Significant banking organizations

DRAFT

Board of Governors of the Federal Reserve System

Instructions for Preparation of

The Report of Selected Money Market Rates
Report Form: FR 2420
Effective Date: October 1, 2018

INSTRUCTIONS FOR THE PREPARATION OF:

Report of Selected Money Market Rates
FR 2420
INTRODUCTION1
The Report of Selected Money Market Rates (FR 2420) is filed on a daily basis and collects data on
transactions in selected money market instruments that were executed by banking institutions on the
report date. The report is comprised of four parts. Part A collects data on federal funds purchased.
Part B collects data on Eurodollars. Part C collects data on time deposits and certificates of deposit
issued by domestic offices. Part D collects data on selected deposits.

Purpose
The FR 2420 is used to monitor market activity in selected money market instruments. The data are
also aggregated to create rate or volume statistics for publication.

Authority
The FR 2420 reports are authorized by law (12 U.S.C. 248(a), 12 U.S.C. 324, 12 U.S.C. 3105(c)(2), 12
U.S.C. 3106(a), 12 U.S.C. 1844(c)(1)(A)).

Confidentiality
The Federal Reserve Board regards the individual reporting institution information provided by each
respondent as confidential (5 U.S.C. § 552(b)(4)). The Federal Reserve, however, publishes aggregate
or summary information in a way that does not reveal an individual reporting institution’s confidential
information. If it should be determined subsequently that any individual information collected on this
form must be released, the reporting institution will be notified.

1

Throughout these instructions, all terms marked in “italics” are defined in the Glossary.

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GENERAL INSTRUCTIONS
Institutions Required to Report
The following banking institutions must file the FR 2420 on a daily basis:
A.) U.S. Depository Institutions
U.S. depository institutions are required to report the FR 2420 if they meet one of two criteria:
1) Asset-Size Criterion:
Every U.S. depository institution with total assets of $18 billion or more as of the most
recent September 30 filing of the FFIEC 31 or FFIEC 041 Report (Call Report) is required
to report the FR 2420.
2) Activity Criterion:
Every U.S. depository institution with total assets of $5 billion or more but less than $18
billion as of the most recent filing of the FFIEC 31 or FFIEC 041 Report (Call Report) and
federal funds purchased activity (as described in Part A) totalling more than $200 million
on two or more days over the preceding three months is required to report the FR 2420.

B.)

U.S. Branches and Agencies of a Foreign Bank
Every U.S. branch and agency of a foreign bank with total third party assets of $2.5 billion or
more as of the most recent September 30 filing of the FFIEC 002 report (Call Report) is
required to report on the FR 2420. Total third party assets are calculated by taking the value
reported in the FFIEC 002 report in Schedule RAL, Item 3, Column A, and subtracting from it
the value reported in the FFIEC 002 report in Schedule RAL, Item 2.a.

C.) International Banking Facilities
Each International Banking Facility (IBF) of a U.S. depository institution or of a U.S. branch
or agency of a foreign bank that is required to report the FR 2420 must report a separate FR
2420 report for Part B (Eurodollars) only.

D.) Significant Banking Institution
The Federal Reserve may designate any banking institution that is a participant in money
markets and whose data are important to the analysis and monitoring of market activity as a
“significant banking institution” even if it does not meet the asset-size or activity criteria for FR
2420 reporting. A significant banking institution will be expected to begin to report on the FR
2420 within three months of its designation.

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Changes in Reporting Status
Changes to a respondent’s reporting status based on the asset-size criterion or activity criterion are
governed as follows:
A.) Changes Based on the Asset-Size Criterion
If a U.S. depository institution or U.S. branch or agency of a foreign bank that does not
currently report on the FR 2420 meets the asset-size reporting criterion based on the most recent
September filing of the Call Report, the U.S. depository institution or U.S. branch or agency of
a foreign bank must begin to report on the FR 2420 effective January 1 of the following year.
If a U.S. depository institution or U.S. branch or agency of a foreign bank that reports on the
FR 2420 subsequently falls below the asset-size criterion based on the most recent September
filing of the Call Report, the U.S. depository institution or U.S. branch or agency of a foreign
bank must continue to report on the FR 2420 through the December 31 report date.
B.)

Changes Based on the Activity Criterion
If a U.S. depository institution that does not currently report on the FR 2420 meets the assetsize criterion of total assets of $5 billion or more but less than $18 billion based on the most
recent filing of the Call Report, and has federal funds purchased activity totalling more than
$200 million on two or more days over the preceding three months, the U.S. depository
institution is required to begin to report on the FR 2420 effective no later than three months
after meeting the activity threshold. U.S. depository institutions who meet the activity
threshold for the first time should contact the Federal Reserve Bank of New York’s Data and
Statistics Division to discuss plans to begin reporting.
If a U.S. depository institution that reports on the FR 2420 meets the asset-size threshold of
total assets of $5 billion or more but less than $18 billion but subsequently falls below the
activity criterion, the U.S. depository institution must continue to report until the activity
criterion is not met for twelve consecutive months. Requests for a change in reporting status
based on a U.S. depository institution’s federal funds purchased activity falling below the
activity threshold should be made in writing and submitted to the Federal Reserve Bank of New
York’s Data and Statistics Division.

When to File FR 2420 Reports
Reporting banking institutions are required to file the FR 2420 for each business day according to the
following filing deadlines:
Part A, Federal Funds Purchased:
The deadline for filing Part A of the FR 2420 report is 7:00 a.m. United States Eastern Time
one business day after the report date.

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Part B, Eurodollars:
The deadline for filing Part B of the FR 2420 report is 7:00 a.m. United States Eastern Time
one business day after the report date.
Part C, Time Deposits and Certificates of Deposit:
The deadline for filing Part C of the FR 2420 report is 2:00 p.m. United States Eastern Time
two business days after the report date.
Part D, Selected Deposits:
The deadline for filing Part D of the FR 2420 report is 7:00 a.m. United States Eastern Time
one business day after the report date.
Extension of Filing Deadline for U.S. Bank Holidays
If the date of a filing deadline falls on a U.S. bank holiday, the deadline is extended by one
business day after the holiday. No other extensions of time for filing reports will be granted.

Where to File Reports
Reports must be filed using the Federal Reserve System’s Reporting Central application. The Federal
Reserve Bank of New York will provide technical assistance to any respondent requiring guidance on
using Reporting Central. The Reporting Central application can be accessed at the following location:
https://www.federalreserve.org/reportingcentral/DataEntryWeb/home.do.
Additional information on the Reporting Central application can be found at the following link:
https://www.frbservices.org/central-bank/reporting-central/.

