CU Discount Window Borrowings, Q3 2014

During the third quarter of 2014, 179 credit unions borrowed from the Federal Reserve's Discount Window.

In comparison, 160 credit unions borrowed from the Discount Window during the second quarter of 2014 and 76 credit unions borrowed from the Discount Window a year earlier.

The Federal Reserve is required by law to disclose with a two year delay information on borrowings from the Discount Window.

Credit unions borrowed from the Federal Reserve's Discount Window 237 times. The aggregate amount borrowed from the Discount Window was almost $311.8 million.

The average amount borrowed was approximately $1.3 million, while median amount borrowed was much smaller at $10,000.

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 most active credit union borrower was Firefighters Community CU (Cleveland, OH), which borrowed 12 times from the Discount window; followed by Town & Country CU (Minot, ND) which went to the Discount Window 10 times.