S. 4585 — Discount Window Preparedness Act

This section requires depository institutions with at least $10 billion in assets to test their operational capacity to borrow from the Federal Reserve discount window at least semiannually (quarterly for those exceeding $100 billion) and to maintain eligible collateral on an ongoing basis. It directs the Federal Reserve, FDIC, OCC, and NCUA to issue implementing regulations within 180 days that incorporate testing into liquidity supervision, require annual board-approved liquidity plans and reports, and direct the Federal Reserve to extend discount window access until 8 p.m. in each time zone and establish a standardized online borrowing platform.