The Federal Reserve announced changes to its primary credit program on March 15, 2020, aimed at encouraging greater use of the discount window. The changes narrow the spread between the primary credit rate and the general level of overnight interest rates, making the facility more attractive to depository institutions in generally sound financial condition. Additionally, the new rules allow primary credit loans to be extended for up to 90 days, with prepayment and daily renewal options. These modifications are effective March 16, 2020, and will remain in effect until the Board announces otherwise. Primary credit remains the principal safety valve for liquidity, with no restrictions on the use of borrowed funds and rates priced relative to the Federal Open Market Committee’s target federal-funds range.
https://www.federalreserve.gov/regreform/discount-window.htm
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