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Municipal Liquidity Facility (MLF)

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - May 2021 #2

WilmerHale on

As part of its ongoing investigation into the Federal Reserve’s administration of pandemic relief lending programs, House Select Subcommittee on the Coronavirus Crisis Chair James E. Clyburn sent a letter to Fed Chair Jerome...more

Ballard Spahr LLP

NJ Supreme Court Upholds COVID-19 Emergency Bond Act

Ballard Spahr LLP on

The Supreme Court of the State of New Jersey upheld the New Jersey COVID-19 Emergency Bond Act (the Act), authorizing the State to issue up to $9.9 billion in state borrowing either through general obligation bonds or...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

Adler Pollock & Sheehan P.C.

End-of-Summer Sale: Federal Reserve Lowers Pricing For The Municipal Liquidity Facility

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York, has lowered the pricing methodology for its Municipal Liquidity Facility (the “MLF”), the CARES Act...more

Buchalter

Buchalter COVID-19 Client Alert: Main Street Lending Program and Other Federal Reserve Emergency Lending Facilities Extended to...

Buchalter on

On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization...more

Morgan Lewis

CARES Act and Federal Reserve Offer Economic Assistance to Stabilize US Economy (UPDATED)

Morgan Lewis on

The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and...more

Burr & Forman

SEC Temporarily Allows Municipal Advisors to Solicit Direct Placements

Burr & Forman on

On June 16, the SEC issued a temporary exemptive order, allowing registered municipal advisors to solicit banks, their wholly-owned commercial lenders and credit unions in connection with direct placements by municipal-issuer...more

Adler Pollock & Sheehan P.C.

[Webinar] The Municipal Liquidity Facility – Lending Lifeline or Last Resort in the Age of COVID-19? - June 30th, 10:00 am - 11:00...

This webinar will discuss the Municipal Liquidity Facility (the “MLF”), the Federal Reserve’s emergency lending program for state and local governments experiencing cash-flow and other financial pressures due to the COVID-19...more

Orrick - Finance 20/20

Federal Reserve Board Announces Expansion in the Number and Type of Entities Eligible to Directly Use Its Municipal Liquidity...

Orrick - Finance 20/20 on

On June 3, the Federal Reserve Board announced an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF). ...more

Partridge Snow & Hahn LLP

Federal Reserve Board Expands Municipal Liquidity Facility Eligibility

The Federal Reserve Board has expanded the number and type of governmental entities eligible to utilize the Municipal Liquidity Facility (MLF) that was established to help state and local governments manage cash flow...more

Morgan Lewis

CARES Act and Federal Reserve Offer Economic Assistance to Stabilize US Economy (UPDATED)

Morgan Lewis on

The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and...more

Ballard Spahr LLP

Federal Reserve’s Municipal Liquidity Facility: Arizona Impact

Ballard Spahr LLP on

On April 9, 2020, the Municipal Liquidity Facility (MLF) was established pursuant to Section 13(3) of the Federal Reserve Act to assist States and certain local governments with their increased liquidity needs due to the...more

Adler Pollock & Sheehan P.C.

Federal Reserve Opens Municipal Liquidity Facility And Releases Transaction Documents

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York (the “Reserve Bank”), has opened its new CARES Act lending program for state and local governments...more

Ballard Spahr LLP

UPDATED: New York Federal Reserve Expands Eligible Issuers and Provides Indicative Pricing and Sample Transaction Documents for...

Ballard Spahr LLP on

The Federal Reserve Bank of New York (the New York Fed) has announced an expansion of its $500 billion Municipal Liquidity Facility to allow participation by designated cities and counties that do not meet the population...more

Butler Snow LLP

Municipal Liquidity Facility - Application Materials and Updated Term Sheet

Butler Snow LLP on

On May 18, 2020, the Federal Reserve Bank of New York (the “Reserve Bank”) released application materials for the Municipal Liquidity Facility (the “Facility”) established in connection with the Coronavirus Aid, Relief, and...more

McGuireWoods LLP

New York Federal Reserve Releases Municipal Liquidity Facility Application and Form Documents

McGuireWoods LLP on

On May 18, 2020 the New York Federal Reserve released additional information regarding the Municipal Liquidity Facility (MLF) program, including (i) a sample application to the MLF program and (ii) multiple form documents...more

Adler Pollock & Sheehan P.C.

Federal Reserve Opens Municipal Liquidity Facility With Release Of Notice Of Interest

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York (the “Reserve Bank”), continues to roll out its new CARES Act lending program, known as the Municipal...more

Orrick - Finance 20/20

Federal Reserve Board Announces Expansion of Municipal Liquidity Facility

Orrick - Finance 20/20 on

On April 27, the Federal Reserve released an updated Term Sheet and FAQs expanding the scope and duration of its Municipal Liquidity Facility. Among other changes, the updated Term Sheet provides that eligible notes must have...more

Ballard Spahr LLP

UPDATED: Federal Reserve Provides Pricing and Sale Updates to Municipal Liquidity Facility

Ballard Spahr LLP on

On May 11, 2020, the Federal Reserve Board (the Federal Reserve) announced further updates to its Municipal Liquidity Facility loan program (the Facility) authorized under Section 13(3) of the Federal Reserve Act to provide...more

Adler Pollock & Sheehan P.C.

Federal Reserve Releases Updated Guidance For Municipal Liquidity Facility

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York (the “Reserve Bank”), is in the process of launching a new CARES Act lending program, known as the...more

Orrick - Finance 20/20

Treasury and Federal Reserve Board Announce Main Street Business Lending Program and a Municipal Liquidity Facility

On April 9, the Treasury and Federal Reserve Board announced the establishment of the Main Street Business Lending Program and a Municipal Liquidity Facility. The Main Street Business Lending Program will enable up to $600...more

Ballard Spahr LLP

Updates to The Federal Reserve Board’s New Municipal Liquidity Facility

Ballard Spahr LLP on

On April 27, 2020, the Federal Reserve Board announced updates to its Municipal Liquidity Facility loan program (the Facility) authorized under Section 13(3) of the Federal Reserve Act to provide lending support to states,...more

Haynsworth Sinkler Boyd, P.A.

Expanded Scope And Eligibility Announced For Main Street Lending Program

The Federal Reserve Board announced Thursday, April 30, it is expanding the scope and eligibility for the Main Street Lending Program, offering more options for a wider set of small and medium-sized businesses. The changes...more

White & Case LLP

COVID-19 Response: Federal Reserve liquidity facilities (Updated April 28, 2020)

White & Case LLP on

Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more

Butler Snow LLP

Federal Reserve Releases Revised Term Sheet for Municipal Liquidity Facility

Butler Snow LLP on

On April 27, 2020, the Federal Reserve Board released a revised term sheet (the “Term Sheet”) for the Municipal Liquidity Facility (the “Facility”) established in connection with the Coronavirus Aid, Relief, and Economic...more

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