324 CUs Borrowed from Fed's Discount Window, Q4 2014 "Credit News 24"
In the fourth quarter of 2014, 324 credit unions borrowed from the Federal Reserve's Discount Window.In comparison, 179 credit unions borrowed from the Federal Reserve's Discount Window during the third quarter of 2014.
The National Credit Union Administration required any federally-insured credit union with at least $250 million in assets to establish access to either the Federal Reserve's Discount Window or the Central Liquidity Facility. NCUA expected that these credit unions would test their access to these two contingent emergency sources of liquidity by the end of 2014.
These credit unions borrowed 392 times from the Federal Reserve's Discount Window and borrowed an aggregate $399.8 million from the Discount Window.
The average size of a loan from the Discount Window was slightly more than $1 million, while the median loan size was $10,000.
The largest amount borrowed was $45 million by Chevron FCU (Oakland, CA).
The vast majority of the borrowing was from the Federal Reserve's primary credit program. Two credit unions access the Federal Reserve's seasonal credit program, while one credit union borrowed from the secondary credit program.
Primary credit is a lending program available to depository institutions that are in generally sound financial condition. Secondary credit is available to depository institutions that are not eligible for primary credit. The seasonal credit program assists small depository institutions in managing significant seasonal swings in their loans and deposits.
The Federal Reserve is required by law to disclose with a two year delay information on borrowings from the Discount Window.
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