April 6, 2016 Newsletter
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April 6, 2016
 
SFIG News

Industry Jobs

SFIG Calendar

Meetings

Events

Advocacy Outlook

Industry News Highlights

 
SFIG NEWS
NOMINATIONS FOR THE 2016 SFIG BOARD OF DIRECTORS NOW OPEN!

SFIG is now accepting nominations for its Board of Directors in anticipation of the June 2016 Board rotations. Eligibility for a position on the SFIG Board of Directors is limited to individuals employed by SFIG’s primary members. Members may nominate themselves or qualified industry participants.

SFIG’s Nominating Committee will review nomination submissions, consult with members and make recommendations to the current Board of Directors. The Nominating Committee is dedicated to selecting a balanced Board of Directors that is reflective of the membership and the industry at large, and is committed to working hard and advancing the principles of SFIG.

Board of Director terms are for two years. Nominations for the Board of Directors will be accepted until April 30, 2016.

If you have any questions or require any clarification around the nominating process, please email Committees@sfindustry.org

Click here to submit your nominations. Please note that the nomination form is open to registered members only. Members that have not yet registered can do so here.

 
 
SFIG TO LAUNCH WHITE PAPER AT CHINA SECURITIZATION FORUM CONFERENCE TOMORROW

This week, a delegation of SFIG members and staff are attending the 2016 Annual Conference of the China Securitization Forum (“CSF”) in Beijing. Tomorrow, April 7th, SFIG will be launching A Comprehensive Guide to U.S. Securitization White Paper during a formal presentation panel.

If you would like to join SFIG’s Chinese Market Committee and learn more about SFIG’s partnership with the CSF, please contact Alyssa.Acevedo@sfindustry.org.

 
 
SFIG MEETS WITH CONGRESSMAN McHENRY'S STAFF ON POTENTIAL FINTECH BILL

On Thursday, March 31st, SFIG staff met with Congressman Patrick McHenry's  (R-NC) office to discuss a potential legislative package focused on the financial technology industry that may be introduced as early as this April. Congressman McHenry, a co-author of the "Innovation Initiative," said at an event last Thursday, March 17th, "Here in Washington our regulators are more interested [in forcing] fintech companies into regulatory categories that are much more fitting with the 1930s, the 1940s and the 1950s. We have to update these systems here in Washington to meet these new categories."  

SFIG focused its discussion with McHenry's staff on (a) the implications of Madden v. Midland to the securitization marketplace, (b) the current regulatory structure for marketplace lending, and (c) SFIG's initiative to establish best practices for the marketplace lending industry.

The legislative package is expected to come out in mid-April. Despite his high hopes "that we can legislate in this key area this year," McHenry acknowledged it's an uphill battle in an election cycle. As noted by Isaac Boltansky, an analyst at Compass Point Research & Trading, the forthcoming "Innovation Initiative," which is also authored by Rep. Kevin McCarthy (R-CA), "will face a series of particular hurdles which make passage unlikely.”

To view SFIG’s Midland vs. Madden Amicus Brief, please click here. For more information on SFIG’s Marketplace Lending Initiative, please click here. For any questions on legislative matters, please contact Michael.Flood@sfindustry.org.  

 
 
AGENDA ANNOUNCED FOR STRUCTURED FINANCE CANADA!

SFIG and IMN are pleased to announce the agenda for the Structured Finance Canada Conference, taking place May 31 - June 1, 2016. Conveniently located in the main financial hub of Toronto, this gathering will bring together all the key stakeholders in the Canadian structured finance market. The event will commence the evening of May 31st, with an industry reception and dinner for conference delegates, providing an optimal setting to meet with current and prospective clients.

This event will undoubtedly serve as the premiere annual industry meeting for all key structured credit market constituents including investors, issuers and originators, dealers and traders, rating agencies and law firms, as well as Canadian regulators and policy makers. It will provide a forum for market participants to address emerging issues of the day.

TUESDAY, May 31, 2016 – WEDNESDAY, June 1, 2016
Hyatt Regency Toronto
370 King Street West
Toronto, Ontario, M5V 1J9
Canada

The full agenda can be found here.

