WASHINGTON—Credit unions borrowed an aggregate $270.7 million from the Federal Reserve's Discount Window during the second quarter of 2018.
The Federal Reserve reported that 201 credit unions visited the Discount Window 244 times during the quarter, stated Keith Leggett, the former senior vice president and senior economist at the ABA, in his analysis.
The average amount borrowed was $1,138,138. The median amount borrowed was $10,000. The maximum amount borrowed during the quarter was $30,800 by Redstone Federal Credit Union in Huntsville, Ala.
The credit union that frequented the Discount Window the most during the quarter were Aurora Credit Union in Milwaukee, Wis., which borrowed from the Federal Reserve 15 times, and Redstone FCU (10 times).
The vast majority of the credit unions borrowing from the Discount Window used the primary credit program, which is available for the healthiest institutions. Three credit unions borrowed from the secondary credit program. One credit union used the seasonal credit program, which assists small depository institutions in managing significant seasonal swings in their loans and deposits, Leggett said.