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OCC Bulletin 2020-41 | April 20, 2020

Federal Reserve Lending Programs: COVID-19-Related Programs to Support Households, Employers, and Communities


Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties


The Office of the Comptroller of the Currency (OCC) is providing awareness to banks1 about facilities and programs established or expanded by the Board of Governors of the Federal Reserve System to assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus (also known as COVID-19) emergency.

Note for Community Banks

The information in this bulletin applies to community banks.


The Federal Reserve's actions are designed to

  • bolster the effectiveness of the U.S. Small Business Administration’s Paycheck Protection Program (PPP). The PPP Liquidity Facility extends credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.
  • enhance support for small and midsize businesses that were in good financial standing before the crisis. As part of the Main Street Lending Program, eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses, retaining a 5 percent share and selling the remaining 95 percent to the Main Street facility.
  • support further credit flow to households and businesses. The expanded Term Asset-Backed Securities Loan Facility continues to support the issuance of asset-backed securities that fund a wide range of lending, including student loans, auto loans, and credit card loans.
  • help state and local governments better manage cash flow pressures to continue to serve households and businesses in their communities. The Municipal Liquidity Facility purchases short-term notes directly from the states and certain counties and cities.
  • increase the flow of credit to households and businesses through capital markets by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities.

Please refer to for more information.

Further Information

Please contact the Credit Risk Policy division at (202) 649-6670.

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

  • OCC Bulletin 2020-31, "Small Business Administration Lending: New Programs for Small Business Relief"

1 The term "banks" refers to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.