1

ACCEPTABLE COLLATERAL FOR 31 CFR PART 202

(Depositaries and Financial Agents of the Federal Government)

Effective: June 3, 2019 

CATEGORY 1: Obligations issued and fully insured or guaranteed by the United States 

Government or a United States Government agency. (Also, see Category 4 

for insured or guaranteed educational loans.) 

Department of the Treasury – www.treasurydirect.gov

Bills 

Notes 

Bonds 

Inflation-Indexed Notes 

Inflation-Indexed Bonds 

Floating Rate Notes

Treasury STRIPS 

STRIPS - Physical Corpus 

STRIPS - Physical Coupons 

STRIPS - Book-Entry Coupons 

Zero Coupon - Callable Corpus 

Zero Coupon - Non-Callable Corpus 

Inflation-Indexed Note Corpus 

Inflation-Indexed Bond Corpus 

Inflation-Indexed Interest Component 

Department of Agriculture – www.usda.gov

Commodity Credit Corporation 

Export Credit Guaranteed Obligations 

Farm Service Agency (FSA) – www.fsa.usda.gov

Insured Notes 

Rural Business-Cooperative Service (RBS) – www.rurdev.usda.gov/rbs

Guaranteed Business and Industry Loans 

Rural Housing Service (RHS) – www.rurdev.usda.gov/rhs

Certificates of Beneficial Ownership (CBO) 

Rural Utilities Service (RUS) – https://www.rd.usda.gov/about-rd/agencies/rural-utilities-service

Guaranteed Loans 

Department of Commerce – www.commerce.gov

National Oceanographic and Atmospheric Administration – www.noaa.gov

Guaranteed Fishing Vessel Loans 

Department of Health and Human Services – www.hhs.gov

Loan Guarantee Program for Health Center Networks or Plans 

Loan Guarantee Program for Health Center Facilities 

Loan Guarantees for Medical Facilities 

Department of Housing and Urban Development – www.hud.gov

Federal Housing Administration (FHA) – https://www.hud.gov/federal_housing_administration

Debentures 

Ginnie Mae (Government National Mortgage Association) – www.ginniemae.gov

All securities guaranteed under: 

GNMA I Mortgage-Backed Securities Program 
2

GNMA II Mortgage-Backed Securities Program 

GNMA Multiclass Program 

Platinum Securities

REMICs 

Callable Class Securities 

Stripped Mortgage-Backed Securities (SMBS) Program 

Public Housing Agency 

Public Housing Agency Bonds 

(Issued under Section 11 of U.S. Housing Act of 1937 for Public Housing Program) 

Section 108 Guaranteed Loan Program – https://www.hud.gov/hudprograms/section108

Section 108 Government Guaranteed Notes 

Section 108 Government Guaranteed Participation Certificates 

Department of Transportation – www.dot.gov

Federal Highway Administration- www.fhwa.dot.gov

Secured Loans, Loan Guarantees, and Lines of Credit issued under the 

Transportation Infrastructure Finance and Innovation Act of 1998, Section 

1501 et. seq. of Public Law 105-178 (23 U.S.C. 181 et. seq.) 

Federal Railroad Administration – www.fra.dot.gov

Railroad Loans and Loan Guarantees issued under Title V of the Railroad Revitalization 

and Regulatory Reform Act of 1976 

Maritime Administration – www.marad.dot.gov

Title XI Ship & Shipyard Guaranteed Obligations 

Department of Veterans Affairs- www.va.gov

VA-Backed Mortgages 

Collateralized Mortgage Obligations (CMO) 

Real Estate Mortgage Investment Conduits (REMIC) 

Export-Import Bank – www.exim.gov

All Export-Import Bank Guaranteed Loans

Federal Deposit Insurance Corporation – www.fdic.gov

FDIC Structured Sale Guaranteed Notes 

National Credit Union Administration – www.ncua.gov

NCUA Guaranteed Notes 

Overseas Private Investment Corporation – www.opic.gov

Guaranteed Notes 

Guaranteed Certificates of Participation 

Small Business Administration (SBA) – www.sba.gov

Development Company Loan Program under Title V of the Small Business Investment Act of 1958, 

as amended: 

Development Company Participation Certificates 

Small Business Investment Company (SBIC) Program under Title III of the Small Business 

Investment Act: 

SBIC Debenture Trust Certificates 

SBIC Participating Security Trust Certificates 

Loans Made by Lenders under Section 7(a) of the Small Business Act of 1953, as amended. Must 

represent interests in the guaranteed portions of Section 7(a) SBA guaranteed loans: 

