Registration for Participation in Fed’s Commercial Paper Funding Facility Now Open

The Federal Reserve Bank of New York today opened the registration process for the new commercial paper funding facility that was established by the Federal Reserve last month. Eligible issuers that wish to participate must register by April 9, and the CPFF will begin funding purchases of commercial paper on April 14. The N.Y. Fed also released an expanded set of FAQs about the new facility.

Through the CPFF, the Fed will provide a liquidity backstop to U.S. issuers of commercial paper—which finances a range of economic activity, including the operational needs of companies—by purchasing unsecured and asset-backed commercial paper directly from eligible companies.