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Preparation of FR 2420 Reports
Report Individual Transaction Level Data
Respondents must report the information specified on the FR 2420 report for each individual
transaction that was executed on the report date as of the close of business for that report date. Please
see the Glossary under close of business for important additional information. Respondents must
consolidate into the FR 2420 report the transaction data of their foreign or domestic offices as specified
in the Rules of Consolidation below. Each transaction executed and settled on the report date and each
transaction for which the terms were agreed upon on the report date that are scheduled to settle on a
future date must be reported individually with the exact terms for that specific transaction.

Dollar Denomination
All dollar amounts on the FR 2420 are to be reported in millions of U.S. dollars, with amounts rounded
to the nearest million U.S. dollars. Transactions executed with a dollar value less than $1 million
should not be reported.

Arm’s Length Transactions
Only arm’s length transactions are to be reported on all parts of the FR 2420.

Counterparty Type
For each Part of the FR 2420 report, the counterparty type for each transaction must be reported. See
counterparty types in the Glossary. Each counterparty type has a corresponding numerical value. The
numerical values and counterparty type descriptions are consistent across all Parts of the report.

Transaction Date and Forward Starting Transactions
Respondents must report all transactions in all Parts of the FR 2420 on the trade date, regardless of
when the transactions settle; including forward starting transactions.

Rules of Consolidation
A.) U.S. Depository Institutions:
For Part A, Part C, and Part D, a U.S. depository institution with foreign offices must include
in the U.S. depository institution’s FR 2420 report individual transactions data for all domestic
branches and majority-owned domestic subsidiaries whose data are included in the institution’s
FFIEC 031 according to the FFIEC 031 Instructions for consolidation of those domestic offices.
For Part A, Part C, and Part D, a U.S. depository institution with domestic offices only must
include in the U.S. depository institution’s FR 2420 report individual transactions data for all
domestic branches and majority-owned domestic subsidiaries whose data are included in the
institution’s FFIEC 041 according to the FFIEC 041 Instructions for consolidation of those
domestic offices.

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For Part B, a U.S. depository institution must include in the U.S. depository institution’s FR
2420 report either:

B.)



All Eurodollars for each significant branch or office; or



All Eurodollars for all foreign offices

U.S. Branches and Agencies of Foreign Banks:
For Part A, Part C, and Part D, U.S. branches and agencies of foreign banks must follow the
FFIEC 002 instructions for consolidation to determine which activity to report. That is, each
designated branch or agency of a foreign bank must file a separate FR 2420 report.
For Part B, U.S. branches and agencies of foreign banks must report all Eurodollars for
Cayman and Nassau branches. U.S. branches and agencies of foreign banks are to report
either:


All Eurodollars for each significant Cayman and Nassau branch; or



All Eurodollars for all Cayman and Nassau branches

C.) All reporting institutions, including U.S. Depository Institutions, U.S. Branches and Agencies of
Foreign Banks, International Banking Facilities, and Significant Banking Institutions, are not
to consolidate:
1. Affiliate transactions
Transactions between the reporting institution and its affiliates are excluded from all Parts
of the FR 2420.
2. Intercompany transactions (transactions with related parties)
All intercompany transactions are excluded from all parts of the FR 2420.

Amended Reports
The Federal Reserve will require the filing of amended reports if reports as previously submitted
contain misstatements, omissions, or errors. In addition, a reporting institution should file an amended
report when misstatements or errors are found by the reporting institution, for example, after the review
of data or through an audit. Please contact the Federal Reserve Bank of New York’s Data and
Statistics Function concerning amended reports. Respondents must submit amended reports using the
Federal Reserve System’s Reporting Central application.

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Federal Reserve Bank staff thoroughly review data submitted on the FR 2420 report to ensure that the
data are accurate. As a result of that review, Federal Reserve Bank staff may ask reporting institutions
to provide an explanation for certain transactions including the reason behind specific data reported,
and, if reported data are misstated or incorrect, Federal Reserve Bank staff will ask the institution to
submit revisions. Since these data are extremely time sensitive, reporting institutions should respond
as quickly as possible to these requests.

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LINE ITEM INSTRUCTIONS FOR

Federal Funds Purchased
Part A
This section contains specific line item instructions for reporting federal funds purchased.

Federal Funds Purchased
Respondents must report all federal funds purchased by the institution’s U.S. offices denominated in
U.S. dollars in amounts of $1 million or more.

Include:




Federal funds purchased that were negotiated at arm’s length
Federal funds purchased with maturities of overnight, specified term, and those executed under
open trades or continuing contracts
Federal funds purchased from counterparty types that are exempt entities

Respondents must report all federal funds purchased that meet the criteria above and were executed on
the report date regardless of when the transactions settle. Respondents must report each individual
federal funds purchase executed by the institution’s U.S. offices.

Exclude:









Any deposit automatically placed into federal funds under a sweep agreement or other
contractual cash management agreement
Security lending transactions
Borrowings in the form of debt instruments
Repurchase agreements
Federal Home Loan Bank advances
A borrowing from the Discount Window of a Federal Reserve Bank
Borrowings from counterparty types that are non-exempt entities. Please see counterparty types
in the Glossary
Time deposits (as defined in Part C)

Reporting Instructions:
Continuing Contract (or Open Trade): A Federal funds purchase executed under a continuing
contract is reported on the report date the federal funds purchase was executed and then again on
each report date that the transaction is rolled over with a change in any of the terms, including the
interest rate or dollar amount.

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Alternatively, a reporting institution may opt to report federal funds purchased under a
continuing contract on each report date instead of monitoring for changes in terms if this
option is more convenient for the institution’s operations or internal reporting framework.

Item Instructions
Dollar Amount
Report the dollar amount, denominated in millions of U.S. dollars, of each federal funds purchase
as of the date the federal funds purchase was executed (i.e., the date that terms are agreed on); even
if the funds are made available to the reporting institution on a subsequent date. Report the dollar
amount that is made available to the reporting institution.
If no transactions were executed on the report date, enter “0” for the dollar amount. If no
transactions were executed because the reporting institution was closed on the report date, enter
“0” for the dollar amount.

Trade Date
Report the trade date of each transaction in YYYYMMDD format.

Settlement Date
Report the settlement date of each transaction in YYYYMMDD format.

Maturity Date
Report the maturity date of each transaction in YYYYMMDD format. In cases where the
transaction does not have a specific maturity date (i.e., an open trade or continuing contract) enter
99991231.

