WASHINGTON—The Federal Reserve reported that 201 credit unions borrowed from the Discount Window 221 times during the second quarter of 2017.
The aggregate amount borrowed was slightly more than $152.7 million during the quarter. The average amount borrowed by credit unions was $691.1 thousand. The median Discount Window borrowing was $10,000, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
The maximum amount borrowed was $15 million by two credit unions -- Northern FCU (Watertown, N.Y.) and Hiway FCU (Saint Paul, M.N.), Leggett said.
Sea Comm FCU (Massena, N.Y.) visited the Discount Window 11 times during the quarter -- the most by any credit union, Leggett noted.
“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 and another credit union borrowed twice from the seasonal credit program, which assists small depository institutions in managing significant seasonal swings in their loans and deposits,” Leggett said.