is a variable, market-based interest rate currently at 0.75 percent. As it may fluctuate, please see the Federal Reserve’s Discount Window and Payment System Risk (Off-site Link) website for the most current seasonal discount rate.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The Federal Reserve Bank of San Francisco is currently accepting applications for seasonal lines of credit. The first step is to establish access to the Discount Window by completing the required Operating Circular 10 agreements (Off-site Link). Instructions (Off-site Link) are available to help you complete the agreements.

The next step is to read more about the program requirements and follow the directions to complete an application (Off-site Link) on the Discount Window website. Applications should be submitted at least three weeks prior to the requested seasonal line start date. After reviewing your data, we will respond with a projected seasonal qualification that can be used to estimate your seasonal needs. Please note that all Discount Window loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of San Francisco, as follows:

Email address: sf.crm@sf.frb.org

Toll free phone: (866) 974-7475

Mailing address:
Federal Reserve Bank of San Francisco
Credit Risk Management, MS830
101 Market Street
San Francisco, CA 94105-1579

Announcement

Twelfth District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of San Francisco.

 

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FedFlash is your source for the latest Federal Reserve Financial Services operational news. Each bulletin keeps you informed of issues critical to your day-to-day operations, providing you with National and District updates regarding our products and services, processes, technical protocols and contact information.