Davis Polk Insights on Financial Regulation
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
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 business and financial fallout of the coronavirus pandemic is hitting companies in all areas of the U.S. economy, and weighing on those from industry giants to small local businesses. For many businesses, survival will depend on accessing one or more of the numerous support programs announced by the Federal…
Continue Reading Introducing Davis Polk’s Government Support for Business Resource
Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) this afternoon, and we cover it here in two memos. In one memo, we cover the economic stabilization, small business and bank regulatory sections of the legislation. In the other memo, we cover tax…
Continue Reading Congress Passes the CARES Act: Economic Stabilization and Tax Relief
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
Following our initial post on the Bank of England’s (the “Bank”) Covid Corporate Financing Facility (“CCFF”), the Bank has published further details, including full terms and conditions of participation and application forms for prospective issuers and banks acting on behalf of companies.
If, after speaking with their respective banks, prospective…
Continue Reading The Bank of England Releases Further Details on its Covid Corporate Financing Facility and ICMA Makes Euro Commercial Paper Materials Publicly Available
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 Fed Creates Secondary Market Corporate Credit Facility to Provide Liquidity to Corporate Bonds
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 Establishes the Primary Market Corporate Credit Facility to Support Credit to Employers