Interest Rate
Report the interest rate applicable to the transaction. The interest rate should always be reported as
a percent expressed out to five decimal places with a leading zero if the interest rate is less than one
percent. Negative interest rates are to be preceded with a minus (-) sign. For examples of how to
report interest rates, see the Glossary under interest rate.

Counterparty Type
Enter one of the numeric values listed below which describes the type of counterparty to the
transaction.
1. U.S. depository institution
3. U.S. branch or agency of a foreign bank
5. Other financial institution that is defined as an exempt entity
8. U.S. government-sponsored enterprise (GSE) that is defined as an exempt entity
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10. Other exempt entity

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LINE ITEM INSTRUCTIONS FOR

Eurodollars
Part B
This section contains specific line item instructions for reporting Eurodollars.

Eurodollars
Respondents must report all Eurodollars denominated in U.S. dollars issued in amounts of $1 million
or more.

Include:




Eurodollars that were negotiated at arm’s length
Eurodollars that have an interest rate as part of the terms (including those with an interest rate
of zero or a negative rate)
Eurodollars that have a maturity of overnight or of a specified term, as well as those that were
executed under an open trade or a continuing contract

Respondents must report all Eurodollars that meet the criteria above and were executed on the report
date, regardless of when the transactions settle. Respondents must report each individual Eurodollar
executed by the institution’s foreign offices.

Exclude:






Any deposit automatically placed into Eurodollars under sweep agreements or other contractual
cash management agreements
Security lending transactions
Borrowings in the form of debt instruments
Repurchase agreements
Eurodollars issued to retail counterparties

Reporting Instructions:
U.S. Depository Institutions are to report the Eurodollar activity of foreign offices that meet the
definition of significant branch or office in the Glossary.
Alternatively, a U.S. depository institution may opt to report the Eurodollar activity of all foreign
offices each business day instead of applying the significant branch or office test every day if this
option is more suited to the institution’s operations or internal reporting framework.

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U.S. Branches and Agencies of Foreign Banks are to report the Eurodollar activity of Cayman and
Nassau branches that meet the definition of significant branch or office in the Glossary section of
these instructions. For Part B (Eurodollars) only, a U.S. branch or agency of a foreign bank must
consolidate Cayman and Nassau branch activity onto its FR 2420.
Alternatively, a U.S. branch or agency of a foreign bank may opt to report the Eurodollar activity of
all Cayman and Nassau branches each business day instead of applying the significant branch or
office test every day if this method is more suited to the institution’s operations or internal reporting
framework.
International Banking Facilities (IBF) are to report all Eurodollars executed on the report date. The
IBF is required to report all Eurodollars of the IBF on a separate FR 2420 report.
Exclude Eurodollars issued to:
o The IBF’s establishing entity or a related party of the establishing entity
o The IBF of an affiliate

Continuing Contracts: Eurodollars executed under a continuing contract are reported on the report
date the Eurodollar was executed and then again on each report date that the Eurodollar is rolled
over with a change in any of the terms, including the interest rate or the dollar amount.
Alternatively, a reporting institution may opt to report Eurodollars under a continuing contract on
each report date instead of monitoring for changes in terms if this option is more convenient for the
institution’s operations or internal reporting framework.

Item Instruction
Dollar Amount
Report the dollar amount, denominated in millions of U.S. dollars, of each Eurodollar as of the date
the Eurodollar is executed (i.e., the date the terms are agreed on); even if the funds are made
available to the reporting institution on a subsequent date. Report the dollar amount that is made
available to the reporting institution.
If no transactions were executed on the report date, enter “0.” If no transactions were executed
because the reporting institution was closed on the report date, enter “0.”

Trade Date
Report the trade date of each transaction in YYYYMMDD format.

Settlement Date
Report the settlement date of each transaction in YYYYMMDD format.

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Maturity Date
Report the maturity date of each transaction in YYYYMMDD format. In cases where the
Eurodollar does not have a specific maturity date, (i.e. continuing contract), enter the maturity date
as 99991231.

Interest Rate
Report the interest rate applicable to the transaction. The interest rate must always be reported as a
percent expressed out to five decimal places with a leading zero for interest rates less than one
percent. Negative interest rates are to be preceded with a minus (-) sign. For examples of how to
report interest rates, see the Glossary entry under interest rate.

Counterparty Type
Enter one of the numeric values listed below which describes the type of counterparty to the
transaction.
1. U.S. depository institution
2. Non-U.S. office of a U.S. depository institution
3. U.S. branch or agency of a foreign bank
4. Non-U.S. office of a foreign bank
7. Other financial institution
9. Non-financial corporate entity
12. Other Entity

Office Identifier
Report the RSSD ID of the foreign office that has booked the transaction. The office reported
should be the foreign office or branch that has the Eurodollar on its books regardless of the location
of the execution of the transaction.

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LINE ITEM INSTRUCTIONS FOR

Time Deposits and Certificates of Deposit (CDs)
Part C
This section contains specific line item instructions on time deposits and certificates of deposit (CDs).

Time Deposits and Certificates of Deposit
Respondents must report all time deposits denominated in U.S. dollars issued in amounts of $1 million
or more.

Include:




Time deposits that were executed at arm’s length
Time deposits that have an interest rate as part of the terms (including those with an interest
rate of zero or a negative rate)
Time deposits with personal and non-personal counterparties

Respondents must report all time deposits that meet the criteria above and that were executed on the
report date. Respondents must report each individual time deposit executed by the institution’s U.S.
offices.

Exclude:



Market-linked CDs that use derivative transactions as hedges
Time deposits and CDs that are issued as collateral for another transaction (e.g., a CD issued as
collateral for a loan)

Reporting Instructions:
Matching Terms: Each transaction is to be reported separately, even when all terms of the time
deposits issued match.
Brokered Deposits: Transactions such as brokered deposits, where each deposit is placed by a
third party after the time deposit is executed, are to be reported as one transaction.
Renewal of Existing Time Deposit: Report the renewal of an existing time deposit on the day it
becomes outstanding with its new terms.
Floating Rate Time Deposits: For floating rate time deposits, report only on the date the time
deposit is executed, regardless of changes in the terms of the time deposit before its maturity.

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Open Time Deposits: Open time deposits are reported on the report date the open time deposit
was executed and then again on each report date that the open time deposit has a change in any of
the terms, including the interest rate or the dollar amount.
Alternatively, a reporting institution may opt to report open time deposits on each report date
instead of monitoring for changes in terms if this option is more convenient for the institution’s
operations or internal reporting framework.

