Bank Term Funding Program
The Bank Term Funding Program (BTFP) was created to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. The BTFP offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations (see 12 CFR 201.108(b)), such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
- Terms and Conditions (March 12, 2023) (PDF)
- Frequently Asked Questions (FAQs) (March 16, 2023) (PDF)
- For additional information visit: https://www.frbdiscountwindow.org
Reports to Congress
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (March 16, 2023)