On October 15, the Federal Reserve Board (Fed) issued a report to Congress regarding the newly established Commercial Paper Funding Facility (CPFF). The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) which will purchase three-month commercial paper, both asset-backed and unsecured, directly from eligible issuers. The Fed will provide financing to the SPV under the CPFF and will be secured by all of the assets of the SPV. Commercial paper that is not asset-backed will be secured by retention of up-front fees paid by the issuers. The Congressional report provides an overview of the CPFF and an outline of its terms and conditions.