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

The Federal Reserve yesterday announced the opening of the registration process, and issued registration instructions and revised FAQs, for its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020, expanded on March 23, 2020 and further detailed in initial FAQs on March 25, 2020. …
Continue Reading Fed Opens Registration Process for Commercial Paper Funding Facility

The Federal Reserve has issued updated FAQs regarding its money market mutual fund liquidity facility (MMLF), modifying the FAQs issued on March 21.

For more information on the MMLF, please see our memorandum and blog post describing the original MMLF announced on March 18, our blog post describing…
Continue Reading Fed Updates FAQs for the Money Market Mutual Fund Liquidity Facility

The Federal Reserve has issued FAQs providing more information about its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020 and expanded on March 23, 2020 as part of its response to the coronavirus crisis.  The FAQs provide additional details on how the CPFF will work,…
Continue Reading Fed Issues FAQs for Commercial Paper Funding Facility

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 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 Fed Expands Commercial Paper Funding Facility to Cover Municipal Issuers and Decrease Pricing