Board of Governors of the Federal Reserve System

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 are valued at par. The BTFP is an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.

The BTFP ceased extending new loans on March 11, 2024.

• Terms and Conditions (January 24, 2024) (PDF)
• Frequently Asked Questions (FAQs) (January 24, 2024) (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) (November 13, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (October 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (September 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (August 13, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (July 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (June 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (May 13, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (April 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (March 12, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (February 13, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (January 11, 2024)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (December 12, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (November 14, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (October 11, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (September 12, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (August 11, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (July 11, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (June 13, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (May 11, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (April 11, 2023)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Bank Term Funding Program (PDF) (March 16, 2023)

Related Press Releases

• Federal Reserve Board announces the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11
  (January 24, 2024)
• Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
  (March 12, 2023)