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MNI BRIEF: Fed's Main Street Ceasing Purchases In December

(MNI)

The Boston Fed on Wednesday signaled it will not be able to process Main Street program loans in time submitted beyond mid-December.

The Main Street Lending Program, jointly run with the Treasury Department, will likely not be able to process loans submitted after Dec. 14 to meet the year-end termination of the program, according to the Boston Fed, which administers the program. Former Fed officials have told MNI the facility could be reopened and expanded if ex-Federal Reserve Chair Janet Yellen were to be confirmed as Treasury secretary.

Lenders not yet registered with Main Street should initiate registration on or before Dec. 4, the central bank said, and it will stop issuing commitment letters as of Dec. 23.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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