Federal Reserve Section 13(3) Periodic Report — June 9, 2020

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Periodic Report: Update on Outstanding Lending Facilities 
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
June 9, 2020 
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 (the 
Committees) an initial report regarding each facility established under 
section 13(3) and periodic updates at least every 30 days thereafter. This report 
provides the third periodic update for the (1) Primary Dealer Credit Facility 
(PDCF), (2) Commercial Paper Funding Facility (CPFF), and (3) Money Market 
Mutual Fund Liquidity Facility (MMLF). In addition, this report provides the 
second periodic update for the Paycheck Protection Program Liquidity Facility 
(PPPLF).1 
In addition to the PDCF, CPFF, MMLF, and PPPLF, the Board also has 
authorized the establishment of the following credit facilities under section 13(3) 
of the Federal Reserve Act: the Term Asset-Backed Securities Loan Facility, the 
Secondary Market Corporate Credit Facility, the Primary Market Corporate 
Credit Facility, the Municipal Liquidity Facility, the Main Street New Loan 
Facility, the Main Street Expanded Loan Facility, and the Main Street Priority 
Loan Facility.  The Board will provide periodic updates concerning these 
facilities at least every 30 days, in accordance with section 13(3) of the Federal 
Reserve Act. 
Correction 
Prior periodic updates regarding the CPFF described the aggregate 
1 The Board provided its second periodic update for the PDCF, MMLF, and CPFF on May 23, 
2020, and its first periodic update for the PPPLF on May 15, 2020. Although 30 days have 
not passed since those reports, providing an update on the PDCF, MMLF, CPFF, and the PPPLF 
to Congress on June 9, 2020, as of May 31, 2020, will synchronize the reporting of these 
facilities at the end of the month, thereby promoting transparency and facilitating standardized 
monthly reporting. The Board will provide reports about the PDCF, MMLF, CPFF, and the 
PPPLF to the Committees at least every 30 days. 
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collateral value under the facility as being reported on a “fair value” basis.  These 
reports should instead have described the amounts reported as the “total value” of 
collateral.  In particular, consistent with Generally Accepted Accounting 
Principles, some collateral under the CPFF, including commercial paper, was 
valued at amortized cost.  Corrected versions of the reports have been posted on 
the Board’s public website. 
A. Primary Dealer Credit Facility 
On March 17, 2020, the Board authorized the Federal Reserve Bank of 
New York (FRBNY) to establish and operate the PDCF. The PDCF is a term 
loan facility that provides funding to primary dealers in exchange for a broad 
range of collateral and is intended to foster the functioning of financial markets 
more generally. The facility allows primary dealers to support smooth market 
functioning and facilitate the availability of credit to businesses and households. 
Additional information concerning the PDCF can be found on the Board’s public 
website at https://www.federalreserve.gov/monetarypolicy/pdcf.htm. 
Update. As of May 31, 2020: 
 The total outstanding amount of the FRBNY’s loans under the 
PDCF was $5,710,802,000. 
 The total value of the collateral pledged to the FRBNY was 
$6,399,977,564. 
 The amount of interest, fees, and other revenue or items of value 
received by the FRBNY, reported on an accrual basis, was 
$10,833,159. 
 As described in the Board’s initial report to Congress regarding the 
PDCF, the PDCF includes features that are intended to mitigate risk 
to the Federal Reserve. The Board continues to expect that the 
PDCF will not result in losses to the Federal Reserve. 
B. Commercial Paper Funding Facility 
On March 17, 2020, the Board authorized the FRBNY to establish and 
operate the CPFF. The purpose of the CPFF is to provide liquidity to short-term 
funding markets. The CPFF provides a liquidity backstop to U.S. issuers of 
commercial paper, including municipalities, by purchasing three-month unsecured 
and asset-backed commercial paper directly from eligible issuers. Additional 
information concerning the CPFF can be found on the Board’s public website at 
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https://www.federalreserve.gov/monetarypolicy/cpff.htm. 
Update. As of May 31, 2020: 
 The outstanding amount of the FRBNY’s loans to the special purpose 
vehicle (SPV) was $4,243,030,872. 
 The total outstanding amount of the commercial paper held by the 
SPV was $4,248,199,418. 
 The total value of the collateral pledged to secure the FRBNY’s loan 
to the SPV was $14,294,310,536.2 
 The amount of interest, fees, and other revenue or items of value 
received by the FRBNY, reported on an accrual basis, was $459,983. 
 The amount of interest, fees, and other revenue or items of value 
received by the SPV, reported on an accrual basis, was $11,503,577. 
 As described in the Board’s initial report to Congress regarding the 
CPFF, the CPFF includes features that are intended to mitigate risk to 
the Federal Reserve. The Board continues to expect that the CPFF 
will not result in losses to the Federal Reserve. 
C. Money Market Mutual Fund Liquidity Facility 
On March 18, 2020, the Board authorized the Federal Reserve Bank of 
Boston (FRBB) to establish and operate the MMLF. The MMLF provides 
funding to U.S. depository institutions and bank holding companies to finance 
their purchases of certain types of assets from money market mutual funds under 
certain conditions. The program is intended to assist money market mutual funds 
that hold such paper in meeting demands for redemptions by investors and to 
foster liquidity in the markets for the assets held by money market mutual funds, 
including the market for short-term municipal securities. Additional information 
concerning the MMLF can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/mmlf.htm. 
Update. As of May 31, 2020: 
 The total outstanding amount of the FRBB’s loans under the MMLF 
was $32,463,347,008. 
 The total value of the collateral pledged to secure the FRBB’s loans 
was $32,490,240,071. In addition, the Department of the Treasury 
is providing $10 billion as credit protection to the FRBB. 
2 Includes $10 billion equity investment from the Department of the Treasury. 
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 The amount of interest, fees, and other revenue or items of value 
received by the FRBB, reported on an accrual basis, was 
$100,991,040. 
 As described in the Board’s initial report to Congress regarding the 
MMLF, the MMLF includes features that are intended to mitigate 
risk to the Federal Reserve.  The Board continues to expect that the 
MMLF will not result in losses to the Federal Reserve. 
D. 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 offers a source of 
liquidity to the financial institution lenders that lend to small businesses through 
the Small Business Administration’s Paycheck Protection Program. Additional 
information about the PPPLF can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/ppplf.htm. 
Update. As of May 31, 2020: 
 The total outstanding amount of all advances under the PPPLF was 
$52,775,680,187. 
 The total value of the collateral pledged to secure outstanding 
advances was $52,775,680,187. 
 The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$12,804,275. 
 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. 
Transaction-specific disclosures regarding the PPPLF can be found in the 
attached spreadsheet. 
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