WASHINGTON—The Federal Reserve reported that 188 credit unions borrowed from its discount window 255 times during the third quarter of 2017.
The aggregate amount borrowed was almost $176.3 million during the third quarter – up from slightly more than $152.7 million borrowed in the previous quarter, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
The average amount borrowed by credit unions was $691.3 thousand. The median discount window borrowing was $10,000. The maximum amount borrowed was $25 million by Chevron FCU in Oakland.
The most frequent borrowers from the discount window were True North FCU in Juneau, Alaska; North Star Community CU in Maddox, N.D.; Aurora CU in Milwaukee, and United Business and Industry FCU in Plainville, Conn., Leggett said.
Healthiest CUs
“The vast majority of the credit unions borrowing from the discount window used the primary credit program, which is available for the healthiest institutions. One credit union used the secondary credit program. Four credit unions borrowed multiple times from the seasonal credit program, which assists small depository institutions in managing significant seasonal swings in their loans and deposits,” Leggett said.