text: On October 9, 2016, Francis announced he would raise Farrell to the rank of cardinal in a consistory on November 19, 2016. He was created a cardinal-deacon on that day and assigned to San Giuliano Martire Parish in Rome. On June 10, 2017, Francis named Farrell a member of the Administration of the Patrimony of the Apostolic See, and on December 23, 2017, a member of the Pontifical Commission for Vatican City State. In July 2018, the University of Dallas named an administration building after Farrell, a former chancellor. On February 14, 2019, Francis named Farrell as camerlengo of the Holy Roman Church.
  In June 2019, Farrell admitted receiving a $29,000 gift from Bishop Michael J. Bransfield to refurbish his Rome apartment. A 2018 apostolic visitation to the Diocese of Wheeling-Charleston in West Virginia revealed that he had been using diocesan funds for these gifts and his own personal spending. Farrell returned the $29,000 to the diocese; Bransfield was removed from office in July 2019.
  On April 20, 2020, Farrell persuaded Francis to postpone both the 2021 World Meeting of Families and 2022 World Youth Day to June 2022 and August 2023 respectively due to the COVID-19 pandemic.
  On September 29, 2020, Francis appointed Farrell as president of the Commission for Confidential Matters, a new office in the Roman Curia. According to the church's apostolic constitution, Praedicate Evangelium, the commission is responsible "1. to authorize any legal, economic or financial act that for the greater good of the Church or of persons must be kept confidential and removed from the examination and supervision of the competent entities; 2. to monitor contracts of the Holy See which by law demand confidentiality and to exercise vigilance over them."