Extensions of Credit by Federal Reserve Banks
This final rule amends Regulation A to provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies in the Term Asset-backed Securities Loan Facility. The final rule does not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the final rule only applies to asset- backed securities that are not backed by commercial real estate. The amendment does not represent a change in the stance of monetary policy.