Federal Reserve Further Expands Main Street Lending Program and Opens Lender Registration
On June 8, 2020, the Federal Reserve Board announced that it was taking additional actions to expand the scope of, and access to, the Main Street Lending Program (“MSLP”). On the same day, the Federal Reserve also released a series of revised frequently asked questions (“FAQs”) to help answer additional questions lenders and borrowers may have about the MSLP.
On June 15, 2020, the Federal Reserve Board opened the MSLP for lender registration, which can be accessed here. To establish their eligibility, lenders must first register with the MSLP. Eligible Lenders include:
- US federally insured depository institutions, including banks, savings associations, and credit unions;
- US branches or agencies of foreign banks;
- US bank holding companies;
- US savings and loan holding companies;
- US intermediate holding companies of foreign banking organizations; and
- US subsidiaries of any of these.