12 CFR § 250.160
Federal funds transactions
November 10, 2020
(a) It is the position of the Board of Governors of the Federal Reserve System that, for purposes of provisions of law administered by the Board, a transaction in Federal funds involves a loan on the part of the selling bank and a borrowing on the part of the purchasing bank.
(b) [Reserved]
[33 FR 9866, July 10, 1968, as amended at 67 FR 76622, Dec. 12, 2002]