Board of Governors of the Federal Reserve System

Primary Dealer Credit Facility

The Federal Reserve Board established a Primary Dealer Credit Facility (PDCF) on March 17, 2020, to support the credit needs of American households and businesses. The facility allowed primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF ceased extending credit on March 31, 2021.

• FAQs
• Term Sheet (November 30, 2020) (PDF)

Reports to Congress

• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (April 12, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (March 11, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (February 9, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (January 11, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (December 11, 2020)
• Report on Certain Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (December 4, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 24, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 9, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 10, 2020)
• Report on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 3, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 10, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (June 10, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (May 24, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (April 24, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Primary Dealer Credit Facility (PDF) (March 25, 2020)

Related Press Releases

• Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31
  (November 30, 2020)
• Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 (July 28, 2020)
• Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses
  (March 17, 2020)