Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
This White Paper gives a broad understanding of the terms and implications of the Main Street Lending Program by delving into the key questions market participants are likely to have and addressing the latest changes...more
Happy post-election, post-socially-distanced Thanksgiving, and pre-New Year’s newsletter. Banks, non-banks, and FinTechs can look forward to eight days of announcements from the Biden transition team with their latkes and...more
On October 30, the Federal Reserve Board (FRB) announced adjustments to the Main Street Lending Program in an effort to better support smaller businesses. The changes include reducing the minimum required loan size to...more
We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
The Federal Reserve Board (the “Fed”) recently released additional changes relating to the expansion of its Main Street Lending Program (the “Main Street Program”), which originally targeted small and medium-sized for-profit...more
On July 17, 2020, the U.S. Federal Reserve Board expanded the Main Street Lending Program to provide access to loans for eligible nonprofit organizations. Previously, nonprofit organizations were not eligible to participate...more
This update amends our prior publication on May 4, 2020, titled Federal Reserve Announces Changes to Main Street Lending Program and contains new information based on additional guidance provided by the Federal Reserve on May...more
On May 27, 2020, the FRB Boston (the FRB Boston) released form documents and expanded explanatory materials including updated Frequently Asked Questions (the FAQs) for the Main Street Lending Program (the MSLP)....more
On April 30, 2020, the Federal Reserve Board ( the “Fed”) announced changes to the Main Street Lending Program originally announced on April 9, 2020, expanding the types of facilities and the eligibility of lenders and...more
On April 30, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced an expansion of the Main Street Lending Program (“MSLP”) and clarified certain aspects of the program through publication of a list of...more
Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more
On Thursday, April 9th, the Department of Treasury finalized plans to provide several layers of credit in response to the ongoing COVID-19 market disruptions. ...more
On April 9, 2020, the Federal Reserve Board (“Fed”) announced details of its Main Street Lending Program through which it will purchase up to $600 billion in loans from eligible lenders using funds appropriated to it under...more