On March 8, the Federal Reserve Board announced it will extend its Paycheck Protection Program Liquidity Facility (PPPLF) by three months to June 30, 2021. The Commercial Paper Funding Facility (CPFF), the Money Market Mutual Fund Liquidity Facility (MMLF) and the Primary Dealer Credit Facility (PDCF) have not had significant usage since last summer and will expire as scheduled on March 31. Release.
On September 9, the Federal Reserve Bank of New York announced the first wave of new counterparties selected as part of the expansion program announced earlier in September. Widening the eligibility criteria for agency CMBS counterparties is intended to increase the operational capacity and reach of agency CMBS purchases. Two firms were selected to support the Commercial Paper Funding Facility (CPFF). Seven additional firms were selected to support the Secondary Market Corporate Credit Facility (SMCCF). The application process is open and ongoing and the New York Fed has announced its intention to name additional counterparties and agents, as applicable, for the CPFF, SMCCF and Term Asset-Backed Securities Loan Facility in the coming weeks. Release.
On February 1, the Fed closed, as previously scheduled, the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF), the Commercial Paper Funding Facility (CPFF), the Money Market Investor Funding Facility (MMIFF), the Primary Dealer Credit Facility (PDCF), and the Term Securities Lending Facility (TSLF). Fed Release.
