On June 29, 2018, the Federal Reserve announced updated collateral margins for discount window lending and payment system risk purposes. These changes, which took effect on August 1, 2018, stem from the most recent review of margins and valuation practices that the Federal Reserve annually conducts. Please review our 2018 Collateral Bulletin, as well as the related Collateral Margins Table Frequently Asked Questions (Off-site), for more information about these changes.