FED to Temporarily Revise Reporting Requirements on Emergency Lending
FED is proposing temporary revisions to the reporting requirements associated with emergency lending. Revisions relate to part FR A-3 of the FR A information collection to reflect additional reporting requirements that were established for the three facilities of the Main Street Lending Program. Participating Main Street Lending Program lenders and borrowers are required to submit certifications related to the eligibility of the borrowers, lenders, and loans for the program and for the specific facility. Since March of 2020, in the context of COVID-19 crisis, FED has established eleven lending facilities to support the flow of credit to households, businesses, and employers and authorized Federal Reserve Banks to lend under the programs. Comments must be submitted by August 03, 2020. FED also published the draft supporting statement for this revised information collection.
Regulation A (12 CFR part 201) establishes policies and procedures with respect to emergency lending under section 13(3) of the Federal Reserve Act, as required by sections 1101 and 1103 of the Dodd-Frank Act. Regulation A requires that borrowers make two certifications to participate in any emergency lending authorized under section 13(3).
- The certifications, designated in this information collection as FR A-1, include that the borrowers are not insolvent and that they cannot obtain adequate credit accommodation. In addition to these certifications, FED may establish additional certification requirements for an individual emergency lending facility.
- The second part of the FR A information collection, FR A-2, pertains to reporting requirements associated with individual facilities that are related to requirements of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
- The third part of FR A, designated as FR A-3, pertains to reporting requirements specific to the Main Street Expanded Loan Facility, the Main Street New Loan Facility, and the Main Street Priority Loan Facility (collectively, the Main Street Lending Program).
Related Links
Comment Due Date: August 03, 2020
Keywords: Americas, US, Banking, COVID-19, Reporting, FR A, CARES Act, Lending Program, Dodd-Frank Act, FED
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