To register, please click here.

We look forward to hosting you in Toronto in May 2016.

 
 
INDUSTRY JOBS

SFIG currently has open positions for:

  • Advocacy Manager: will be an integral member of SFIG staff, being second-in-command of the association’s Advocacy department. The successful candidate will design and execute advocacy strategies for SFIG’s policy priorities and support the association’s advocacy efforts through development and growth of its political action committee. Additional information on the position, as well as a link to the application, is available here.

  • Data/Policy Analyst: will help support group-wide strategy efforts and initiatives as they relate to the association’s database and various policy requirements. The Analyst will also support SFIG’s advocacy efforts through development of a political action committee database. Additional information on the position, as well as a link to the application, is available here.

  • Executive/Administrative Assistant: will be responsible for supporting the Executive Director and Directors of Policy and Advocacy while directing overall front office activities, including the reception area, mail, calendar coordination, meeting set-up, purchasing requests and overall office management. Additional information on the position, as well as a link to the application, is available here.

Some of the latest industry positions available include:

JOB TITLE COMPANY POSTING DATE
Enterprise Sales T-REX 03-04-2016
Associate Director/Director - Structured Finance - Model Management Fitch Ratings 02-29-2016
Research Analyst PeerIQ 02-25-2016
Credit Quant PeerIQ 02-22-2016
Mid-Level Corporate Trust Associate K&L Gates LLP 02-22-2016
Senior Analyst, Consumer ABS Kroll Bond Rating Agency 02-04-2016
Analyst, Financial Institutions Kroll Bond Rating Agency 02-03-2016
Associate Director, Structured Finance - Toronto Standard & Poor's 01-29-2016

Attorney- Project Finance/Corporates

Kroll Bond Rating Agency 01-28-2016

Analyst – CMBS Analytics

Kroll Bond Rating Agency 01-28-2016

Please visit our Jobs page for a full listing of available positions.

For questions about positions at SFIG, please contact Jobs@sfindustry.org. For questions about the website jobs portal, please contact Website@sfindustry.org.

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SFIG CALENDAR
MEETINGS
WEEKLY CREDIT CARD ISSUER COMMITTEE CALLS
  • THURSDAY, April 7, 2016
    10:00 a.m. – 11:00 a.m. (ET)
  • THURSDAY, April 14, 2016
    10:00 a.m. – 11:00 a.m. (ET)
 
 
MONTHLY EQUIPMENT ISSUER COMMITTEE CALL

MONDAY, April 11, 2016
2:00 p.m. – 3:00 p.m. (ET)

 
 
MONTHLY RESIDENTIAL MORTGAGE ISSUER COMMITTEE CALL

MONDAY, April 11, 2016
2:00 p.m. – 3:00 p.m. (ET)

 
 
MASTER SERVICER AND SERVICER SUBCOMMITTEE CALL

TUESDAY, April 12, 2016
1:00 p.m. – 2:00 p.m. (ET)

 
 
WiS STEERING COMMITTEE CALL

TUESDAY, April 12, 2016
2:00 p.m. - 3:00 p.m. (ET)

 
 
BIWEEKLY AUTO ISSUER COMMITTEE CALL

WEDNESDAY, April 13, 2016
2:00 p.m. – 3:00 p.m. (ET)

 
 
RMBS 3.0 DUE DILIGENCE, DATA AND DISCLOSURE MONTHLY CALL

THURSDAY, April 14, 2016
2:00 p.m. – 3:00 p.m. (ET)

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EVENTS
CHINA SECURITIZATION FORUM ANNUAL CONFERENCE 2016

THURSDAY, April 7, 2016 - SATURDAY, April 9, 2016
China National Convention Center
No. 7 Tianchen East Road, Chaoyang District
Beijing, China
Registration available here.

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IMN’s SUNSHINE BACKED BONDS CONFERENCE

THURSDAY, April 21, 2016
Marriott New York Downtown
New York, NY
Registration available here.

