To help ensure financial institutions can meet the liquidity needs of all their depositors, the Federal Reserve Bank has developed a new program called the Bank Term Funding Program (BTFP), which is an alternative to borrowing from the Fed’s Discount Window. This BTFP program is an alternative source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress. This program is different from the Fed’s Discount Window as the BTFP will lend to you against the par value of your bonds, not market value. This new lending program is available to financial institutions through March 11, 2024.

However, there are two points we’d like to highlight. First, if you think you may want to access funding from the program in the future, it’s a good idea to go ahead and complete the Fed’s Operating Circular No. 10. Second, please know Corporate One can be your correspondent for this program, which ensures all our members can access this funding source.

As you know, Corporate One’s primary function is to be a liquidity provider to credit unions, and we have ample liquidity and liquidity sources should the need arise for your credit union. These sources include access to the Federal Home Loan Bank, the Federal Reserve, Fed Funds lines, Repo lines, and more than $1 billion in cash. We can also help you attract new liquidity by issuing non-member deposits.

If you have funding needs or concerns, or would like to participate in the BTFP, we suggest reaching out to us as soon as possible. You can contact your Senior Investment/Funding Representative directly, our SVP, Chief Investment Officer, Bob Post ( or 614/825-9302), or our VP, Portfolio Manager, Perry Jones ( or 850-701-4030). We are here to help.