# Extensions of Credit by Federal Reserve Banks
> **US Federal Reserve System** · Final rule. · Published 2007-12-17 · Effective 2007-12-12 · 72 FR 71202
## Document
- **Document number:** E7-24315
- **Category:** final-rule
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 72 FR 71202
- **CFR reference:** 12 CFR 201
- **Publication date:** 2007-12-17
- **Effective date:** 2007-12-12
- **Docket:** Regulation A
## Abstract

The Board of Governors of the Federal Reserve System (Board) is amending its Regulation A, effective December 12, 2007, to allow the Board to authorize a temporary Term Auction Facility (TAF) under section 10B of the Federal Reserve Act. A TAF is a credit facility that allows a depository institution to obtain an advance from its local Federal Reserve Bank at an interest rate that is determined as the result of an auction. A TAF is expected to permit depository institutions to obtain credit on a secured basis from the Federal Reserve at rates that meet the market demand for credit of relatively short terms. The Board is also announcing the immediate authorization of a TAF, subject to the terms and conditions specified herein.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2007/12/17/E7-24315/extensions-of-credit-by-federal-reserve-banks)
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