CPFF. Credit facility created during the wake of the financial crisis of 2008 to provide funding to a special funding vehicle to provide short-term liquidity. The facility accomplishes this by having the special funding vehicle purchase eligible three-month unsecured and asset-backed commercial paper from eligible issuers with funding provided by the Federal Reserve Bank of New York. Only U.S. issuers of commercial paper are allowed to participate in programs provided by the CPFF.