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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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