Item Instruction
Dollar Amount
Report the dollar amount, denominated in millions of U.S. dollars, of each time deposit as of the
date the time deposit is executed (i.e., the date the terms are agreed on) even if the funds are made
available to the reporting institution on a subsequent date. Report the dollar amount that is made
available to the reporting institution.
If no transactions were executed on the report date, enter “0” for the dollar amount. If no
transactions were executed because the reporting institution was closed on the report date, enter
“0” for the dollar amount.

Trade Date
Report the trade date of each transaction in YYYYMMDD format.

Settlement Date
Report the settlement date of each transaction in YYYYMMDD format.

Maturity Date
Report the maturity date of each transaction in YYYYMMDD format. In cases where the time
deposit does not have a specific maturity date, (i.e. open time deposits), enter the maturity date as
99991231.

Interest Rate
Report the interest rate applicable to the transaction. The interest rate should always be reported as
a percent expressed out to five decimal places with a leading zero if the interest rate is less than one
percent. Negative interest rates are to be preceded with a minus (-) sign. For examples of how to
report interest rates, see the Glossary under interest rate.
For floating rate time deposits with a reference rate, report the interest rate (including any spread)
applicable at the inception of the transaction. If the effective interest rate cannot be calculated on
the report date, report zero.

Spread
Floating Interest Rate Time Deposit:
If the interest rate for a floating rate time deposit is determined by the value of the reference rate
PLUS or MINUS a spread, report the amount of the spread in percent terms, expressed to two

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decimal places with a leading zero if the spread is less than 100 basis points. When a negative
entry occurs for the spread item, the spread is to be preceded with a minus (-) sign.


Example 1:
A time deposit with a floating interest rate is referenced to 1 month LIBOR plus 30
basis points. In this case, the spread would be reported as 0.30.



Example 2:
A time deposit with a floating interest rate is referenced to 1 month LIBOR minus 30
basis points. In this case, the spread would be reported as -0.30.



Example 3:
A time deposit with a floating interest rate is referenced to 1 month LIBOR plus 125
basis points. In this case, the spread would be reported as 1.25.

Fixed Interest Rate:
For a time deposit that has a fixed rate, do not report any value in the item for the spread. Leave
this field empty.

Floating or Fixed Rate
Floating Interest Rate:
Enter a numeric value of 1 for a time deposit that has a floating rate.
Fixed Interest Rate:
Enter a numeric value of 2 for a time deposit that has a fixed rate. A time deposit with a reset to a
predetermined interest rate is reported as a fixed rate instrument.

Step-Up Indicator
Fixed Interest Rate:
 Enter Y (for Yes) for a fixed rate time deposit that resets to a predetermined interest
rate.
 Enter N (for No) for a fixed rate time deposit that does not have an interest rate step-up.
Floating Interest Rate:
 Enter NA (for Not Applicable) for a floating rate time deposit.

Reset Period
Enter the numerical value below to describe the frequency for when the interest rate for the
reported time deposit can reset.
0. No Reset
1. Weekly
2. Monthly
3. Quarterly

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4. Semi-annually
5. Annually
6. Other
7. Daily

For time deposits with a reset to a predetermined interest rate, enter the numeric value to describe
the frequency for when the rate is reset.
For time deposits that reset to a predetermined interest rate multiple times during the term of the
deposit at different time intervals, enter a numeric value of 6 (for Other).


Example: If a time deposit with an interest rate at inception of 1.0%, resets in one
month to 1.12%, and then resets in three months to 1.25%, enter a numeric value of 6 for
“Other”.

Reference Rate (If Floating)
Floating Interest Rate:
If the time deposit has a floating rate, enter the numeric value below to describe the reference
rate. If the floating rate is determined by the value of the reference rate PLUS or MINUS a
spread, enter the numeric value below to describe the underlying reference rate.
Fixed Interest Rate:
If the time deposit has a fixed rate, enter a numeric value of 0 to indicate not applicable.
Enter the appropriate numeric value below in the “Reference Rate” data field.
0. Not Applicable
1. Federal Funds Effective Rate
2. Prime Rate
3. One Month U.S. Treasury Constant Maturity Rate
4. One Month LIBOR
5. Three Month LIBOR
6. Overnight Swap Index
7. Other

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Negotiable
If the time deposit is negotiable, report Y for the value of this item. If the time deposit is nonnegotiable, report N for the value of this item.
Y – Yes
N – No

Embedded Options
For time deposits with embedded options, report the numeric value below to describe the option. If
the time deposit does not have an embedded option, report the numeric value as 0 (not applicable)
for the value of this item.
0. Not applicable
1. Callable
2. Puttable
3. Extendible
4. Other
The definitions for the embedded options listed above are provided below.
1. Callable
A callable CD or time deposit contains an embedded option or provision in the deposit
agreement or contract that gives the issuer (depository institution) a call option. The
call option gives the issuer (depository institution) the right to redeem or close the CD
or time deposit for the full amount prior to maturity or before the term ends at any time
or under specified conditions.
2. Puttable
A puttable CD or time deposit contains an embedded option or provision in the deposit
agreement or contract that gives the counterparty (depositor) a put option. The put
option gives the counterparty (depositor) the right to early withdrawal of a portion, an
amount specified by the option, or all of the funds with or without penalty at a
specified time or at any time prior to maturity or before the term ends.
3. Extendible
An extendible CD or time deposit contains an embedded option or provision in the
deposit agreement or contract that gives the counterparty (depositor) the right to
extend the maturity of the deposit at the same terms.
4. Other
Any embedded option that does not fall into one of the categories above. In addition,
the category of “Other” includes a time deposit that has more than one of the

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embedded options defined above.

Counterparty Type
Enter one of the numeric values listed below which describes the type of counterparty to the
transaction.
1. U.S. depository institution
2. Non-U.S. office of a U.S. depository institution
3. U.S. branch or agency of a foreign bank
4. Non-U.S. office of a foreign bank
7. Other financial institution
9. Non-financial corporate entity
12. Other entity

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LINE ITEM INSTRUCTIONS FOR

Selected Deposits
Part D
This section contains specific line item instructions for reporting selected deposits. The purpose of Part
D is to capture short-term wholesale unsecured deposits that are economically equivalent to federal
funds purchased in Part A or Eurodollars in Part B.

Selected Deposits
Respondents must report all selected deposits denominated in U.S. dollars in amounts of $1 million or
more that are executed by the institution’s U.S. offices.