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IMN’s INVESTORS CONFERENCE ON CLOs AND LEVERAGED LOANS

MONDAY, May 16, 2016 – TUESDAY, May 17, 2016
Grand Hyatt New York
New York, NY
Registration available here.

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SFIG & IMN's STRUCTURED FINANCE CANADA 2016

TUESDAY, May 31, 2016 – WEDNESDAY, June 1, 2016
Hyatt Regency Toronto
Toronto, Ontario
Registration is available here.

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IMN’s GLOBAL ABS 2016 CONFERENCE

TUESDAY, June 14, 2015 – THURSDAY, June 16, 2016
The Barcelona International Convention Centre
Barcelona, Spain
Registration is available here.

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ADVOCACY OUTLOOK

If you would like to participate in the work SFIG is undertaking through our committees as highlighted below, please e-mail Committees@sfindustry.org. For specific inquiries on any of SFIG’s advocacy efforts, please contact the staff member listed for the related project.

SFIG’s Marketplace Lending Committee was established in August 2015, as an SFIG participant committee and is open to all SFIG members who have a legitimate interest in marketplace lending. The committee was formed with two primary intentions: 1) to work with members involved in marketplace lending to educate the industry as a whole, with a particular focus on the securitization of assets generated through that lending channel; and 2) to determine appropriate securitization-specific policy and engage in related advocacy, leveraging SFIG’s prominence and experience across all asset classes to support the continued responsible growth of securitization in marketplace lending.

The committee recently launched its “Best Practices” initiative to establish industry consensus and provide recommendations around one or multiple accepted approaches. The five established Best Practices work streams are 1) Data & Reporting 2) Representations & Warranties 3) Regulatory 4) Operational Considerations and 5) Enforcement.

The committee previously commented on the Treasury Department's Request for Input on Online Marketplace Lending on September 30th.

SFIG’s Student Loan Committee recently responded to Fitch’s proposed amendments to FFELP student loan ABS rating methodology. The committee also submitted a response to the Proposed Changes to Moody’s Approach to Rating Securities Backed by FFELP Student Loans this past October.

To join SFIG’s Student Loan Committee and learn more, please contact Alyssa.Acevedo@sfindustry.org.

The RMBS 3.0 Task Force released its Third Edition RMBS 3.0 Green Papers in November 2015. The task force has continued its efforts to address key issues specific to private label mortgage securities through work-streams relating to (1) Representations, Warranties, and Repurchase Enforcement; (2) Due Diligence, Data, and Loan-Level Disclosure; (3) Role of Transaction Parties; and (4) Bondholder Communications. We encourage members to participate in any or all of the working groups to contribute towards the mission of RMBS 3.0. For its 2016 agenda, the task force will address topics including the inclusion of an independent Deal Agent in transactions, Bondholder Communications, Data and Loan-Level Disclosure, Repurchase Enforcement, and Settlements, as well as undertake a review of the previously published Green Papers.

For additional information on RMBS 3.0, please contact Amanda.Bateman@sfindustry.org.

SFIG, through its GSE Reform Task Force, along with several other trade associations, submitted a letter to the FDIC, Fed and OCC regarding the effect of homeowner’s association ‘super-liens’ on private-label RMBS and whole loan transactions. The task force also submitted comments on FHFA’s update to the single security initiative on October 7, 2015. The task force is expecting to receive an update from the SFIG participants on the Industry Advisory Group for the Common Securitization Platform and Single-Security following its second meeting on December 7th. The task force has also formed policy positions on the Carney-Delaney-Himes GSE Reform bill and updated its briefing book to support its advocacy efforts. With the release of the bill, SFIG staff also updated its GSE Reform Legislative Comparison, which analyzes key provisions in the five most recent housing finance reform bills.

To join SFIG’s GSE Reform Task Force and learn more, please contact Amanda.Bateman@sfindustry.org.

