The Federal Reserve has taken temporary measures (and has published FAQs) to (1) lift the net debit cap on and waive fees for daylight overdrafts for financially sound depository institutions, including U.S. branches and agencies of foreign banking organizations, and (2) provide a streamlined approval process for other depository…
Continue Reading Federal Reserve Eases Daylight Overdraft Limits

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…
Continue Reading Fed Expands Support for Municipal Funding Markets

We have published an updated deck on what companies need to know about the Federal Reserve programs. This version is updated to cover the Federal Reserve program announcements from April 9, including the new Main Street programs. The deck also contains an updated summary chart of all Federal Reserve programs.…
Continue Reading Updated Deck on Key CARES Act Provisions and Fed Programs for Corporates

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