Federal Reserve Section 13(3) Periodic Report — July 12, 2021

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Periodic Report: Update on Outstanding Lending Facilities 
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
July 12, 2021 
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 and periodic updates regarding each facility 
established under section 13(3). This report provides the next periodic update on 
the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market 
Corporate Credit Facility (SMCCF), 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. Corporate Credit Facilities 
The Board authorized two facilities to support credit to large employers— 
the PMCCF for new bond and loan issuance and the SMCCF to provide liquidity 
for outstanding corporate bonds (together, corporate credit facilities, or the 
CCFs).  The Federal Reserve Bank of New York (FRBNY) established one 
special purpose vehicle (SPV) to manage and operate the CCFs.  The CCFs 
ceased purchasing eligible assets on December 31, 2020. This section provides 
aggregate information about the CCFs. Additional information about the CCFs 
can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/pmccf.htm and 
https://www.federalreserve.gov/monetarypolicy/smccf.htm. 
Update. As of June 30, 2021: 
• The total outstanding amount of the FRBNY’s loans under the CCFs 
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was $13,609,187,197.1 All loans were extended under the SMCCF. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $28,007,002,044.2 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the CCFs, reported on an accrual basis, was 
$454,285,887. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY with respect to the CCFs, reported on 
an accrual basis, was $14,139,659.  
• As described in the Board’s initial report to Congress regarding the 
CCFs, the CCFs include features that are intended to mitigate risk to 
the Federal Reserve. The Board continues to expect that the CCFs 
will not result in losses to the Federal Reserve. 
Effective June 30, 2021, CCF bond holdings are presented on a market 
value-basis, reflecting the change in accounting treatment from hold-to-maturity 
to trading securities due to the intent to actively wind down the portfolio. 
Additional transaction-specific disclosures regarding the SMCCF may be 
found in the attached spreadsheet (Spreadsheet A). No transactions occurred 
under the PMCCF during the period it was operational.  Accordingly, there are 
no transaction-specific disclosures for the PMCCF. 
Correction: In the April 2021 report published on the Board’s website 
showing SMCCF transaction-specific disclosures, three bond positions (CUSIP 
numbers: 863667AM3, 345397XW8, and 638612AK7) that matured in March 
2021 were incorrectly listed twice. 
B. Term Asset-Backed Securities Loan Facility 
On March 22, 2020, the Board authorized the FRBNY to establish and 
1  Loans were extended to the SPV by the FRBNY on the basis of settled securities purchase 
transactions. 
2 Includes the market value of exchange-traded fund holdings under the SMCCF in the amount 
of $5,270,306,698 and the market value of corporate bond holdings under the SMCCF in the 
amount of $4,904,131,431, each of which reflects all purchases through December 31, 2020, and 
sales through June, 29, 2021.  Also includes equity investment from the Department of the 
Treasury and related reinvestment earnings of $13,897,383,461; cash equivalents of 
$3,650,426,495; and interest and other miscellaneous receivables of $284,753,959. 
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operate the TALF.  Under the TALF, the FRBNY lent to an 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 
https://www.federalreserve.gov/monetarypolicy/talf.htm. 
Update. As of June 30, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV 
under the TALF was $1,659,807,611.3 
• The total outstanding amount of loans made by the SPV to eligible 
borrowers was $1,622,217,490. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $5,237,821,682.4 
• The total value of the collateral pledged to secure the SPV’s loans to 
eligible borrowers was $1,912,465,004.5 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the TALF, reported on an accrual basis, was 
$34,456,530. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$2,682,194. 
• 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 
3  Loans were extended to the SPV by the FRBNY on the loan closing date. 
4 Includes $3.5 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
5 Reflects the estimated market value of the collateral, based on information from third-party 
vendors. 
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found in the attached spreadsheet (Spreadsheet B).6 
C. 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 
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 June 30, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV was 
$5,358,000,000.7 
• The total outstanding amount of the notes held by the SPV was 
$4,770,740,000. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $11,741,226,686.8 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MLF, reported on an accrual basis, was 
$107,799,258. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$3,981,828. 
• 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 C). 
6 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.
7  Loans were extended to the SPV by the FRBNY on the basis of settled note purchase 
transactions. 
8 Includes $6.3 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
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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 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 June 30, 2021: 
• The total outstanding amount of all advances under the PPPLF was 
$90,626,314,548. 
• The total value of the collateral pledged to secure outstanding 
advances was $90,626,314,548. 
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$253,391,033. 
• 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 D). 
E. 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 and 
transaction-level disclosures about the MSNLF, MSELF, MSPLF, and NONLF. 
Additional information about the MSLP can be found on the Board’s public 
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website at https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm. 
Update. As of June 30, 2021: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $16,227,948,648.9 
• The total value of the collateral pledged to secure the FRBB’s loans 
to the SPV was $30,547,917,810.10 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$325,426,153.  This comprises $15,218,053 received on 
commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $48,551,813 under the MSNLF; $32,460,764 under the 
MSELF; $228,492,413 under the MSPLF; and $703,110 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 
$9,877,285. 
• 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.11 
9 Loans were extended to the SPV by the FRBB on the basis of settled transactions. 
10  Includes the amortized cost of participations, net of allowance purchased under the MSNLF in 
the amount of $2,024,181,373; purchased under the MSELF in the amount of $1,257,340,960; 
purchased under the MSPLF in the amount of $10,227,922,075; and purchased under the 
NONLF in the amount of $32,036,339.  No participations were purchased under the NOELF.  
Also includes equity investment from the Department of the Treasury and related reinvestment 
earnings of $16,582,833,244; cash and cash equivalents of $231,173,276; and interest and other 
receivables of $192,430,543.  The total collateral value reflects the inclusion of an allowance for 
loan losses in alignment with generally accepted accounting principles.  See infra, n.11. 
11  The evaluation of loan participations purchased by the MSLP resulted in the SPV recording a 
loan loss allowance in the amount of $2.7 billion as of March 31, 2021, which was recorded in 
April 2021.  The allowance for loan losses is estimated based upon the MSLP’s holdings as of 
March 31, 2021, 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 June 30, 
2021, the SPV has recognized approximately $4 million in actual loan losses.  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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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. 
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