Fed to Disclose Borrowers, Loans Made in CARES Act-Funded Facilities

The Federal Reserve today announced plans for monthly disclosures of participants in its lending facilities backed by funds authorized by the CARES Act, including two facilities in the Main Street Lending Program. The Fed said it would report the names and details of participants in each facility; the amounts borrowed and interest rates charged; and overall costs, revenues and fees for each facility.

The Fed said it will make these reports for all facilities established by Section 13(3) and capitalized by equity investments made by the Treasury Department under the CARES Act. In addition to the MSLP, these facilities include those providing liquidity to municipalities and large corporations.

Since the Fed’s Paycheck Protection Program Liquidity Facility was not capitalized by Treasury investments due to PPP loans’ guaranteed status under the CARES Act, it was unclear whether the Fed would make more frequent disclosures than the reporting to Congress required by law for all Section 13(3) facilities.