U.S. Central FCU Gets Access To The Fed’s Discount Window

Credit Union Journal, The, May, 2008 by Ed Roberts, Washington Bureau Chief

U.S. Central FCU said it has been approved to access the Federal Reserve’s credit facilities, including intraday credit and the discount window.

Officials at the central bank for credit unions said they have been working with the Fed for more than a year to reduce risk in the payments system and improve efficiency in the payments process for credit unions.

The accelerating move to electronic payments has increased the need for intraday credit, said David Dickens, chief financial officer for U.S. Central.

The increasing electronic payments are being posted earlier in the day, making access to the Fed’s intraday credit an important option, according to Brad Miller, director of the Association of Corporate CUs. “Settlement is happening earlier and earlier in...

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