On May 12, 2020, the Federal Reserve Bank of New York (the “Fed”) released its initial draft of frequently-asked questions (“FAQs”) relating to the Term Asset-Backed Securities Loan Facility program under the CARES Act (“TALF...more
On April 30, the Federal Reserve Board (“Board”) announced an expansion of the Main Street Loan Program and updated terms to the program’s original offerings. The program is now comprised of the Main Street New Loan (“New...more
Counterparties to swap and repurchase transactions have come under pressure following the financial dislocations caused by the novel coronavirus pandemic in 2020 (“COVID-19”). Falling and illiquid markets may result in margin...more
On Thursday, April 9, the Federal Reserve Board (“FRB”) announced the terms sheets of four new liquidity facilities and expanded the scope of the previously announced Term Asset-backed Securities Liquidity (“TALF”), the...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
“Wishing you a pot o’ gold, and all the joy your heart can hold.” – traditional St. Patrick’s Day greeting - On March 17, 2020, the Federal Reserve Board announced the establishment of the Commercial Paper Funding Facility...more