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

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
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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,
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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.
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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
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The Federal Reserve has created a new secured liquidity facility, called the Term Asset-Backed Securities Loan Facility (TALF), designed to restore liquidity to the asset-backed securities (ABS) market.  TALF represents a continuation of the Federal Reserve’s use of its “unusual and exigent” powers to help provide
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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
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The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use.  What this means for Auer
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