Guaranteed Interest Certificates

Guaranteed Loan Pool Certificates

Secondary Market Guarantee Program for 504 First Mortgage Loan Pools under Section 

503 of the American Recovery and Reinvestment Act of 2009
3

First Mortgage Loan Pool Certificates

U.S. Agency for International Development (USAID) – www.usaid.gov

Notes and Bonds guaranteed under: 

Worldwide Housing Guarantee Program (22 U.S.C. §§ 2181-82) 

Israel Guarantee Program (22 U.S.C. 2186) 

Emergency Wartime Supplemental Appropriations Act of 2003 Guaranteed Notes Program

(Title I of Pub. Law 108-11) (Israel or Egypt)

CATEGORY 2: -- Obligations of United States Government-Sponsored Enterprises 

(GSEs) and Government-Sponsored Corporations (GSCs) that under 

specific statute may be accepted as security for public funds.

Farm Credit System (FCS) - www.fca.gov

Federal Farm Credit Funding Corporation - www.farmcredit-ffcb.com/

Federal Farm Credit Banks Consolidated Systemwide Discount Notes

Federal Farm Credit Banks Consolidated Systemwide Bonds

Optional Principal Redemption Bonds

Stripped Components 

Federal Agricultural Mortgage Corporation (Farmer Mac) - www.farmermac.com

Discount Notes

Medium-Term Notes

Bonds

Agricultural Mortgage-Backed Securities

Stripped Components

Federal Home Loan Bank System - www.fhlb-of.com

Discount Notes

Consolidated Bonds

Fixed-Rate Bonds

Variable-Rate Bonds 

Step-Rate Bonds 

Conversion Bonds 

Zero Coupon Bonds 

Indexed Bonds 

Range Bonds

Global Debt Program {U.S. Dollar-denominated only}

Stripped Components

Federal Home Loan Mortgage Corporation (Freddie Mac) - www.freddiemac.com

Reference Bills Program

Reference Notes Program

Subordinated Debt

Discount Notes

Medium-Term Notes 

Stripped Components

Callable Corpus Components

Interest Components 

Mortgage-Backed Securities:

Uniform Mortgage-Backed Securities (UMBS) [See note below]

Participation Certificates (PCs) 

Including Giant PCs, ARM PCs, Multifamily PCs, and Gold PCs

Real Estate Mortgage Investment Conduits (REMIC)

Including Reference REMICs

Multi-Family K Certificates (Limited to issuances that are guaranteed by senior class)

Stripped Components
4

Federal National Mortgage Association (Fannie Mae) - www.fanniemae.com

Benchmark Bills

Benchmark Notes (Including Callable and Non-Callable Benchmark Notes)

Benchmark Bonds

Discount Notes

Global Debt Facility Debt Securities {U.S. Dollar-denominated only}

Medium-Term Notes

Debentures

Subordinated Debt (including Capital Debentures)

General Unsecured Fannie Mae Debt Obligations

Stripped Components

Mortgage-Backed Securities:

Uniform Mortgage-Backed Securities (UMBS) [See note below]

Guaranteed Mortgage-Backed Securities (MBS)

Guaranteed REMIC Securities

Guaranteed Grantor Trust Pass-Through Securities

FASITs (Financial Asset Securitization Investment Trust)

Stripped Components

NOTE: On June 3, 2019, Fannie Mae and Freddie Mac began issuing Uniform Mortgage-Backed 

Securities (UMBS) in place of TBA-eligible mortgage-backed securities. UMBS are issued through the 

Fannie Mae and Freddie Mac joint venture, Common Securitization Solutions, using the Common 

Securitization Platform.

Financing Corporation (FICO) - (https://www.fdic.gov/deposit/insurance/risk/assesrte.html)

Bonds

Stripped Components

Resolution Funding Corporation (REFCORP)

Bonds

Stripped Components

Student Loan Marketing Association (SLMA) [See note below]:

NOTE: On December 29, 2004, the Student Loan Marketing Association (commonly known as Sallie Mae

or SLMA), a government-sponsored enterprise (GSE), was dissolved. Its remaining debt of approximately 

$1.9 billion par amount as of December 29, 2004 was transferred to a trust and maintains the attributes 

accorded SLMA debt prior to SLMA’s dissolution. Pursuant to the 1996 SLMA Reorganization Act, the 

“Sallie Mae” trademark has been assigned to SLM Corporation, subject to certain restrictions on its use 

on debt obligations by SLM Corporation and its subsidiaries. SLM Corporation and its subsidiaries are 

not sponsored by, or agencies of, the United States, and their debt is not GSE debt and should not be 

confused with SLMA debt. The acceptance of SLM Corporation debt is subject to the criteria under 

Category 7 of this list and is valued accordingly.

