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NY Fed Expands Eligibility to Service Emergency Lending Facilities

The Federal Reserve Bank of New York ("New York Fed") expanded eligibility for firms to act as agents for the Term Asset-Backed Securities Loan Facility ("TALF"). The New York Fed also said it was "interested in identifying additional commercial paper dealers for the Commercial Paper Funding Facility (CPFF)" and "eligible sellers for the Secondary Markets Corporate Credit Facility (SMCCF)." The New York Fed provided an Expression of Interest Form.

The New York Fed said it was taking this action "in order to broaden access to these facilities and increase the New York Fed’s operational capacity and reach into the respective markets." In an accompanying FAQ on the expansion, the New York Fed said that its determinations are discretionary and will be based on established criteria (including being registered with the SEC and FINRA, having net regulatory capital of at least $1 million and having an active and established business presence in the specified market segment, among others).

In addition, the Federal Reserve Board ("FRB") published an updated TALF term sheet and an updated TALF FAQ.

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