Obligations eligible as collateral for advances.

CFR · 2024-01-01 · US · Title 12

(a) Section 3(a) of Pub. L. 90-505, approved September 21, 1968, amended the eighth paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 347) to authorize advances thereunder to member banks “secured by such obligations as are eligible for purchase under section 14(b) of this Act.” The relevant part of such paragraph had previously referred only to “notes * * * eligible * * * for purchase”, which the Board had construed as not including obligations generally regarded as securities. (See 1962 Federal Reserve Bulletin 690, § 201.103(d).) (b) Under section 14(b) direct obligations of, and obligations fully guaranteed as to principal and interest by, the United States are eligible for purchase by Reserve Banks. Such obligations include certificates issued by the trustees of Penn Central Transportation Co. (1) Federal Intermediate Credit Bank debentures; (2) Federal Home Loan Bank notes and bonds; (3) Federal Land Bank bonds; (4) Bank for Cooperative debentures; (5) Federal National Mortgage Association notes, debentures and guaranteed certificates of participation; (6) Obligations of or fully guaranteed by the Government National Mortgage Association; (7) Merchant Marine bonds; (8) Export-Import Bank notes and guaranteed participation certificates; (9) Farmers Home Administration insured notes; (10) Notes fully guaranteed as to principal and interest by the Small Business Administration; (11) Federal Housing Administration debentures; (12) District of Columbia Armory Boa

official document · source cfr-2024 · id 12:§ 201.108