Main Street Lending Program

Fed opens Main Street Lending Program to nonprofits

07/17/20

The central bank is expanding its lending facilities meant to help businesses weather the coronavirus pandemic to organizations like educational institutions, hospitals and social service groups.

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The reprieve on Libor won’t last forever. Lenders need to prepare.

07/13/20

Regulators can only delay the move to a new interest rate index alternative for so long.

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Fintech shakeout, Main Street loan quandary, PNC diversifies leadership: Top stories of the week

07/11/20

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership team; and more from this week’s most-read stories.

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Lenders face quandary over offering Main Street loans to noncustomers

07/09/20

Many big banks say they will focus on existing customers in offering credit through the Federal Reserve’s emergency lending program for midsize businesses. Complex vetting and fear of being inundated are said to be among their concerns.

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Main Street program starts slowly; DOJ probing Wirecard for bank fraud

07/09/20

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.

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Interplay of Main Street Lending Program Documents (the Rights and Role of the Main Street SPV)

07/08/20

The $600 billion Main Street Loan program has been highly anticipated to provide financial support in the form of loans to small and medium-sized U.S. businesses affected by the COVID-19 pandemic. The Federal Reserve Bank of Boston that is administering the Main Street Loan program has released term sheets and various other program documents for the three types of loans, “New,” “Priority” and “Expanded,” as well as over 70 pages of Frequently Asked Questions (FAQs).

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Black communities need more help from Fed

07/07/20

The Main Street Lending Program and other Federal Reserve loan facilities should be tailored to the needs of Black-owned banks and businesses.

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Fed to start buying loan stakes in coronavirus rescue program

07/06/20

Banks participating in the Main Street Lending Program were able to register for and offer credit to businesses last month, but the Federal Reserve said Monday it was set to make the effort fully operational.

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Federal loan programs seek borrowers; ECB to encourage more bank mergers

07/02/20

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.

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Netflix to deposit $100M in Black-owned banks; OCC warns on compliance risks

07/01/20

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.

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