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Financial Services Law Insights and Observations

Federal Reserve Bank of New York updates FAQs regarding loan facility program

Federal Issues Covid-19 Federal Reserve Bank of New York Securities

Federal Issues

On May 26, the Federal Reserve Bank of New York updated its frequently asked questions), previously covered here, regarding the Term Asset-Backed Securities Loan Facility (TALF). The changes clarify (i) requirements regarding certification of a TALF borrower’s inability to secure adequate credit accommodations, (ii) which nationally recognized statistical rating organizations are eligible rating agencies under the TALF, and (iii) how unsolicited credit ratings are treated.

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