Letter to the Federal Reserve in Response to the RFI on the Discount Window

ICBA sent a letter to the Federal Reserve in response to its request for information on the operational aspects of the discount window.  ICBA said banks report confusion surrounding asset pledges, lack of quality customer service, transactions dependent on phone communication, lack of dependable technology alternatives for borrowing, and lack of flexibility.

ICBA recommended that the Federal Reserve fully embrace technology to manage discount window advances, improve the availability of dedicated resources to aid banker questions and concerns, develop better relationships with community banks for training and improved user experience, and properly staff call centers.