FR 2023 SFOS January 2026 Survey Questions

NONCONFIDENTIAL // EXTERNAL

Draft questions for possible Senior Financial Officer Survey:
discount window expanded days
January 2026
This survey asks for your views about the discount window following the Board of Governors’ October
2025 announcement in the Federal Register that the Federal Reserve Banks (Reserve Banks) will expand
the operating days for the Fedwire Funds Service (Fedwire Funds) and National Settlement Service (NSS)
to include Sundays and weekday holidays. This announcement stated that the Board expects the
Reserve Banks to implement this expansion no earlier than 2028. 1
The Federal Register notice stated:
“. . .the Federal Reserve is exploring expanding discount window operating days in connection with
the expansion of the Fedwire Funds Service. As part of this exploration, the Federal Reserve plans to
conduct additional outreach to stakeholders to ensure it fully understands the considerations for
institutions of various sizes related to expanded discount window operations.”
1) To inform an understanding of your institution’s frame of reference, please characterize your
institution’s current willingness to borrow discount window primary credit on present operating days
(i.e., Mondays through Fridays) in each of the following situations. Please rate your institution’s
current willingness on a scale of 1 (very unwilling to borrow) to 5 (very willing to borrow).
Scenario

rating

i. If other funding sources became more expensive than the primary
credit rate due to firm-specific stress
ii. If other funding sources became more expensive than the primary
credit rate due to market-wide stress
2) 2a) In the context of the October 2025 Federal Register notice announcing expanded operating days
for Fedwire Funds and NSS to include Sundays and weekday holidays, which of the following
statements best characterizes your institution's views on the ability to request and receive loans
from the discount window. (Note: The Federal Reserve currently provides intraday credit seven
days per week including holidays on the same terms and conditions as it is available today to
support FedNow operations. 2 )
“At the time that Reserve Banks implement this Fedwire Funds expansion, which will occur no earlier
than 2028, my institution believes…” (select one, and please elaborate on your selection in the
comment box):
i. It is important that my institution is able to request and receive loans from the discount
window on Sundays and weekday holidays during the same hours as it is currently able to
on Mondays through Fridays.
ii. It is important that my institution is able to request and receive loans from the discount
window during at least some hours on Sundays and weekday holidays.
iii. It is not important that my institution be able to request and receive loans from the
discount window on Sundays and weekday holidays. The current availability of credit from
1
2

See https://www.federalreserve.gov/newsevents/pressreleases/other20251009a.htm.
See https://www.federalreserve.gov/paymentsystems/psr_about.htm.
Page 1 of 2

NONCONFIDENTIAL // EXTERNAL

the discount window on Mondays through Fridays (and intraday credit under its existing
terms) should be sufficient to meet the liquidity needs of my institution on days that
Fedwire Funds operates, including Sundays and weekday holidays.
iv. I currently do not have enough information to have a view on the importance of the ability
to request and receive loans from the discount window for my institution on Sundays and
weekday holidays.
2b) Please elaborate on your selection to question 2a in the comment box.
[comment box]
3) If the discount window is only open for parts of the day on Sundays and weekday holidays for
depository institutions to request and receive loans, what do you consider are the most important
hours for your institution to be able to request and receive loans from the discount window to best
support your institution’s potential liquidity needs on these days? (select one):
i. 8 am ET – noon ET
ii. noon ET – 4 pm ET
iii. 4 pm ET – end of day for Fedwire Funds (7 pm ET)
iv. Other (please elaborate in the comment box)
[comment box]
4) 4a) Recognizing that Fedwire Funds operating days will expand to include Sundays and weekday
holidays, this question asks about potential costs for your institution solely associated with the
discount window being open to for depository institutions to request and receive loans on Sundays
and weekday holidays? Please select the statement that best characterizes your assessment. (select
one, and please elaborate on your selection in the comment box provided):
i. I do not anticipate additional costs because being prepared to and/or requesting and
receiving a discount window loan on Sundays and weekday holidays would not add to my
institution’s expanded operating day costs.
ii. I anticipate that there would be potential additional costs for my institution that are solely
associated with discount window loans being available on Sundays and weekday holidays.
4b) Please provide additional details on your selection to question 4a in the comment box. If you
selected ii, please indicate whether the potential additional costs would be minor, modest, or
significant.
[comment box]
5) Are there any other considerations related to discount window operating days that you would like
the Federal Reserve to understand?
[comment box]

Page 2 of 2