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Borrower in Custody - Audit Certification Borrower in Custody - Audit Certification

Borrower in Custody - Audit Certification Borrower in Custody - Audit Certification 2025

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The document is an Audit Certification for the Borrower-In-Custody (BIC) Program, detailing the institution's overview, pledge arrangements, documentation management, collateral management, monitoring processes, and compliance with Federal Reserve guidelines. It includes sections for tracking loan types pledged, documentation exceptions, collateral storage, internal procedures, and certification of compliance by authorized personnel.

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What is borrower-in-custody of collateral certification?

The BIC certification (Certification) form attests to the controls and other procedures in place to safeguard the pledged loans and related documentation. There are two certification forms, one for credit card receivables and one for all other loan types.

What is the FHLB borrower-in-custody program?

The Borrower-in-Custody (BIC) program allows depository institutions (DIs) to pledge loans to the Federal Reserve Bank of Boston (FRBB) as collateral for Payment System Risk (PSR) purposes (intra- day credit) and Discount Window (DW) advances while retaining possession of the loan documentation.

What is the discount window of borrowing?

The discount window is a central bank lending facility meant to help commercial banks manage short-term liquidity needs. Banks that are unable to borrow from other banks in the federal funds market may borrow directly from the central banks discount window paying the federal discount rate.

What is a borrower-in-custody of discount window?

The Borrower-In-Custody of Collateral (BIC) Program is an arrangement that permits depository institutions (DIs) in sound financial condition to pledge loan collateral for Discount Window purposes and retain possession or control of said collateral.

What can be pledged to the discount window?

Most performing or investment-grade assets held by depository institutions are acceptable as collateral. Reserve Banks require a perfected security interest in all collateral pledged to secure Discount Window loans. Reserve Bank staff can offer guidance on other types of collateral that may be acceptable.