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.
The post-crisis perspective on financial sector development emphasizes strongly capitalized banks along with restrictions on deployment of funds, with a view to maintaining robust balance sheets. In India as well as in many EMEs, a more conventional or traditional approach to banking, with its emphasis on lending as opposed to investment, appears to have been a source of resilience.