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Financial Services Law Insights and Observations

Boston Fed updates Main Street Lending Program FAQs

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Federal Issues

On June 20, the Federal Reserve Bank of Boston updated FAQs for its Main Street Lending Program (see here, here and here for previous coverage). Among other things, new FAQs address the treatment of applicant debt to third party lenders for purposes of calculating outstanding and undrawn debt, certifications regarding conflicts of interest, and the application of regulatory lending limits imposed on national banks, federal savings associations, and state savings associations to loans issued under the Main Street Lending Program.

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