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Board Report:  July 14, 2021

Results of Analytical Testing of the Board's Publicly Reported Data for the Secondary Market Corporate Credit Facility

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The Board can enhance the accuracy and transparency of its publicly reported transaction disclosure data for the Secondary Market Corporate Credit Facility. We identified SMCCF transactions that appear to have been documented twice in each of the publicly reported transaction-specific disclosures published from January through April 2021. We identified these duplicates during the survey phase of our ongoing evaluation of third-party cybersecurity risk management processes for vendors supporting the Main Street Lending Program and the SMCCF. After informing Board and Federal Reserve Bank of New York officials of these duplicate entries, they took immediate steps to strengthen internal review processes to ensure that these transactions are appropriately recorded in the SMCCF public disclosure data.

This memorandum includes two items for management's immediate consideration: clarifying the public reporting regarding partial redemptions and correcting the identified duplicates related to bonds that matured. Our final report for this evaluation may include recommendations related to these issues.