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New FR 2046 Form Replaces Fed Funds Report

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New FR 2046 Form Replaces Fed Funds Report

If your financial institution borrows from the Federal Reserve Bank's discount window, you should be using a new form for reporting balance sheet data. In January, the Eighth Federal Reserve District stopped using the Weekly Report of Selected Assets, Liabilities and Federal Funds Transactions (the Fed Funds Report) and replaced it with the Federal Reserve System's Selected Balance Sheet Items for Discount Window Borrowers, also referred to as the FR 2046 form.

The biggest advantage to this change is that you only need to submit the FR 2046 if you are borrowing from the discount window. In the past, every institution with a borrowing agreement was required to file a report once a week. Also with this change, the "Enter Fed Funds Data" option under the RR Reporting and Reserves menu on the FedLine® software should no longer be used.

In an environment of heightened interstate branching, the FR 2046 ensures that the same information is requested from all borrowers, and that a standardized reporting form and schedule are used across all Federal Reserve districts. Following are some important tips to remember:

  • The data to be reported depends on the type of credit borrowed. For adjustment or extended credit, each weekly report includes five business days of data ending on Wednesday. The report for seasonal credit includes data for Wednesday only.

  • If you already file select financial data with the District on a weekly basis, you don't have to duplicate this information on the FR 2046.

The FR 2046 form and instructions can be downloaded from the Internet by visiting the web site www.federalreserve.gov/boarddocs/reportforms and choosing the "Research" option. If you have any questions about reporting requirements, please contact Frank Bufe in St. Louis at (314) 444-8750.