Periodic Report: Update on Outstanding Lending Facilities — October 10, 2023

Record facts

Summary

A periodic report dated October 10, 2023 from the Board of Governors of the Federal Reserve System to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343). It gives figures as of September 30, 2023 for the TALF, the Municipal Liquidity Facility, the Paycheck Protection Program Liquidity Facility and the Main Street Lending Program. For the PPPLF, it reports outstanding advances of $4,992,975,756, matched by pledged collateral, and $453,135,318 in interest, fees and other revenue. For the Main Street Lending Program, it reports FRBB loans to the SPV of $8,739,400,670 and approximately $257 million in actual loan losses. For each facility the Board states it continues to expect no losses to the Federal Reserve.

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Periodic Report: Update on Outstanding Lending Facilities  
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
October 10, 2023 
 
Overview 
 
The Board of Governors of the Federal Reserve System (Board) is providing 
the following updates concerning certain lending facilities established by the Board 
under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343).  Pursuant to 
section 13(3)(C) of the Federal Reserve Act, the Board must provide the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives an initial report 
and periodic updates regarding each facility established under section 13(3).  This 
report provides the next periodic update on the Term Asset-Backed Securities Loan 
Facility (TALF), the Municipal Liquidity Facility (MLF), the Paycheck Protection 
Program Liquidity Facility (PPPLF), the Main Street New Loan Facility (MSNLF), 
the Main Street Expanded Loan Facility (MSELF), the Main Street Priority Loan 
Facility (MSPLF), the Nonprofit Organization New Loan Facility (NONLF), and 
the Nonprofit Organization Expanded Loan Facility (NOELF).  The Board will 
provide updates concerning its outstanding facilities on a monthly basis, in 
accordance with section 13(3) of the Federal Reserve Act. 
 
A. Term Asset-Backed Securities Loan Facility1 
 
On March 22, 2020, the Board authorized the Federal Reserve Bank of 
New York (FRBNY) to establish and operate the TALF.  Under the TALF, the 
FRBNY lent to a special purpose vehicle (SPV), which made loans to U.S. 
companies secured by certain AAA-rated asset-backed securities (ABS) backed 
by recently originated consumer and business loans.  The TALF was intended to 
support the provision of credit to consumers and businesses by enabling the 
issuance of ABS backed by private student loans, auto loans and leases, consumer 
and corporate credit card receivables, certain loans guaranteed by the Small 
Business Administration, and certain other assets.  The TALF ceased extending 
credit on December 31, 2020.  Additional information about the TALF can be 
found on the Board’s public website at 
 
1  The appendixes to the section 13(3) reports regarding the TALF for August and September 
2023 incorrectly listed three TALF loans that matured and were paid in full on July 17, 2023, as 
paid in full on July 15, 2020.  Updated reports for the TALF for August and September 2023 
correcting this error were posted to the Board’s website on October 10, 2023. 

 
 
 
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https://www.federalreserve.gov/monetarypolicy/talf.htm. 
 
Update.  As of September 30, 2023: 
• The total outstanding amount of the FRBNY’s loans to the SPV 
under the TALF was $393,201,778.2 
• The total outstanding amount of loans made by the SPV to eligible 
borrowers was $335,760,016. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $1,351,045,874.3 
• The total value of the collateral pledged to secure the SPV’s loans to 
eligible borrowers was $361,992,563.4 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the TALF, reported on an accrual basis, was 
$149,258,725. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$54,819,310. 
• As described in the Board’s initial report to Congress regarding the 
TALF, the TALF includes features that are intended to mitigate risk 
to the Federal Reserve.  The Board continues to expect that the 
TALF will not result in losses to the Federal Reserve. 
 
Additional transaction-specific disclosures regarding the TALF may be 
found in the attached spreadsheet (Spreadsheet A).5 
 
B. Municipal Liquidity Facility 
 
On April 8, 2020, the Board authorized the establishment of the MLF.  
The MLF was intended to support lending to state, city, and county governments, 
certain multistate entities, and other issuers of municipal securities.  The Board 
authorized the FRBNY to operate the MLF.  The MLF ceased purchasing 
 
2  Loans were extended to the SPV by the FRBNY on the loan closing date. 
3  Includes $0.9 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
4  Reflects the estimated market value of the collateral, based on information from third-party 
vendors. 
5  Transaction-specific disclosures regarding the TALF include the material investors identified 
to the Board by TALF agents on or before the as-of date.  This information may be updated in 
future reports should the Board receive revised material investor information. 

 
 
 
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eligible notes on December 31, 2020.  Additional information about the MLF can 
be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/muni.htm.  
 
Update.  As of September 30, 2023: 
• The total outstanding amount of the FRBNY’s loans to the SPV was 
$2,907,280,000.6 
• The total outstanding amount of the notes held by the SPV was 
$2,907,280,000. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $6,066,191,857.7 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MLF, reported on an accrual basis, was 
$340,839,265. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$11,433,827. 
• As described in the Board’s initial report to Congress regarding the 
MLF, the MLF includes features that are intended to mitigate risk to 
the Federal Reserve.  The Board continues to expect that the MLF 
will not result in losses to the Federal Reserve. 
 
