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
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Eric McLaughlin
Mr. McLaughlin is an associate in Davis Polk’s Financial Institutions Group. [Full Bio]
Fed Expands Support for Municipal Funding Markets
Posted in Coronavirus (COVID-19), Federal Reserve
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…
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Fed Moves to Shore up Municipal Funding Markets
Posted in Coronavirus (COVID-19), Federal Reserve
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…
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Encouraging Innovation: Brokered Deposits—What Fintechs Need to Know to Partner with Banks under the FDIC’s Proposed Regulations
In a step forward for the digital transformation of banking and partnerships between banks and FinTechs, the FDIC released proposed changes to its brokered deposit regulations in late December 2019. The proposed changes are designed to update the regulatory framework as much as possible within the constraints of the existing…
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Client Memorandum: FSOC Shift to an Activities-Based Approach Signals an Emphasis on the Risks to Financial Stability from Digital Transformation
The Financial Stability Oversight Council’s (FSOC) recently revised guidelines (the 2019 Guidelines) on how it will identify and address financial stability risks are a major shift from the guidelines it issued in the immediate aftermath of the Financial Crisis. The 2019 Guidelines draw upon lessons learned from…
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Davis Polk Comments on Federal Reserve’s Proposed Rule on Confidential Supervisory Information
Navigating the outdated rules on confidential supervisory information has become increasingly difficult in the digital world because the rules have their origin in the paper-based world of 1967, when they were first enacted. In the meantime, the amount and type of information made available by the banking agencies to banking…
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Public Memorandum | Federal Reserve’s Proposed Rule on Controlling Influence: A Step in the Right Direction
The Federal Reserve has requested comment on a highly anticipated notice of proposed rulemaking to amend its regulatory framework for deciding when a company exercises a controlling influence over another company under the Bank Holding Company Act and the Home Owners’ Loan Act.
The proposal is a welcome step in…
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Regulators and Plaintiffs Aren’t Waiting for Privacy Legislation: Companies Face Potential Liability Now and Can Take Steps to Reduce Risks
By Eric McLaughlin, Greg Swanson & Clara Y. Kim on
Posted in SEC
Momentum is building in Congress for federal privacy legislation and several states have their own privacy laws in the works. But, as concerns grow that companies are collecting and sharing personal information about U.S. residents without their knowledge and not adequately protecting that data, regulators and plaintiffs aren’t waiting for…
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Cyber Blog Post: The FTC Moves Toward a Rules-Based Approach to Cybersecurity Regulation for Financial Institutions
Posted in Cybersecurity, Proposed Rule
In our first Cyber Blog post, we predicted that the rules-based approach adopted by the NYDFS would become the model for cybersecurity regulation. Two years later, we’re feeling pretty good about that prediction, as the FTC recently proposed incorporating a number of aspects of the NYDFS cybersecurity rules into…
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The CFPB and the Rule of Law
The Mulvaney Memo on the CFPB and the rule of law is one of the most remarkable documents to be published by an agency head in many years. It signals a deep commitment to the rule of law as a philosophical concept and as an important brake on agency discretion…
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