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

OC1 Account Relationships (PDF, Effective 02/01/13)

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.

OC1 Account Relationships Agreements and Forms (Effective 09/01/11)

FedTransaction® Analyzer Terms and Conditions (PDF)

Account Structure Guide (PDF, Effective 10/03/16)
Account Structure Guide (ASG) Forms

 

OC 2

Cash Services (PDF, Effective 01/04/16)

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

International Cash Services Letter of Agreement Template (PDF)

 

Cash Services Manual of Procedures (PDF, Effective 01/04/16)

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

Deposit Visual Reference Guide

To reflect the OC-2 and CSMOP changes and help your organization comply with new or revised depositing procedures, the Deposit Visual Reference Guide has recently been updated and is now available online and in a printable format (PDF).

OC 3

Collection of Cash Items and Returned Checks (PDF, Effective 07/23/15)

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 06/30/16)

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.

Automated Clearing House Items (PDF, Effective 09/23/16)

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 06/30/16)

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 now use two Certification Authorities to issue digital certificates relating to FedLine® access solutions and each Certification Authority has its own Certification Practice Statement. For additional information regarding the Certification Authorities, and to determine which Certification Practice Statement applies to particular FedLine® access services for your institution, please review the Certification Practice Statement Fact Sheet (PDF).

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 the Fedwire® Funds Service (PDF, Effective 06/30/16)

Operating Circular 6, along with subpart B of Regulation J, applies to funds transfers made through the Fedwire Funds Service.

OC 7

Book-Entry Securities Account Maintenance and Transfer Services (PDF, Effective 06/30/16)

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

OC 8

There is not an Operating Circular 8.

OC 9

Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government (PDF, Effective 07/25/13)

OC 9 has been retitled Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government to reflect the full scope of its coverage. Amendments to OC 9 reorganize policies and procedures without substantive changes to applicable Treasury policies and procedures. OC 9 now contains three main sections applicable to Treasury programs under 31 CFR Parts 202, 203 and 225:  Securing Public Funds and Investments (Parts 202 and 203); Treasury Investments (Part 203); and Pledges of Collateral in lieu of surety bonds (Part 225).

OC 10

Lending (PDF, Effective 07/16/13)

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 06/30/16)

Operating Circular 12 contains the terms under which the Federal Reserve Banks provide certain settlement services through what is called the National Settlement Service.

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