Press Release

New York Fed Begins Competitive Procurement Process for Certain Vendor Roles Supporting Emergency Lending Facilities and Programs

October 05, 2020

NEW YORK—The Federal Reserve Bank of New York today announced that it is initiating a multiphase competitive procurement process for key vendor roles across several of the emergency lending facilities established under section 13(3) of the Federal Reserve Act and purchase of agency commercial mortgage-backed securities (agency CMBS). 

When the facilities were launched earlier this year, some vendor roles were filled through direct negotiations with service providers to support the required rapid establishment of the facilities. The New York Fed did so with a view that, once the immediate need to commence operations of the facilities had passed, those roles would be subject to a competitive procurement process.  This process begins today.

As a first step, the New York Fed is undertaking a prequalification process to identify and select prospective firms to participate in a request for proposal (RFP) for a cash investment manager to manage the reinvestment of cash flows generated by the Secondary Market Corporate Credit Facility (SMCCF) and the Primary Market Corporate Credit Facility (PMCCF). Firms interested in participating in the RFP must submit the information detailed in the prequalification form. A firm’s participation in the prequalification process does not guarantee that the firm will be invited to submit a proposal in response to the RFP.  The prequalification form is due by October 19, 2020.

The New York Fed is using the launch of the prequalification process to facilitate broad awareness of this opportunity and encourage a wide range of firms to review the eligibility criteria and consider expressing their interest. Through these efforts, the New York Fed seeks to further its mandate to support equal opportunity and diversity in the implementation of these facilities. The New York Fed is committed to transparency and inclusive access as it undertakes this competitive procurement process.

Similar processes will launch over the coming months for the remainder of the investment management roles for the PMCCF and SMCCF, as well as roles for other facilities, including the Commercial Paper Funding Facility (CPFF), the Term Asset-Backed Securities Loan Facility (TALF), and agency CMBS.

The New York Fed plans to host information sessions regarding the procurement process for these vendor roles.  Details for these sessions are posted on our webpage here.

Media Relations
By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.   Close