Include:





Selected deposits that were negotiated at arm’s length
A deposit which has an interest rate specified as part of the terms (including those with an
interest rate of zero or a negative rate)
A deposit executed with an original maturity of six or less days. Specifically, those deposits
that are executed with a maturity of 1 day (overnight), 2 days, 3 days, 4 days, 5 days, or 6 days
A deposit issued to either a personal or a non-personal counterparty

Respondents must report all selected deposits that meet the criteria above and that are executed on the
report date regardless of when the transaction settles. Respondents must report each individual
selected deposit executed by the institution’s U.S. offices.

Exclude:



A deposit that does not have a specified term to maturity and is payable immediately on
demand
A deposit that is issued as collateral for another transaction (e.g., a deposit issued as collateral
for a loan)

Reporting Instructions:
Matching Terms: Each selected deposit is to be reported separately, even in cases when all terms
match for some or all of the selected deposits executed on the report date.

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Item Instructions
Dollar Amount
Report the dollar amount, denominated in millions of U.S. dollars, of each selected deposit on
the date the selected deposit was executed (the date the terms are agreed upon); even if the
funds are made available to the reporting institution on a subsequent date. Report the dollar
amount that is made available to the reporting institution.
If no transactions were executed on the report date, enter “0” for the dollar amount. If no
transactions were executed because the reporting institution was closed on the report date,
enter “0” for the dollar amount.

Trade Date
Report the trade date of each transaction in YYYYMMDD format.

Settlement Date
Report the settlement date of each transaction in YYYYMMDD format.

Maturity Date
Report the maturity date of each transaction in YYYYMMDD format.

Interest Rate
Report the interest rate applicable at the inception of the transaction. The interest rate must
always be reported as a percent expressed out to five decimal places with a leading zero if the
interest rate is less than one percent. Negative interest rates are to be preceded with a minus
(-) sign. For examples of how to report interest rates, please refer to the Glossary under
interest rate.

Counterparty Type
Enter one of the numeric values listed below which describes the type of counterparty to the
transaction.

1. U.S. depository institution

2. Non-U.S. office of a U.S. depository institution
3. U.S. branch or agency of a foreign bank
4. Non-U.S. office of a foreign bank
7. Other financial institution

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9. Non-financial corporate entity
12. Other entity

Page 23 of 37

GLOSSARY
Affiliate and Intercompany Transactions:
Transactions between the reporting institution and its affiliates are excluded from all parts of the FR
2420. All intercompany transactions (those with related parties) are excluded from all parts of the FR
2420.
Affiliates:
For domestic banks, affiliates include:
 The reporting institution’s bank holding company
 The bank subsidiaries of the reporting institution’s bank holding company
 The nonbank subsidiaries of the reporting institution’s bank holding company
For U.S. branches and agencies of foreign banks, affiliates include:
 The reporting institution’s foreign parent bank
 The other U.S. branches and agencies of the reporting institution’s foreign parent bank
 The bank subsidiaries of the reporting institution’s foreign parent bank
 The nonbank subsidiaries of the reporting institution’s foreign parent bank
 The holding company of the foreign parent bank
 The bank subsidiaries of the holding company of the foreign parent bank
 The nonbank subsidiaries of the holding company of the foreign parent bank

Intercompany Transactions (those with Related Parties):
For domestic banks, intercompany transactions include those with:
 The bank’s head office
 All domestic branches of the bank
 All Intra-desk trades
 Any IBF established by the bank
 All majority-owned Edge Act and Agreement corporation subsidiaries, including their
IBFs, their foreign and domestic branches, and their significant subsidiaries
 All other majority-owned subsidiaries, including domestic subsidiaries that are
commercial banks, savings banks, or savings and loan associations
For U.S. branches and agencies of foreign banks, intercompany transactions include those with:
 Any IBF established by the branch

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

All entities in which the branch has a direct or indirect ownership interest of more than
50 percent of an entity’s outstanding voting shares

Arm’s Length:
An arm’s length transaction is a transaction in which the buyers and sellers act independently. For
purposes of the FR 2420, only arm’s length transactions should be reported.
Transactions that are not executed at arm’s length are excluded from the FR 2420. For example,
borrowings that are collateral for other transactions are excluded from the FR 2420.
Brokered Deposit:
Brokered deposits represent funds which the reporting bank obtains, directly or indirectly, by or
through any deposit broker for deposit into one or more deposit accounts. Brokered deposits include
both those in which the entire beneficial interest in a given bank deposit account or instrument is held
by a single depositor and those in which the deposit broker sells participations in a given bank deposit
account or instrument to one or more investors.
For purposes of the FR 2420, each individual brokered deposit is reported as one transaction. Do not
report the reporting institution’s entire portfolio of brokered deposits as one transaction.
Cayman and Nassau Branches:
Branches located in the Cayman Islands or Nassau, Bahamas that are managed and controlled by a U.S.
office of the reporting institution. Managed and controlled is defined as those branches for which the
U.S. branch or agency files an FFIEC 002S (as defined in the FFIEC 002S instructions).
Close of Business:
The time established by the reporting institution as the cut-off time for receipt of work for posting
transactions to its general ledger accounts for that day. The time designated as the “close of business”
should be applied consistently over time.
Continuing Contract:
See Open Trade in this Glossary.
Counterparty Type:
Within each Part of the FR 2420 report, the type of counterparty to each transaction is reported. The
numeric value assigned to each counterparty type is used, where relevant, across all the Parts of the
report; therefore, the numerical value and counterparty type description are consistent across all Parts
of the report.
1. U.S. Depository Institution:
An institution that is empowered to perform a banking business and that performs this business
as a substantial part of its operations and that is federally insured or is eligible to apply to
become federally insured.
Page 25 of 37

Counterparty Type (continued):
U.S. Depository Institutions in the United States consist of:


U.S. head offices and branches of U.S. banks including:
o U.S. commercial banks including:
 National banks
 State-chartered commercial banks
 Trust companies that conduct a commercial banking business
o Industrial banks
o Banking Edge Act and Agreement corporations



U.S. head offices and branches of other depository institutions in the U.S. including:
o Mutual or stock savings banks
o Savings or building and loan associations
o Cooperative banks
o Credit unions (including corporate central credit unions)
o Homestead associations
o Other similar depository institutions in the U.S.

