(3) International Banking Facilities
Each International Banking Facility (IBF) of a
U.S. depository institution or of a U.S. branch or
agency of a foreign bank that is required to report
the FR 2420 must report a separate
FR 2420 report for Part B (Eurodollars) only.
(4) Significant Banking Institution
The Federal Reserve may designate any banking
institution that is a participant in money markets
and whose data are important to the analysis and
monitoring of market activity as a “significant
banking institution” even if it does not meet the
asset-size or activity criteria for FR 2420 report-
ing. A significant banking institution will be
expected to begin to report on the FR 2420 within
three months of its designation.
Changes in Reporting Status
Changes to a respondent’s reporting status based on
the asset-size criterion or activity criterion are gov-
erned as follows:
(1) Changes Based on the Asset-Size Criterion
If a U.S. depository institution or U.S. branch or
agency of a foreign bank that does not currently
report on the FR 2420 meets the asset-size report-
ing criterion based on the most recent September
filing of the Call Report, the U.S. depository
institution or U.S. branch or agency of a foreign
bank must begin to report on the FR 2420 effec-
tive January 1 of the following year.
If a U.S. depository institution or U.S. branch or
agency of a foreign bank that reports on the
FR 2420 subsequently falls below the asset-size
criterion based on the most recent September fil-
ing of the Call Report, the U.S. depository insti-
tution or U.S. branch or agency of a foreign bank
must continue to report on the FR 2420 through
the December 31 report date.
(2) Changes Based on the Activity Criterion
If a U.S. depository institution that does not cur-
rently report on the FR 2420 meets the asset-size
criterion of total assets of $5 billion or more but
less than $18 billion based on the most recent fil-
ing of the Call Report, and has federal funds pur-
chased activity totalling more than $200 million
on two or more days over the preceding three
months, the U.S. depository institution is
required to begin to report on the FR 2420 effec-
tive no later than three months after meeting the
activity threshold. U.S. depository institutions
who meet the activity threshold for the first time
should contact the Federal Reserve Bank of New
York’s Data and Statistics Function to discuss
plans to begin reporting.
If a U.S. depository institution that reports on the
FR 2420 meets the asset-size threshold of total
assets of $5 billion or more but less than $18 bil-
lion but subsequently falls below the activity crite-
rion, the U.S. depository institution must con-
tinue to report until the activity criterion is not
met for twelve consecutive months. Requests for a
change in reporting status based on a U.S. deposi-
tory institution’s federal funds purchased activity
falling below the activity threshold should be
made in writing and submitted to the Federal
Reserve Bank of New York’s Data and Statistics
Function.
When to File FR 2420 Reports
Reporting institutions are required to file the
FR 2420 for each business day according to the follow-
ing filing deadlines:
Part A, Federal Funds Purchased:
The deadline for filing Part A of the FR 2420 report is
7:00 a.m. United States Eastern Time one business day
after the report date.
Part B, Eurodollars:
The deadline for filing Part B of the FR 2420 report is
7:00 a.m. United States Eastern Time one business day
after the report date.
Part C, Time Deposits and Certificates of Deposit:
The deadline for filing Part C of the FR 2420 report is
2:00 p.m. United States Eastern Time one business day
after the report date.
General Instructions
GEN-2
September 2022 FR 2420