FED – FED extends temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks


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October 01, 2020

FED extends temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks

For release at 10:00 a.m. EDT

The FED on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized & uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) & waive overdraft fees for institutions that are eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps); & (3) suspend two collections of information that are used to calculate net debit caps.

These temporary actions, which were announced on April 23, 2020, & originally set to expire on September 30, 2020, are consistent with the series of actions the Board has announced to support the flow of credit to households & businesses & to mitigate the disruptions from COVID-19. In particular, the temporary actions reinforce the Board’s efforts to encourage regular use of intraday credit by healthy financial institutions.

The Board’s Federal Register notice attached.

For media inquiries, call 202-452-2955.

Last Update:

October 01, 2020

Source: Federal Reserves

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