On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The goal of the TALF is to help consumers and businesses access affordable credit during and in the aftermath of the Coronavirus Disease 2019 (COVID-19) pandemic by lending to holders of recently generated asset-backed securities (ABS) collateralized by certain types of consumer and business loans. The Federal Reserve will make up to $100 billion in loans available under the TALF. The Federal Reserve originally announced the program on March 23, and we discussed it in a previous GT Alert. On April 9, and again on May 12, the Federal Reserve expanded the class of assets that can qualify as TALF collateral.