Tennessee Valley Authority (TVA) - www.tva.gov

Power Bonds

Discount Notes

Global Offering Series {U.S. Dollar-denominated only}

Stripped Components

CATEGORY 3: -- Obligations issued or fully guaranteed by international development 

banks. (These obligations are only acceptable if denominated in U.S. 

Dollars.) 

World Bank Group – www.worldbank.org

International Bank for Reconstruction and Development (IBRD or World Bank) –

www.worldbank.org/ibrd

Notes 
5

Discount Notes 

Bonds 

World Bank securities offered under the following programs: 

COLTS (Continuously Offered Longer-Term Securities) 

GMTN (Global Multi-Currency Notes) 

GDIF (Global Debt Issuance Facility) 

MLT (Medium Long-Term Notes) 

CBF (Central Bank Facility) 

GSTN (Global Short Term Notes)

Stripped Components 

International Finance Corporation (IFC) – www.ifc.org

Notes

Discount Notes

Global Medium Term Notes

Bonds 

African Development Bank – www.afdb.org

Notes 

Bonds 

Commercial Paper

Stripped Components 

Asian Development Bank – www.adb.org

Notes 

Bonds

Stripped Components 

Inter-American Development Bank (IADB) – www.iadb.org

Notes

Discount Notes 

Bonds 

Stripped Components 

CATEGORY 4: -- Insured student loans or notes representing educational loans insured or 

guaranteed under a program authorized under Title IV of the Higher 

Education Act of 1965, as amended, or Title VII of the Public Health 

Service Act, as amended. (Note: Securities issued by the Student Loan 

Marketing Association are referenced in Category 2.)

Department of Education- www.ed.gov

William D. Ford Direct Loan (DL) Program 

- Authorizes four types of loans: Subsidized Stafford Loans and Unsubsidized Stafford 

Loans, which are made to student borrowers; PLUS loans, which are made to parents and 

graduate students; and Consolidation Loans. 

- Repayment of the loans is guaranteed by the U.S. Department of Education. Loans, 

however, are serviced by guarantee agencies known as the Title IV Additional Servicers 

(TIVAS). 

Department of Health and Human Services - www.hhs.gov

Health Education Assistance Loan (HEAL) Program 

CATEGORY 5: -- General Obligations issued by states of the United States and Puerto 

Rico that are not in default as to payments on principal or interest and 

that may be purchased by banks as investment securities under the 

limitations established by appropriate federal bank regulatory agencies.
6

(Acceptable if the obligations are “investment grade” as that term is defined in 12 CFR part 1, whereby the 

risk of default by an obligor is low and the pledgor has assessed the credit risk of the obligations in 

accordance with the due diligence requirements provided in the Office of the Comptroller of the Currency’s 

Supervisory Guidance on Due Diligence Requirements in Determining Whether Securities are Eligible for 

Investment.)

CATEGORY 6: -- Obligations of counties, cities, or other United States governmental 

authorities or instrumentalities that are not in default as to payments on 

principal or interest and that may be purchased by banks as investment 

securities under the limitations established by appropriate federal bank 

regulatory agencies.

(Acceptable if the obligations are “investment grade” as that term is defined in 12 CFR part 1, whereby the 

risk of default by an obligor is low and the pledgor has assessed the credit risk of the obligations in 

accordance with the due diligence requirements provided in the Office of the Comptroller of the Currency’s 

Supervisory Guidance on Due Diligence Requirements in Determining Whether Securities are Eligible for 

Investment.)

Acceptable collateral includes:

Bond Anticipation Notes (BAN)

Tax Warrants & Tax Anticipation Notes (TAN)

Revenue Bonds and Revenue Anticipation Notes (RAN)

Municipal (including State) Revenue Bonds and Anticipation Notes

CATEGORY 7: -- Obligations of domestic corporations that may be purchased by banks 

as investment securities under the limitations established by appropriate 

federal bank regulatory agencies.

(Acceptable if the obligations are “investment grade” as that term is defined in 12 CFR part 1, whereby the 

risk of default by an obligor is low and the pledgor has assessed the credit risk of the obligations in 

accordance with the due diligence requirements provided in the Office of the Comptroller of the Currency’s 

Supervisory Guidance on Due Diligence Requirements in Determining Whether Securities are Eligible for 

Investment.)

-- CMOs and REMICs backed by Government Agency Guaranty 

Mortgages, Government Agency Mortgage Certificates and 

Conventional Mortgages are acceptable provided they are “investment 

grade” as that term is defined in 12 CFR part 1, except that the risk of 

default by an obligor is very low and the pledgor has assessed the credit

risk of the obligations in accordance with the due diligence 

requirements provided in the Office of the Comptroller of the 

Currency’s Supervisory Guidance on Due Diligence Requirements in 

Determining Whether Securities are Eligible for Investment.

