May 12, 2020 / 5:28 PM / 20 days ago

Fed to disclose borrowers under TALF, PPP facilities

(Reuters) - The Federal Reserve on Tuesday said it will publish the names of banks borrowing under two of its emergency lending programs - the Term Asset-Backed Securities Loan Facility and the Paycheck Protection Program Liquidity Facility - on a monthly basis.

The Fed will also disclose details on amounts borrowed, the names of material investors in borrowers, the types of collateral pledged, and costs and fees for the facility, it said.

The Fed is backstopping company and local government debt with an array of lending programs, and last month said it would release similar details for borrowers under its planned Main Street Lending Facility.

During the last crisis the Fed kept a tight lid on information about who was borrowing under its emergency programs for fear of deterring those who needed the money from tapping the loans.

“The Federal Reserve remains committed to providing the public and Congress with detailed information about our efforts to support households and businesses during this unprecedented time,” Fed Chairman Jerome Powell said in a statement.

The new TALF term sheet here is found on the Fed's website.

Reporting by Ann Saphir and Howard Schneider; Editing by Chris Reese and Andrea Ricci

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