Additional transaction-specific disclosures regarding the MLF may be 
found in the attached spreadsheet (Spreadsheet B). 
 
C. Paycheck Protection Program Liquidity Facility 
 
On April 8, 2020, the Board authorized each of the 12 Federal Reserve 
Banks to establish and operate the PPPLF.  The PPPLF offered a source of 
liquidity to financial institution lenders that lend to small businesses through the 
Small Business Administration’s Paycheck Protection Program.  The PPPLF 
ceased extending credit on July 30, 2021.  Additional information about the 
PPPLF can be found on the Board’s public website at 
 
6  Loans were extended to the SPV by the FRBNY on the basis of settled note purchase 
transactions. 
7  Includes $2.9 billion equity investment from the Department of the Treasury and interest 
earned thereon. 

 
 
 
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https://www.federalreserve.gov/monetarypolicy/ppplf.htm.  
 
Update.  As of September 30, 2023: 
• The total outstanding amount of all advances under the PPPLF was 
$4,992,975,756. 
• The total value of the collateral pledged to secure outstanding 
advances was $4,992,975,756.  
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$453,135,318.  
• As described in the Board’s initial report to Congress regarding the 
PPPLF, the PPPLF includes features that are intended to mitigate 
risk to the Federal Reserve.  The Board continues to expect that the 
PPPLF will not result in losses to the Federal Reserve.  
  
Additional transaction-specific disclosures regarding the PPPLF may be 
found in the attached spreadsheet (Spreadsheet C). 
 
D. Main Street Lending Program  
 
The Board authorized a Main Street Lending Program (MSLP) to support 
lending to small and medium-sized businesses and nonprofit organizations that 
were in sound financial condition before the onset of the COVID-19 pandemic.  
The MSLP includes five facilities:  the MSNLF, MSELF, MSPLF, NONLF, and 
NOELF.  The Federal Reserve Bank of Boston (FRBB) established one SPV to 
manage and operate all five facilities.  The MSLP ceased purchasing 
participations in eligible loans on January 8, 2021. 
 
This periodic update provides aggregate information about the MSLP.  
Additional information about the MSLP can be found on the Board’s public 
website at https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm. 
 
Update.  As of September 30, 2023: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $8,739,400,670.8 
• The total value of the collateral pledged to secure the FRBB’s loans 
 
8  Loans were extended to the SPV by the FRBB on the basis of settled transactions. 

 
 
 
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to the SPV was $19,373,379,621.9 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$2,265,772,602.  This comprises $464,436,794 received on 
commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $262,139,782 under the MSNLF; $189,068,735 under 
the MSELF; $1,347,523,466 under the MSPLF; and $2,603,825 
under the NONLF related to separately identifiable assets and 
accounts of the facilities. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBB, reported on an accrual basis, was 
$38,893,657. 
• As described in the Board’s initial reports to Congress regarding the 
MSNLF, MSELF, MSPLF, NONLF, and NOELF, the MSLP 
includes features that are intended to mitigate risk to the Federal 
Reserve.  The Board continues to expect that the MSLP will not 
result in losses to the Federal Reserve.10 
 
The MSLP ceased purchasing participations on January 8, 2021; therefore, 
the Board will not provide additional transaction-specific disclosures about the 
MSLP on a periodic basis going forward. 
 
9  Includes the principal amount outstanding of participations, net of allowance, purchased under 
the MSNLF in the amount of $1,247,182,193; purchased under the MSELF in the amount of 
$956,785,755; purchased under the MSPLF in the amount of $6,423,511,764; and purchased 
under the NONLF in the amount of $3,762,773.  No participations were purchased under the 
NOELF.  Also includes equity investment from the Department of the Treasury and related 
reinvestment earnings of $10,148,760,893; cash and cash equivalents of $491,226,507; and 
interest and other receivables of $102,149,736.  The total collateral value reflects the inclusion of 
an allowance for loan losses in alignment with generally accepted accounting principles.  See 
infra, n.10. 
10  The evaluation of loan participations purchased by the MSLP resulted in the SPV updating the 
loan loss allowance to an amount of $1.0 billion as of June 30, 2023; the adjustment was 
recorded in July 2023.  The allowance for loan losses is estimated based upon the MSLP’s 
holdings as of June 30, 2023, and does not indicate actual losses experienced by the program.  
The estimated allowance for loan losses for the MSLP will be updated on a quarterly basis.  As 
of September 30, 2023, the SPV has recognized approximately $257 million in actual loan 
losses, net of subsequent recoveries.  The amount of actual losses for the MSLP will be updated 
in future periodic reports for any losses recognized in the respective report period.

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