The spread of COVID-19 has disrupted many aspects of our lives including the municipal bond markets. It is clear that both regulatory and legislative intervention is needed at this time to minimize the disruption to our marketplace, enable state and local governments to dedicate resources in the areas of most dire need, and stimulate the general economy. Thank you to everyone who has conveyed suggestions along those lines.

Because of the strong interest expressed by the membership on these subjects, NABL has set up this resource area to keep you informed of ongoing projects, updates, and access to member-provided resources. Check back regularly for updates.



March 25, 2020: NABL Sends Letter to Treasury requesting certain immediate relief. In the letter, NABL asks for the following:

  1. Clarity that, at least for a temporary period, TEFRA hearings are not required to be held in person; and
  2. Provide relief as it relates to refunding and remarketing issues.

You can find the letter here

March 22, 2020: NABL Sends Letter to Congress/Treasury on COVID-19 Economic Stimulus Package, available here.

In the letter, NABL asks Congress and the Treasury to adopt certain bond-related proposals that will allow state and local governments to access much needed capital now, at a time when support to our communities is of paramount and immediate concern.

March 27, 2020:  The President signed, HR 748, the CARES Act. On the same day, the House passed the same package.  

March 26, 2020: Updated CRS Summary: The Coronavirus Aid, Relief, and Economic Security (CARES) Act—Tax Relief for Individuals and Businesses. Available here

March 25, 2020: The third stimulus bill is available here.  The Senate passed this bill on March 25, 2020.  The House will take it up on Friday, March 27, 2020. 

March 25, 2020: Senate Stimulus Package released here and here

March 23, 2020: House introduces its version of the third coronavirus response bill, available here; summary here

March 19, 2020: Senate introduces CARES Act its version of the the third coronavirus response bill. 

March 18, 2020: The President signed the second stimulus bill (H.R. 6201), the Families First Coronavirus Response Act, into law. 

March 6, 2020: The President signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (H.R. 6074) into law. 

March 26, 2020: Federal Funds Information for States (FFIS) distribution estimation for State Stabilization. Available here

March 25, 2020: MSRB Published Daily Analysis of Trading Activity. You can find daily analysis and more on MSRB’s COVID-19 webpage here.

March 23, 2020: Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses | U.S. Department of the Treasury. You can find the press release here

March 23, 2020: Statement on the SEC’s Coronavirus Response Efforts – Facilitating the Continued Orderly Operation of Our Capital Markets Consistent with Health and Safety Directives and Other Measures.  The press release can be found here

March 23, 2020: MSRB Extends Request for Comment Deadline on Proposed Governance Enhancements: In light of the impact and in response to requests from market participants, the MSRB has extended the comment deadline for MSRB Notice 2020-02 by 30 days to April 29, 2020. MSRB Notice 2020-02 requests comment on draft amendments to MSRB Rule A-3, on membership on the Board, designed to improve Board governance.

March 23, 2020: Federal Reserve announces extensive new measures to support the economy.  The press release is available here.  

March 22, 2020: Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19. You can find the FDIC press release here

March 19, 2020: MSRB Webinar: Understanding How Continuing Disclosures Appear on the EMMA Website featuring the SEC and a discussion of how the COVID-19 pandemic is affecting disclosures, available here.

How to log into NABL Connect 
1.) Click here to go to
Click the "Sign In" button on the top right of the page.  Use your NABL website ( credentials to log in. After signing in, you will be redirected to NABL Connect. You must agree to the Terms of Use prior to entering the community for the first time.

2.) Go To Communities, select “My Communities” 
You will be in the General Membership Community (all members (excluding federal regulators) are included by virtue of their paid NABL membership).

3.) To add a discussion post or upload a document in the General Membership community, click on “Latest Discussion Posts" and “Latest Shared Files,” and there is a button that will allow you to contribute. 

Contact if you need assistance. 

March 30, 2020: PFN, NABL, and others send letter to Treasury.  The letter requests that the Federal Reserve and the Department of the Treasury expedite implementation of the Exchange Stabilization Fund allocation directed toward purchasing municipal securities in the secondary market (the “Facility”) as provided in HR748 Section 4003(b)(4). You can find the letter here

GFOA Webinar - March 27, 2020 @ 2:00pm ET: Financial Decision-Making Under Uncertainty.  Register here

Letters and Information from our Industry Partners:


March 26: NCSHA Summary of Coronavirus Relief Legislation.  Available here

Lumesis COVID-19 Disclosure Filings: Lumesis is making available continuing disclosure filings, made to the MSRB’s EMMA platform, related to COVID-19. This is a free service available here.

The Bond Buyer has a Coronavirus Impact Page. Available here.  

April 1, 2020: As the Fed steps into the municipal bond market, will it be enough? From MarketWatch, availalbe here

April 1, 2020: Treasury Secretary Mnuchin says he’s having ongoing discussions about infrastructure. From CNBC, available here

March 31, 2020: Trump backs infrastructure bill as next phase of coronavirus relief. From The Hill, available here