Bankruptcy Blogs

On April 9, 2020, the Federal Reserve issued an updated term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”).  Under TALF, the Federal Reserve will make an equity investment of $10 billion in a special purpose vehicle (“SPV”) that will in turn make up to $100 billion of non-recourse loans fully secured by eligible ABS.   

The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.

The Financial Stability Board said it stood ready to coordinate additional help on capital requirements, upcoming regulatory deadlines and other standards.

Jamie Dimon of JPMorgan Chase, Brian Moynihan of BofA, Michael Corbat of Citi and Charlie Scharf of Wells Fargo are some of the business leaders from multiple industries being asked to help the White House revive the economy as the coronavirus pandemic shows signs of easing in some parts of the country, the president says.

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.