For the FR 2420 report, the definition of U.S. depository institution excludes:


U.S. branches and agencies of a foreign bank located in the United States, which are
classified and reported as a distinct counterparty type (see counterparty type 3 below)



Private banks or unincorporated banking institutions organized as partnerships or
proprietorships and authorized to perform commercial banking business



Trust companies whose principal function is to accept and execute trust arrangements or
act in a purely fiduciary capacity



Cash depositories, cooperative exchanges, or similar depository organizations whose
principal function is to serve as a safe deposit institution



Finance companies, whether or not empowered to receive deposits or sell certificates of
deposit

2. Non-U.S. Office of a U.S. Depository Institution:
A non-U.S. office of a U.S. depository institution refers to any branch or office of a U.S.
depository institution that is located in a foreign country.
3. U.S. Branch or Agency of a Foreign Bank:
 U.S. branches of foreign banks include any offices or places of business of foreign
banks that are located in the United States at which deposits are accepted

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Counterparty Type (continued):




U.S. agencies of foreign banks include any offices or places of business of foreign banks
that are located in the United States at which credit balances are maintained incidental to
or arising out of the exercise of banking powers but at which deposits may not be
accepted from citizens or residents of the United States
IBFs of U.S. branches and agencies of foreign banks

4. Non-U.S. Office of a Foreign Bank:
A non-U.S. office of a foreign bank refers to any branch or office of a foreign bank that is
located in a foreign country, including:


All foreign head offices



All foreign branches and offices

Note: Foreign (non-U.S.) bank: A foreign bank is defined as a bank chartered and

headquartered in a foreign country (including foreign banks owned by U.S. nationals and
institutions). A foreign bank is organized under foreign (non-U.S.) law
A foreign bank includes banking entities such as, but not limited to, commercial banks,
merchant banks, discount houses, and similar depository institutions, including nationalized
banks that perform essentially a banking business and do not perform, to any significant extent,
official functions of foreign (non-U.S.) governments.
5. Other Financial Institution that is Defined as an Exempt Entity:
For Federal Funds Purchased (Part A), the counterparty definition of other financial institution
is limited to only those institutions that are also exempt entities, as defined in Regulation D.
Exempt entities include, but are not limited to, the following:


Investment companies whose entire beneficial interest is held exclusively by one or
more depository institutions



Trust companies whose principle function is to accept and execute trust arrangements or
act in a purely fiduciary capacity and whose entire beneficial interest is held exclusively
by one or more depository institutions



New York State investment companies (chartered under Article XII of the New York
State Banking Code) that perform a banking business and that are majority owned by
one or more non-U.S. banks

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Counterparty Type (continued):


Government Development Bank of Puerto Rico

6. Non-depository Financial Institution that is Defined as a Non-exempt Entity:
As of September 30, 2018, Part AA (Selected Borrowings from Non-exempt Entities) was
discontinued; therefore, this counterparty type is no longer applicable from that date forward.
7. Other Financial Institution:
Other financial institutions include those institutions or businesses that are primarily engaged in
proprietary investments and/or in the provision of financial services to other organizations and
households. These services include, but are not limited to, financial intermediation services
whose functions are predominantly: the extension of credit for business purposes, brokerage
services (engaged in the brokering of securities, commodities, or other financial instruments),
underwriting services, financial management services, credit origination services, credit card
services, insurance services, and pension services.
Types of other financial institutions include, but are not limited to:















Holding companies of other depository institutions
Private banks or unincorporated banking institutions organized as partnerships or
proprietorships and authorized to perform commercial banking business
Cash depositories, cooperative exchanges, or similar depository organizations whose
principal function is to serve as a safe deposit institution
Mutual funds
Money market funds
Hedge funds
Pension funds
Trust companies whose principal function is to accept and execute trust arrangements or
act in a purely fiduciary capacity
Private equity funds
Investment banks
Insurance companies
Securities brokers and dealers
Real estate investment trusts (REITS), mortgage companies that specialize in mortgage
loan originations and warehousing or in mortgage loan servicing
Finance companies, whether or not empowered to receive deposits or sell certificates of
deposit

Counterparty Type (continued):



Mortgage finance companies and factors and other financial intermediaries
Credit card issuers

Page 28 of 37







Short-term business credit institutions that extend credit to finance inventories or carry
accounts receivable
Institutions whose functions are predominantly to finance personal expenditures
Other domestic and foreign financial intermediaries whose functions are predominantly
the extending of credit for business purposes, such as investment companies that hold
stock of operating companies for management or development purposes
Small Business Investment Companies

8. U. S. Government-sponsored Enterprise that is Defined as an Exempt Entity:
U.S. government-sponsored enterprises (GSEs; also referred to as Federally-sponsored agencies
or entities) are entities that have been originally established or chartered by the U.S.
Government to serve public purposes specified by the United States Congress but whose debt
obligations are not explicitly guaranteed by the full faith and credit of the U.S. Government.
Included in this counterparty definition are Federally-sponsored lending agencies which are
agencies or corporations that have been chartered, authorized, or organized as a result of
Federal legislation for the purpose of providing credit services to a designated sector of the
economy.
U.S. government-sponsored enterprises that are defined as exempt entities, as defined in
Regulation D, include, but are not limited to:









Federal Agricultural Mortgage Corporation (Farmer Mac)
Federal Farm Credit Banks
Federal Home Loan Banks (FHLBs)
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
Federal Land Banks (FLBs)
Federal National Mortgage Association (FNMA or Fannie Mae)
Financing Corporation (FICO)
Resolution Funding Corporation (REFCORP)

For purposes of the FR 2420, the definition of “U. S. Government-Sponsored Enterprise that is
defined as an Exempt Entity” excludes the following:



Federal Reserve Banks
State and local governments in the United States and their political subdivisions

9. Non-financial Corporate Entity:

Page 29 of 37

Counterparty Type (continued):
A non-financial corporate entity refers to commercial entities, including partnerships and
corporations wherever located, that are not owned by central governments, local governments,
or local authorities with revenue-raising powers, and that are non-financial in nature (i.e., do not
meet the definition of either a depository institution or a non-depository financial institution
provided above).

10. Other Exempt Entity:
Other exempt entity includes any counterparty that is an exempt entity, as defined in Regulation D,
which does not fall into one of the above counterparty types.

