Not that I know of. I have known several people that failed Part 1. They all still finished their fellowships or started the job they had found. I think only long term effects are if you fail multiple times (I think more than three and you have to re-do some portion of residency (don't quote me on that)). I think some contracts will state that you have to be boarded within 3 yrs of starting or your contract can be cancelled. Some places you will get a raise once you are boarded so you just miss out on some $$.