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Community banks need to take formal actions to ensure discount window access, and bank management needs to understand the mechanics of discount window borrowing even if there is no immediate need for liquidity, according to the Federal Reserve.
Details: In a new blog post, the Fed shared five steps institutions need to take in order to be ready should they need contingency funding:
Complete legal documents.
Establish collateral arrangements.
Document the mechanics of borrowing.
Test the borrowing process.
Access online resources.
Access: The Fed in January launched Discount Window Direct, a self-service online portal that enables banks to conduct discount window activities 24 hours a day.