This deviates from the majority of Christian Bibles, it seems. I understand that the underlying sense of chesed is love, mercy, covenant loyalty, etc. but simply translating it as "loyalty," as in:
By loyalty and faithfulness iniquity is atoned for, and by the fear of the Lord one avoids evil. (Proverbs 16:6)
Do not let loyalty and faithfulness forsake you; bind them around your neck, write them on the tablet of your heart. (Proverbs 3:3)
That seems a bit neutered to me. I know we are unable to presume what translators were thinking without asking them, but it seems a bit theologically loaded to translate it as above. Is it a theological fear of works-based merit, in Proverbs 16:6, perhaps an unwillingness to admit that the Bible may insinuate that? Or is there a solid argument to be made that loyalty here is the strongest term based on the context?
Elsewhere, the NRSV, RSV, REB, and CSB translate chesed to emphasize God's steadfast and unfailing love. In which case, it is steadfast love and faithfulness that make atonement for sin, and it is steadfast love and faithfulness that we tie around our necks. Why the vast range of difference?