Clifford Chance
Coronavirus: U.S. Federal Reserve Establishes New Term Asset-Backed Securities Loan Facility
23 March 2020
On March 23, 2020, the Board of Governors of the Federal Reserve System launched six new programs in response to the distressed economic conditions caused by the COVID-19 pandemic, including a new Term Asset-Backed Securities Loan Facility to facilitate the issuance of asset-backed securities. Under the TALF, the Federal Reserve Bank of New York will establish and fund a special purpose vehicle to buy eligible ABS issued on or after March 23, 2020.
