Mr. Rohrkemper is an associate in Davis Polk's Financial Institutions Group. [Full Bio]

The Federal Reserve announced on May 11 a revised term sheet and FAQs for its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Relative to
Continue Reading Fed Announces Pricing for Municipal Liquidity Facility

Updated May 7, 2020

We have updated Davis Polk’s table summarizing the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.

Visit Davis Polk’s Government Support for Businesses page for more information on these and other federal Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced on April 27 the expansion of its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Key features of the MLF as
Continue Reading Fed Expands Support for Municipal Funding Markets

Updated April 13, 2020

We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.  This version is updated to cover the new, sweeping measures that the Fed announced on the morning
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced on April 9 the creation of the Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Indirect support to states and local
Continue Reading Fed Moves to Shore up Municipal Funding Markets

Here is Davis Polk’s two-page overview of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website. This version is updated to cover the new, sweeping measures that the Fed announced on the morning of Monday, March 23, 2020.  
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced a further expansion of the Money Market Mutual Fund Liquidity Facility (MMLF), originally announced on March 18, 2020 and expanded on March 20, 2020, as part of its response to the coronavirus crisis.  Under the further expanded MMLF, additional securities are eligible as collateral.
Continue Reading Fed Further Expands Money Market Mutual Fund Liquidity Facility to Include Municipal Variable Rate Demand Notes and Bank CDs

The Federal Reserve announced an expansion of the Money Market Mutual Fund Liquidity Facility (MMLF) originally announced on March 18, 2020 as part of its response to the coronavirus crisis.  Under the expanded MMLF, certain municipal bonds are eligible as collateral and certain municipal MMFs are eligible for
Continue Reading Fed Expands Money Market Mutual Fund Liquidity Facility to Include Municipal Bonds

The U.S. banking agencies have completed one of the most important steps towards rebalancing the U.S. bank regulatory framework since the Dodd-Frank Act was passed in the wake of the 2007 – 2008 financial crisis.  The agencies have adopted final rules to tailor enhanced prudential standards and U.S. Basel III
Continue Reading Visual Memorandum: Final Tailoring Rules for U.S. Banking Organizations

The U.S. banking agencies have released a final rule amending the U.S. Basel III capital rules to simplify the capital treatment of capital deductions and recognition of minority interests for non-advanced approaches banking organizations, as well as implementing certain technical amendments applicable to both advanced approaches and non-advanced approaches banking
Continue Reading Davis Polk Client Memorandum: Banking Agencies Simplify Capital Rules for Non-Advanced Approaches Firms