Board of Governors of the Federal Reserve System

Term Asset-Backed Securities Loan Facility

The Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) on March 23, 2020 to support the flow of credit to consumers and businesses. The TALF enabled the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets.

Under the TALF, the Federal Reserve lent on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The Federal Reserve lent an amount equal to the market value of the ABS less a haircut and was secured at all times by the ABS. Treasury, using the ESF, also made an equity investment in the SPV established by the Federal Reserve for this facility.

The TALF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. The TALF ceased extending credit on December 31, 2020.

• Term Sheet (July 28, 2020) (PDF)
• FAQs

Letter from Chair Powell to Secretary Mnuchin regarding emergency lending facilities (November 20, 2020)

Reports to Congress

• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (April 12, 2021)
  • TALF Transaction-specific Disclosures (XLSX) (April 12, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (March 11, 2021)
  • TALF Transaction-specific Disclosures (XLSX) (March 11, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (February 9, 2021)
  • TALF Transaction-specific disclosures (XLSX) (February 9, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (January 11, 2021)
  • TALF Transaction-specific disclosures (XLSX) (January 11, 2021)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (December 11, 2020)
  • TALF Transaction-specific disclosures (XLSX) (December 11, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 24, 2020)
  • TALF Transaction-specific disclosures (XLSX)(November 24, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 9, 2020)
  • TALF Transaction-specific disclosures (XLSX) (November 9, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 8, 2020)
  • TALF Transaction-specific disclosures (XLSX) (October 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 8, 2020)
  • TALF Transaction-specific disclosures (XLSX) (September 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 10, 2020)
  • TALF Transaction-specific Disclosures (XLSX) (August 10, 2020)
• Report on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 3, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 10, 2020)
  • TALF Transaction-specific Disclosures (XLSX) (July 10, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Term Asset-Backed Securities Loan Facility (PDF) (June 28, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Term Asset-Backed Securities Loan Facility (PDF) (May 29, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Term Asset-Backed Securities Loan Facility (PDF) (April 29, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Term Asset-Backed Securities Loan Facility (PDF) (March 30, 2020)

Related Press Releases

• Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30
  (July 28, 2020)
• Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility
  (July 23, 2020)
• Federal Reserve publishes updates to the term sheet for the Term Asset-Backed Securities Loan Facility (TALF) and announces information to be disclosed monthly for the TALF and the Paycheck Protection Program Liquidity Facility
  (May 12, 2020)
• Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
  (April 9, 2020)
• Federal Reserve announces extensive new measures to support the economy
  (March 23, 2020)

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