In this edition of Profitwise News and Views, we take a closer look at a critically important intervention undertaken by the Federal Reserve during the financial crisis, and its ramifications for borrowers including consumers and small businesses, lenders, financial institutions and for the nation’s credit system. The Term Asset-Backed Securities Loan Facility, TALF, was designed and implemented by the Federal Reserve System. It allowed financial institutions to borrow against asset-backed securities (ABS) on uniform, commonly understood terms after the failure of private sector institutions that had formerly organized the market for ABS, and thereby maintain required liquidity levels while keeping the nation’s credit system functional.