11. Other Non-exempt Entity:
As of September 30, 2018 Part AA (Selected Borrowings from Non-exempt Entities) was
discontinued, therefore, this counterparty type is no longer applicable from that date forward.
12. Other Entity:
“Other Entity” includes any counterparty that does not fall into one of the above counterparty
definitions. An “Other Entity” counterparty includes but is not limited to:


Retail counterparty, specifically an individual or a natural person wherever located



State and local governments in the United States and their political subdivisions



U.S. government-sponsored enterprises (GSEs; also referred to as Federally-sponsored
agencies or entities)

Domestic Office or Branch:
A domestic office of the reporting institution is a branch or consolidated subsidiary (other than an Edge
Act or Agreement Corporation subsidiary) which is located in the 50 states of the United States or the
District of Columbia, or a branch on a U.S. military facility wherever located.
The domestic offices of the reporting institution exclude all International Banking Facilities (IBFs); all
offices of Edge Act and Agreement corporation subsidiaries, including their U.S. offices; and all
branches and other consolidated subsidiaries of the bank located in foreign countries.
Embedded Option:
For Part C (Time Deposits and Certificates of Deposit), an embedded option is an option or provision
in the deposit agreement or contract that gives either the issuer (depository institution) or the
counterparty (depositor) the right to take a specific action(s) under specified conditions.
Eurodollar:
A Eurodollar is an unsecured liability which is denominated in U.S. dollars and booked at a foreign
office and executed on the report date. A Eurodollar includes a U.S. dollar dominated deposit that is

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booked at one of the reporting institution’s banking offices and which represents a liability of that
foreign office.
Exempt Entity:
An exempt entity is defined in Regulation D, Section 204.2 (a)(1)(vii)(A). A list of exempt entities is
provided below; however, the citations in Regulation D supersede this list. Exempt entities include,
but are not limited to, the following:


The U.S. offices of:
o U.S. commercial banks and trust companies conducting a commercial banking business
and their majority-owned subsidiaries
o Banking Edge Act and Agreement corporations
o Mutual and stock savings banks
o Building or savings and loan associations and homestead associations
o Cooperative banks
o Industrial banks
o Credit unions (including corporate central credit unions)
o U.S. branches or agencies of foreign (non-U.S.) banks [that is, banks organized under
foreign (non-U.S.) law]



The U.S. government and its agencies and instrumentalities, including:
o Federal Home Loan Banks (FHLBs)
o Federal Agricultural Mortgage Corporation (Farmer Mac)
o Federal Farm Credit Banks
o Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
o Federal National Mortgage Association (FNMA or Fannie Mae)
o Federal Land Banks (FLBs)
o Financing Corporation (FICO)



A securities dealer, when a borrowing by a depository institution from the securities dealer
meets the following conditions:
a) Has an original maturity of one day (overnight),
b) Is in immediately available funds, and
c) Is in connection with the clearance of securities transactions.



Investment companies or trust companies whose entire beneficial interest is held exclusively
by one or more depository institutions.



New York State investment companies (chartered under Article XII of the New York State
Banking Code) that perform a banking business and that are majority owned by one or more
non-U.S. banks.

Page 31 of 37

Federal Funds Purchased:
Unsecured borrowings denominated in U.S. dollars from counterparty types that are exempt entities as
defined in Section 204.2 (a)(1)(vii)(A) of Regulation D.

Federal Home Loan Bank (FHLB) Advances:
An FHLB advance is a loan that is (1) provided pursuant to a written agreement; (2) supported by a
note or other written evidence of the borrower’s obligation; and (3) fully secured by collateral in
accordance with the Federal Home Loan Bank Act and 12 CFR Part 950.
Fixed and Floating Interest Rates:
Fixed Interest Rate:
A CD or time deposit with a fixed interest rate has a rate that is specified at the origination of
the transaction, is fixed and invariable during the term, and is known to both the borrower and
the lender.
Also treated as having a fixed interest rate is a CD or time deposit with a predetermined interest
rate which is a rate that changes during the term of the CD or time deposit on a predetermined
basis (i.e., there is a predetermined reset at which time the interest rate changes to a
predetermined rate which was set at origination). The exact rate of interest over the life of the
CD or time deposit is known with certainty to both the borrower and the lender at the
origination of the CD or time deposit.
Floating Interest Rate:
A CD or time deposit with a floating rate has a rate that varies, or can vary, in relation to an
index, to some other interest rate such as the rate on certain U.S. Government securities or the
"prime rate," or to some other variable criterion the exact value of which cannot be known in
advance. Therefore, the exact rate the CD or time deposit carries at any subsequent time cannot
be known at the time of origination.
Foreign Office:
A branch or consolidated subsidiary located in a foreign country (non-U.S.), or in Puerto Rico or a U.S.
territory or possession. Branches on U.S. military facilities, wherever located, are treated as domestic
offices, not foreign offices.
Forward Starting Transaction:
A forward starting transaction is a transaction that does not settle until a future date.
Interest Rate:
An interest rate reported on the FR 2420 should be reported as a percent expressed out to five decimal
places with a leading 0 if the rate is less than one percent. A negative interest rate is to be preceded
with a minus (-) sign.


Example 1: An interest rate of 2.53 percent would be reported as 2.53000.

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

Example 2: An interest rate of ½ percent would be reported as 0.50000.



Example 3: A negative interest rate of -1.0 percent would be reported as -1.00000.

International Banking Facility (IBF):
An International Banking Facility (IBF) is a set of asset and liability accounts, segregated on the books
and records of the establishing entity, which reflect international transactions. An IBF is established in
accordance with the terms of Federal Reserve Regulation D (Section 204.8) and after appropriate
notification to the Federal Reserve. The establishing entity may be a U.S. depository institution, a U.S.
office of an Edge Act or Agreement corporation, or a U.S. branch or agency of a foreign bank pursuant
to Federal Reserve Regulation D. An IBF is permitted to hold only certain assets and liabilities. In
general, IBF accounts are limited, as specified in the paragraphs below, to non-U.S. residents of foreign
countries, residents of Puerto Rico and U.S. territories and possessions, other IBFs, and U.S. and nonU.S. offices of the establishing entity.
Permissible IBF assets include extensions of credit to the following:




Non-U.S. residents (including foreign branches of other U.S. banks)
Other IBFs
U.S. and non-U.S. offices of the establishing entity

Credit may be extended to non-U.S. nonbank residents only if the funds are used in their operations
outside the United States. IBFs may extend credit in the form of a loan, deposit, placement,
advance, security, or other similar asset.
Permissible IBF liabilities include (as specified in Federal Reserve Regulation D) liabilities to nonU.S. nonbank residents only if such liabilities have a minimum maturity or notice period of at least
two business days. IBF liabilities also may include overnight liabilities to:






Non-U.S. offices of other depository institutions and of Edge Act or Agreement corporations
Non-U.S. offices of foreign banks
Foreign governments and official institutions
Other IBFs
The establishing entity

IBF liabilities may be issued in the form of deposits, borrowings, placements, and other similar
instruments. However, IBFs are prohibited from issuing negotiable certificates of deposit, bankers’
acceptances, or other negotiable or bearer instruments.
Negotiable and Non-negotiable Time Deposits:
Negotiable Time Deposit:
A negotiable time deposit is a large time deposit, which is defined as a time deposit with a
minimum value of $100,000 that can be purchased and sold. The holder of the negotiable time
deposit can sell it to a third party. The negotiable time deposit cannot be redeemed before it has
reached full maturity (without penalty) even if the deposit is sold.

