The Ops Stop provides your organization with a one-stop shop full of helpful operational resources offered by the Federal Reserve Banks. For this installment of the series, we are highlighting the Federal Reserve Banks’ Operating Circulars (OCs).
Did you know that the Federal Reserve Financial Services are governed by the terms and conditions that are set forth in the Federal Reserve Banks’ OCs? Visit the Operating Circulars page to view the most current versions.
OC 1 – Contains the terms for opening, maintaining and terminating a master account with a Federal Reserve Bank, as well as general provisions regarding Reserve Bank services applicable to institutions whether or not they maintain a Reserve Bank account.
OC 2 – Contains the provisions that apply to a financial institution’s cash transactions with a Federal Reserve Bank.
OC 3 – Applies to the handling of all cash items that the Federal Reserve Banks accept for forward collection and all returned checks that we accept for return.
OC 4 – Applies to clearing and settlement of commercial Automated Clearing House (ACH) credit and debit items by the Federal Reserve Banks, sending banks and receiving banks.
OC 5 – Includes the terms under which an institution may access or send certain services and applications provided by a Federal Reserve Bank, in each case, by means of an electronic connection. OC 5 was updated effective October 15.
OC 6 – Applies to funds transfers made through the Fedwire Funds Service, along with subpart B of Regulation J.
OC 7 – Contains the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.
OC 9 – Contains three main sections applicable to Treasury programs under 31 CFR Parts 202, 203 and 225.
OC 10 – Contains the terms under which an entity may obtain Advances from, incur Obligations to, or pledge Collateral to a Federal Reserve Bank.
OC 12 – Contains the terms under which the Federal Reserve Banks provide certain settlement services through what is called the National Settlement Service.