Federal Reserve Board Approves Final Rule Specifying Procedures for Emergency Lending

On November 30, the Federal Reserve Board approved a final rule specifying its procedures for emergency lending under Section 13(3) of the Federal Reserve Act.  The final rule provides greater clarity regarding, among other things, the Board’s authority to engage in emergency lending to programs and facilities with “broad-based eligibility.”  The final rule will take effect January 1, 2016. Press Release. Final Rule.