BIC Requirements and Forms

The Federal Reserve Bank of New York accepts loan pledges from qualifying depository institutions to secure borrowings from the Discount Window or for payment system risk purposes, subject to certain terms and conditions.

Handwritten submissions for certification and pledge forms will not be accepted. Please contact the Discount Window hotline at
866-226-5619 if you require a Word version of any form.
Electronic Pledge Authorization Letter (EPAL)
As of August 1, 2016, the EPAL has been incorporated into the Discount Window Official OC-10 Authorization List
Requirements

In light of the COVID-19 crisis, the New York Fed wants to make pledging institutions aware that it will accept pledges of loan collateral that includes electronic signatures on loan documentation (including records that, if they were in writing, would be negotiable instruments as defined in Uniform Commercial Code Article 3 (e.g., mortgage notes)), relying on the pledging institution’s internal analysis, processes and procedures that such signatures are effective to create enforceable obligations, provided the loans satisfy the New York Fed’s other eligibility criteria. This includes electronically signed loan modifications and electronically signed loans issued under the Small Business Administration’s recently announced Payroll Protection Program. The New York Fed will update BIC documentation listed on this page to reflect this guidance at a later date.

BIC Imaging Requirements
BIC Program Requirements
Certification Forms1
Certification Form (all loans types except credit card receivables)
Certification Form (credit card receivables only)
Image and Destroy Certification Form
Image and Store Certification Form
New Location Questionnaire
Pledge Forms
Collateral Pledge Cover Letter - FFIEC 002
Collateral Pledge Cover Letter - FFIEC 031 and 041
Collateral Pledge Cover Letter - NCUA
Collateral Withdrawal or Termination Cover Letter