On May 22, 2024, the Financial Stability Board (FSB) issued a report on vulnerabilities in the markets for commercial paper (CP) and negotiable certificates of deposit (CDs). The report analyzes the structure of the markets,...more
The American Forest & Paper Association (“AFPA”) released data for 2019 addressing national paper recycling rates. AFPA states that 66.2 percent of paper consumed in the United States was recovered for recycling in 2019. ...more
Government Support for UK infrastructure through COVID-19 - On 17 March 2020 the Chancellor Rishi Sunak undertook to do “whatever it takes” to support UK business through the economic challenges created by the COVID-19...more
The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. The three US federal banking agencies — the Board of Governors of the Federal...more
To mitigate the “severe disruptions” to the U.S. economy caused by the COVID-19 crisis, the Federal Reserve Board (“Federal Reserve”) is ramping up its efforts to “support…the flow of credit to American families and...more
Many clients have been asking questions relating to the current market challenges with VRDOs and CP (high interest rates and lack of demand). The discussion below was drafted to provide some basic information and analysis...more
In the face of the coronavirus (“COVID-19”) pandemic, the U.S. Federal Reserve Board (the “Fed”) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress...more
The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic. During the course of this week, the three US federal banking agencies — the Board of...more
In a significant move to provide liquidity to U.S. corporations, the Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (“CPFF2020”). The Federal Reserve’s action parallels its...more
On November 2, 2017, the “Tax Cuts and Jobs Act” was introduced in the House of Representatives. This act has immediate and far-reaching implications for tax-exempt finance. Among other things, the Tax Cuts and Jobs Act...more
It was announced on January 6, that the Basel Committee on Banking Supervision’s (BCBS) Group of Governors and Heads of Supervision (GHOS) has endorsed revised Basel III liquidity standards for banks....more
On January 6, 2013, the Group of Governors and Heads of Supervision (“GHOS”), which oversees the Basel Committee on Banking Supervision (“BCBS”), approved a significantly revised version of the liquidity coverage ratio...more
Securitization has been the focus of many rulemaking initiatives in the wake of the financial crisis. The Volcker Rule is not directly targeted at securitization and expressly states that nothing in it should be construed to...more
On October 11 and 12, 2011, the Office of the Comptroller of the Currency, Department of the Treasury (OCC); the Board of Governors of the Federal Reserve System (Federal Reserve); the Federal Deposit Insurance Corporation...more