4.1.20
On April 1, a bipartisan group of lawmakers from the House Committee on Financial Services sent a joint letter to Federal Reserve Chairman Jerome Powell urging the Fed to expand the initial Term Asset-Backed Securities Loan Facility (TALF) to include investment-grade securities backed by unsecured consumer loans as eligible collateral. Members wrote, “We are concerned that the initial term sheet that accompanied the release of this program does not go far enough to ensure that working families all across the country can have the confidence that this program will help them deal with the threat and reality of lost jobs and disrupted income.”
The letter follows a March 22 proposal SFA delivered to the Federal Reserve and Treasury recommending modifications to TALF that reflect the evolution of the securitization market over the past decade.