The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Secondary Market Corporate Credit Facility (SMCCF), along with establishment of the Primary Market Corporate Credit Facility (PMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). We discuss the
Continue Reading
Andrew Samuel
Mr. Samuel is an associate in Davis Polk's Corporate Department. [Full Bio]
Fed Establishes the Primary Market Corporate Credit Facility to Support Credit to Employers
By John Banes, Luigi L. De Ghenghi, Randall D. Guynn, Margaret E. Tahyar, Ledina Gocaj, Carol Rodrigues & Andrew Samuel on
Posted in Coronavirus (COVID-19), Federal Reserve
The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Primary Market Corporate Credit Facility (PMCCF), along with the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). We discuss the SMCCF and…
Continue Reading
Fed Actions to Address the Coronavirus Crisis
Posted in Coronavirus (COVID-19), Federal Reserve
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 Expands Commercial Paper Funding Facility to Cover Municipal Issuers and Decrease Pricing
Posted in Coronavirus (COVID-19), Federal Reserve
The Federal Reserve announced an expansion of the Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020 as part of its response to the coronavirus crisis. Under the expanded CPFF, “eligible issuers” now include municipal issuers—which had been excluded in the 2008 version of the CPFF—and…
Continue Reading
Senate Republicans Release a Stimulus Proposal to Combat Economic Impacts of Coronavirus
The Senate Republicans recently released a proposal for Phase 3 of the government’s stimulus response to the coronavirus (COVID-19) emergency. Our rush summary describes certain key portions of that proposal that we think will be of interest to our clients and friends. We cover the return of the money market…
Continue Reading
Fed Establishes a Money Market Mutual Fund Liquidity Facility
Posted in Federal Reserve
The Federal Reserve’s creation of a Money Market Mutual Fund Liquidity Facility (MMLF) follows the announcement of a Commercial Paper Funding Facility and a Primary Dealer Credit Facility, both of which we discussed earlier this week (link to CPFF memo, link to PDCF memo), and represents…
Continue Reading
The Fed Moves to Shore Up Commercial Paper Markets
By Margaret E. Tahyar, Andrew Samuel & Eric B. Lewin on
Posted in Federal Reserve
- The Federal Reserve’s announcement that it is creating a Commercial Paper Funding Facility (CPFF) is the Federal Reserve’s first use of its “unusual and exigent circumstances” powers in this crisis.[1]
- It is designed to make sure that any U.S. issuer of commercial paper (CP), including
Tailored R&R – New and Important for Fintech Charters
The OCC’s announcement that it will begin accepting applications for nondeposit fintech charters is an important and welcome development, especially in light of the Treasury’s explicit support for the nondeposit fintech charter and responsible innovation. The OCC described the fintech charter as allowing fintech companies to acquire or obtain…
Continue Reading
The Bank of England’s Presumptive Path
By Randall D. Guynn & Andrew Samuel on
Posted in Bank Regulation, Resolution
Last week, the Bank of England updated its public disclosure about how it would use its resolution powers to ensure that systemically important banks can be allowed to fail without destabilizing the financial system or using public funds to bail out their private sector shareholders or bondholders. See The Bank …
Continue Reading