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Non-negotiable Time Deposit:
A non-negotiable time deposit cannot be purchased and sold.
Non-exempt entity:
A non-exempt entity is drawn from Regulation D, Section 204.2 (a) (vii)(A). Note that this section of
Regulation D defines which entities are designated as exempt and when certain entities are designated
as exempt under specific conditions/transactions. All other entities are non-exempt (i.e., those entities
and transactions that are not specifically cited in this section of Regulation D).
Examples of non-exempt entities are provided below; however, the citations in Regulation D supersede
this list.










A partnership or corporation, wherever located
A securities dealer, wherever located, when a borrowing by a depository institution from the
securities dealer meets the following conditions:
a) Has an original maturity that is longer than one day, and
b) Is not in connection with the clearance of securities.
State and local governments in the United States and their political subdivisions
A nonbanking subsidiary of a depository institution (unaffiliated for purposes of the FR 2420)
The parent holding company of a depository institution if the holding company is not a bank
(unaffiliated for purposes of the FR 2420)
The nonbanking subsidiary of a depository institution’s parent holding company (unaffiliated
for purposes of the FR 2420)
The non-U.S. branch or office of a U.S. depository institution (unaffiliated for purposes of the
FR 2420)
The non-U.S. branch or agency of a foreign bank [that is, a bank organized under foreign
(non-U.S.) law] (unaffiliated for purposes of the FR 2420)

Open Trade:
A trade with no specific maturity date. An open trade is a contract or agreement that remains in effect
for more than one business day, but has no specified maturity and does not require advance notice of
either party to terminate. Such contracts may also be known as continuing contracts, open-ended
agreements, or rollovers.
Report Date:
The report date is the as-of date for reporting purposes. It is the date upon which the reportable
transaction was executed (i.e., the date that terms are agreed on and the contract confirmed); even if the
funds are made available to the reporting institution on a subsequent date (transaction scheduled to
settle on a future date). For example, a report date of January 20 would reflect all transactions
executed and settled on January 20, as well as all transactions that were executed on January 20 and are
scheduled to settle on January 21. The report date is the same date as the trade date.

Page 34 of 37

Retail Counterparty:
Retail counterparty refers to a counterparty who is a natural person.
Selected Deposits:
A selected deposit is a deposit which represents funds received or held by the reporting institution for
which credit has been given, or is obligated to be given, to a customer’s deposit account; and is
executed with an original specified term to maturity of six or less days such that the dollar amount of
the deposit is payable to the bearer as follows:
a) On a certain calendar date that is six or less days after the settlement date of the deposit, or
b) At the end of a specified period of time that is six or less days after the settlement date of the
deposit.
Settlement Date:
The settlement date is the date on which a financial transaction is settled and monies from the
transaction are available to the reporting institution.
Significant Branch or Office (Significance Test):
A “significant” branch or office is any foreign office of a U.S. depository institution which has total
assets of $2 billion or more booked at that office as of the close of business for the report date.
“Significant” branch or office applies for reporting Eurodollar transactions in Part B.
Significant Banking Institution:
A significant banking institution is any banking organization that is a participant in money markets that
does not meet the asset-size or activity criteria for reporting on the FR 2420, but that is designated by
the Federal Reserve as an entity whose data are important to the analysis and monitoring of market
activity. A significant banking institution will be expected to begin to report on the FR 2420 within
three months of its designation as a significant banking organization.
Time Deposits:
Deposits payable to the bearer, to any specified person, or to the order of a specified person as follows:
a. On a certain date not less than seven days after the date of deposit,
b. At the expiration of a specified period of time not less than seven days after the date of the
deposit, or
c. Upon written notice to the bank which is required to be given by the depositor (or the
depositor’s designee) not less than seven days before the date of withdrawal.
Time deposits may be evidenced by a negotiable or nonnegotiable instrument, or a deposit in book
entry form evidenced by a receipt or similar acknowledgement issued by the bank, that provides, on its
face, that the amount of such deposit is payable as described above.
Trade Date:

Page 35 of 37

The trade date is the date on which the transaction was executed (i.e., the terms of the transaction were
agreed upon and confirmed). The trade date should be the same as the report date (“as-of” date).
U.S. Bank Holiday:
A U.S. bank holiday is one of the U.S. bank holidays published on the Federal Reserve’s Financial
Services web site at the following link: https://frbservices.org/holidayschedules/index.html
U.S. Branch or Agency of a Foreign Bank:
U.S. branches of foreign banks include any offices or places of business of foreign banks that are
located in the United States at which deposits are accepted.
U.S. agencies of foreign banks include any offices or places of business of foreign banks that are
located in the United States and at which credit balances are maintained incidental to or arising out of
the exercise of banking powers but at which deposits may not be accepted from citizens or residents of
the United States.
U.S. Depository Institution:
An institution that is empowered to perform a banking business and that performs this business as a
substantial part of its operations and that is federally insured or is eligible to apply to become federally
insured.
U.S. Depository Institutions in the United States consist of:


U.S. head offices and branches of U.S. banks including:
o U.S. commercial banks including:
 National banks
 State-chartered commercial banks
 Trust companies that conduct a commercial banking business
o Industrial banks
o Banking Edge Act and Agreement corporations



U.S. head offices and branches of other depository institutions in the U.S. including:
o Mutual or stock savings banks
o Savings or building and loan associations
o Cooperative banks
o Credit unions (including corporate central credit unions)
o Homestead associations
o Other similar depository institutions in the U.S.

For the FR 2420 report, the definition of U.S. depository institution excludes:
o U.S. branches and agencies of a foreign bank located in the United States
o Private banks or unincorporated banking institutions organized as partnerships or proprietorships
and authorized to perform commercial banking business

Page 36 of 37

o Trust companies whose principal function is to accept and execute trust arrangements or act in a
purely fiduciary capacity
o Cash depositories, cooperative exchanges, or similar depository organizations whose principal
function is to serve as a safe deposit institution
o Finance companies whether or not empowered to receive deposits or sell certificates of deposit

Page 37 of 37