On January 15, the Federal Reserve Bank of New York (NY Fed) issued revised versions of its Term Asset-Backed Securities Loan Facility (TALF) documents and forms and TALF frequently asked questions (FAQs). The updated FAQs include additional details relating to Nationally Recognized Statistical Rating Organizations (NRSROs) in accordance with a recent NY Fed final rule on designating NRSROs as TALF-eligible. The updated master loan and security agreement (MLSA) provides that settlements on releases of collateral should be made on a “delivery versus payment” basis, and the updated conflicts of interest guidance for TALF agents provides details on the requirement that TALF agents must designate a person or committee independent of sales and trading to conduct conflicts of interest oversight and mitigation.

Please click here for the updated FAQs, here for changes from the previous version of FAQs, here for more information on the updated MLSA, here for updated conflicts of interest guidance, and here for changes from the previous version of conflicts of interest guidance.