An institution created by the Federal Reserve Bank of New York on October 27, 2008, as a result of the credit crunch faced by financial intermediaries in the commercial paper market. The Commercial Paper Funding Facility (CPFF) provides liquidity to U.S. issuers of commercial paper registered with the CPFF through a special purpose vehicle (SPV) that is funded by the Federal Reserve Bank of New York.

|||The CPFF allows financial intermediaries to approve loans for individual clients and businesses. The SPV used by the CPFF purchases and holds three-month unsecured commercial paper and asset-backed commercial paper (ABCP) at a discounted rate until maturity. The Federal Reserve Bank of New York is repaid as the maturing commercial paper assets mature.

U.S. issuers of commercial paper are required to register for a fee two business days prior to using the CPFF's SPV. At time of registration, the New York Fed determines the maximum value of commercial paper the issuer can sell to the SPV.