With credit protection provided by the Treasury Department, on March 23 the Board announced that it would support consumer and 2/4  BIS central bankers' speeches  small business lending by establishing the Term Asset-Backed Securities Loan Facility (TALF). The TALF will lend against ABS backed by newly issued auto loans, credit card loans, and other consumer and small business loans.
In turn, these loans will support consumers seeking to obtain these important types of credit. The Federal Reserve also took action with the Treasury Department under section 13(3) to support the credit needs of large employers through the Primary Market Corporate Credit Facility and the Secondary Market Corporate Credit Facility.