During the first quarter of 2016, 129 credit unions borrowed from the Federal Reserve Discount Window. In comparison, 228 credit unions borrowed from the Federal Reserve during the 4th quarter of 2015.
Credit unions accessed the Discount Window 150 times and borrowed slightly more than $72 million in aggregate.
The median amount borrowed by credit unions was $10,000. The average amount borrowed was $480,493. The maximum amount borrowed was $15 million by First Financial Credit Union (West Covina, CA).
During the first quarter of 2016, True North FCU (Juneau, AK) was the most frequent credit union borrower from the Discount Window, visiting it 10 times. The next most frequent borrower was Aurora Credit Union (Milwaukee, WI), which visited the Discount Window 5 times.
Most credit unions borrowing from the Discount Window used the primary credit program, which is reserved for healthy credit unions. Three credit unions used the secondary credit program -- Keys Federal Credit Union (Key West, FL), Southeast Financial Credit Union (Franklin, TN), and Valor Federal Credit Union (Scranton, PA).
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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