Term Asset Backed Securities Loan Facility

Federal Reserve Bank of New York Announces First Subscription Date for New Loan Facility

 

On May 20, the Federal Reserve Bank of New York announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (TALF). The TALF was established to increase availability of credit and support consumers and businesses by assisting the issuance of asset-backed securities. Borrowers may request one or more three-year TALF loans on the monthly scheduled loan subscription date, beginning with the upcoming first loan subscription date of June 17. Release.

FRB Requests Public Comment on Proposal to Amend Regulation A

 

On December 4, 2017, the Federal Reserve Board (“FRB“) requested public comment on a proposal to amend Regulation A to make certain technical adjustments, including to reflect the expiration of the Term Asset Backed Securities Loan Facility (“TALF“) program.  Regulation A governs extensions of credit by Federal Reserve Banks.   The proposed amendments are “intended to allow the regulation to address circumstances in which the Federal Open Market Committee has established a target range for the federal funds rate rather than a single target rate, and to reflect the expiration of the TALF program.”  Comments on the proposal must be received within 30 days of publication in the Federal Register. Release. Proposal.