On November 25, 2008, the U.S. Department of the Treasury (Treasury) and the Federal Reserve Board (Federal Reserve) announced the creation of the Term Asset-backed securities Loan Facility, or TALF. The TALF was created to improve lending to consumers and small businesses by providing liquidity to securities backed by consumer and small business loans. Borrowers under the program can finance the purchase of qualifying assetbacked securities through acquisition of a loan from the Federal Reserve Bank of New York (New York Fed). The initial subscription period for loans was March 17-19, 2009, with the initial settlement date scheduled for March 25, 2009.

TALF is modeled after other programs launched by the Federal Reserve to facilitate resumption of more normalized extensions of credit and economic activity.

Please see full bulletin for more information.