-- Non-Agency Residential Mortgage Backed Securities (RMBS) are 

acceptable provided they are “investment grade” as that term is defined 

in 12 CFR part 1, except that the risk of default by an obligor is very 

low and the pledgor has assessed the credit risk of the obligations in 

accordance with the due diligence requirements provided in the Office 

of the Comptroller of the Currency’s Supervisory Guidance on Due 

Diligence Requirements in Determining Whether Securities are Eligible 

for Investment.
7

CATEGORY 8: -- Commercial paper and bankers’ acceptances are acceptable provided 

they are “investment grade” as that term is defined in 12 CFR part 1, 

except that the risk of default by an obligor is very low and the pledgor 

has assessed the credit risk of the obligations in accordance with the 

due diligence requirements provided in the Office of the Comptroller of 

the Currency’s Supervisory Guidance on Due Diligence Requirements 

in Determining Whether Securities are Eligible for Investment.

Qualifying industrial revenue bonds are acceptable after they are 

approved by the Federal Reserve System at the direction of Treasury.

Commercial Paper

Bankers’ Acceptances 

Industrial Revenue Bonds (IRBs)

IRBs are issued by states or local governments, but the obligor is usually the underlying 

corporate entity.

Security must be:

• Marketable, i.e., not contain any provision limiting its assignability or transferability; 

and

• Approved by the Federal Reserve System after a credit analysis.

CATEGORY 9: -- Qualifying publicly issued asset-backed securities that are “investment 

grade” as that term is defined in 12 CFR part 1, except that the risk of 

default by an obligor is very low and the pledgor has assessed the credit 

risk of the asset-backed securities in accordance with the due diligence 

requirements provided in the Office of the Comptroller of the 

Currency’s Supervisory Guidance on Due Diligence Requirements in 

Determining Whether Securities are Eligible for Investment.

Acceptable asset-backed securities may be backed only by the following asset sectors:

• Auto Loans

• Credit Card Receivables

• Equipment Leases 

• Home Equity Loans

• Student Loans

CATEGORY 10: -- Qualifying publicly-issued and privately-issued U.S. residential covered 

bonds that are “investment grade” as that term is defined in 12 CFR part 

1, except that the risk of default by an obligor is very low and the 

pledgor has assessed the credit risk of the covered bonds in accordance 

with the due diligence requirements provided in the Office of the 

Comptroller of the Currency’s Supervisory Guidance on Due Diligence 

Requirements in Determining Whether Securities are Eligible for 

Investment.

Acceptable covered bond securities must be:

• Backed by performing 1-4 family residential mortgages;

• Domestically issued;

• U.S. dollar denominated; and

• Marketable (i.e., not containing any provision limiting their assignability or 

transferability.)
8

NOTES:

TRANSFERABILITY:

All pledged collateral must be transferable and owned by the depositary free and clear of all liens, charges, 

and claims.

INSTRUMENTS CURRENTLY NOT ACCEPTABLE AS COLLATERAL:

** Common and Preferred Stock

** Consumer Paper or Consumer Notes

** Foreign Currency-Denominated Securities

** Mutual Funds

** Commercial, Agricultural, or Construction Loans

** Securities and instruments are not acceptable if they are issued by the pledging institution, an 

affiliate of the pledging institution, or otherwise correlated with the financial condition of the 

pledging institution. 

** Obligations of foreign countries (i.e., Sovereign Debt)

** Collateralized Bond Obligations (CBOs), Collateralized Loan Obligations (CLOs), and 

Collateralized Mortgage-Backed Securities (CMBS) except as otherwise noted

** Real Estate Mortgage Notes 

** Securities for which market prices are not available

VALUATION:

For current applied margins, please refer to the TreasuryDirect website (www.treasurydirect.gov).

FEDWIRE CODES:

This list is organized by categories of issuers and acceptable securities for the 31 CFR Part 202 program. 

For a complete listing of all related Fedwire codes, see the Federal Reserve’s “Fedwire Securities Service 

Guide.” 

Information and guidance contained in this listing are subject to change. This document may not be an 

exhaustive listing of all securities, including U.S. agency securities that are eligible for Treasury 

collateral purposes. All modifications or updates will be distributed periodically and posted to the 

TreasuryDirect website (www.treasurydirect.gov) or contact the Federal Reserve’s Treasury Support 

Center at 1-888-568-7343 (Select Option 2 for Collateral Monitoring).