The American Financial Services Association (AFSA) yesterday (March 31) sent a letter of support to the Federal Reserve Bank of New York on its Commercial Paper Funding Facility (CPFF). The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase unsecured and asset-backed commercial paper rated A1/P1 directly from eligible companies. The letter asks that the CPFF be expanded so that more companies, ones that are not rated A1/P1, can take advantage of it.
“…some of AFSA’s members have entered into contracts with the U.S. Government that would assist the Federal Emergency Management Agency (FEMA) and others to deliver aid for the COVID-19 relief efforts,” AFSA President & CEO Bill Himpler wrote in the letter. “To do so, these businesses have been deemed “critical.” They need short-term commercial paper financing for their current assets.”
AFSA also signed on to a joint trade letter advocating for this expansion to the Department of the Treasury. Expanding this form of credit will help lenders to continue to offer critical credit to consumers nationwide.
The American Financial Services Association (AFSA) yesterday (March 31) sent a letter of support to the Federal Reserve Bank of New York on its Commercial Paper Funding Facility (CPFF). The CPFF will provide a liquidity backstop to U.S. issuers… Read the rest
The American Financial Services Association (AFSA) today (March 31) submitted a letter of support to the National Economic Council on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
“The PPP… Read the rest
Today the American Financial Services Association, along with other financial services associations, sent a letter to Securities and Exchange Commission Chairman Jay Clayton, requesting that he apply a current expected credit loss (CECL)… Read the rest
Hudson Cook, LLP has established a Coronavirus Resource Page which contains important documents and links for clients and the consumer credit industry. The firm has also scheduled additional sessions of it's popular Compliance… Read the rest
On March 30, the American Financial Services Association joined several other trade associations on a petition to the FCC requesting an immediate ruling, clarification, or waiver regarding parts of the Telephone Consumer Protection Act.… Read the rest
Truist is pledging $25 million in philanthropic support which will for provide aid for basic needs, medical supplies, and financial hardship across the nation. The company is also offering payment relief and other programs to assist all … Read the rest
Today, the American Financial Services Association joined with other trade associations on a comment letter to Congressional leaders in support of the SECURE Notarization Act. If enacted, this legislation would expand the usage of Remote… Read the rest
The American Financial Services Association (AFSA), couldn’t help but notice today’s inter-agency notice, in which the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, Office… Read the rest
Earlier in March, RSM pledged more than $2.6 million to support its employees and local communities through the COVID-19 pandemic.
"Every employee in the U.S. and Canada may charge $50 per week for food on their expense reports through… Read the rest
