On April 23, 2020, the Federal Reserve Board (“Board”) announced that it will provide “extensive” public information on the borrowers, interest rates, and loan amounts pertaining to the funding from the coronavirus emergency lending programs.
In particular, the Board will report on a monthly basis several updates regarding the liquidity and lending facilities using Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. These updates will include several pieces of information, including:
- Names and details of participants in each facility;
- Amounts borrowed and interest rate charged; and
- Overall costs, revenues, and fees for each facility.
The new reporting will apply to all facilities that incorporate equity investments from the Treasury Department via the CARES Act. The Board also committed to publishing reports on CARES Act 13(3) facilities on its website at least every 30 days.