Governs borrowing by depository institutions from the Federal Reserve

Describes several different programs under which qualified institutions can borrow from the Fed

Federal Reserve Banks make primary and secondary credit available to depository institutions as a backup source of funding on a short-term basis, usually overnight

• Primary credit is available for very short terms as a backup source of liquidity for institutions in generally sound financial condition
• Secondary credit is available to in certain cases to institutions that do not qualify for primary credit
• The primary and secondary credit rates are the interest rates that the twelve Federal Reserve Banks charge for extensions of credit under these programs
• Secondary credit rates automatically adjust to 50 basis points above the primary credit rate every time the Board adjusts it

"Seasonal credit" program primarily for smaller banks with a pronounced seasonal funding need

• This is the program generally used by small banks in agricultural regions that have a large demand for farm loans in the spring before planting time

Each time the Board changes the rates, Reg A is amended

Only the most recent rate change and the last substantive (non-rate change) amendments are
listed here

Rate Change Effective  5.17.06

Amendment revising the Federal Reserve's discount window programs and reorganizing and steamlining the regulation  effective 1.09.03

SEC_CODE_REF_0090001192884

12 CFR Part 201   Extensions of Credit by Federal
                                Reserve Banks  Reg A