The Mortgage Loan-Level Disclosure Task Force is studying the recent Regulation AB II release of Schedule AL and comparing it to SFIG’s Schedule L submission to the Securities and Exchange Commission in February 2014. SFIG also continues to have weekly Mortgage Industry Standards Maintenance Organization calls to go through data elements that lenders should deliver in securitizations. The task force will also be conducting an analysis of the data elements included in SFIG’s Schedule L submission in order to determine any privacy concerns.

Please contact Amanda.Bateman@sfindustry.org for additional information on SFIG’s work on this topic.

The Volcker Task Force has been working with SFIG’s various asset class and legal counsel committees to identify areas within the Volcker Rule in need of clarification, particularly questions regarding covered funds and the loan securitization exemption.

Please contact Alyssa.Acevedo@sfindustry.org to participate on the Task Force.

The Risk Retention Industry Guide Working Group recently launched its interim Industry Guide, ahead of the RMBS compliance date, focused on issues either relevant to all asset classes or specific to RMBS. The Working Group continues to work on a final guide focused on creating best practices and developing consensus positions around several areas within the Credit Risk Retention final rule.

Please contact Alyssa.Acevedo@sfindustry.org with any questions.

SFIG’s Chinese Market Committee continues to hold discussions with a focus on SFIG’s partnership with the Chinese Securitization Forum, potential upcoming educational discussions and the sharing of recent market developments in China.

If you would like more information on SFIG’s work with respect to Chinese securitization, please contact Alyssa.Acevedo@sfindustry.org.

The Regulation AB II Task Force has been focused on the disclosure and offering process requirements within the final rule. Asset specific work streams have been formed to develop comment letters on the outstanding proposals within the final rule and the Task Force submitted the first part of its comment letter this past June. SFIG submitted a supplemental comment letter covering credit card and equipment floorplan asset classes on January 12, 2016.  Future discussions across asset class committees and the Regulation AB II Task Force will focus on the remaining outstanding proposed rules, including potentially requiring issuers to provide the same disclosure for Rule 144A offerings as required for registered offerings.

SFIG members who are interested in joining this task force or asset specific committees should contact Alyssa.Acevedo@sfindustry.org

The Regulatory Capital and Liquidity Committee recently submitted a response to Basel’s Consultative Document regarding Capital Treatment for STC Securitisations. The committee is also addressing industry concerns related to the Federal Reserve Board’s Final Rule on the Liquidity Coverage Ratio (“LCR”). This committee will also develop a comment letter when U.S. regulators release their proposed Net Stable Funding Ratio (“NSFR”). SFIG recently testified before Congress, focusing on global regulatory issues, including LCR, that affect lending across all asset classes.

To become involved in SFIG’s advocacy on the final LCR or NSFR rules, please contact Alyssa.Acevedo@sfindustry.org.

The Derivatives in Securitization Task Force obtained no-action relief from the CFTC giving swap dealers comfort that the CFTC would not take enforcement action against swap dealers that did not comply with certain CFTC Regulations when taking actions in response to the credit ratings downgrade of a counterparty to a legacy swap. The relief applies to swaps with SPVs that were in existence prior to October 10, 2013. The task force also commented on the CFTC’s proposal on margin requirements for uncleared swaps, as well as the prudential regulators’ proposal regarding margin and capital requirements for covered swap entities. In October 2015, the prudential regulators approved a Joint Final Rule on Swap Margin Requirements. In November 2015, the CFTC issued their final rule regarding margin requirements for uncleared swaps for swap dealers and major swap participants.

The High Quality Securitization ("HQS”) Task Force recently submitted a response to Basel’s Consultative Document regarding Capital Treatment for STC Securitisations. The task force previously responded to the European Commission’s consultation on an EU framework for simple, transparent and standardized securitization on May 12, 2015. The task force also previously responded to the BCBS-IOSCO consultation on its criteria for identifying simple, transparent and comparable securitizations. SFIG’s comments were built off of those sent to the European Banking Authority on January 14th (available here) regarding its proposed criteria and to the European Central Bank and Bank of England last summer (available here) regarding the development of a sustainable securitization market in Europe. SFIG recently testified before Congress, focusing on global regulatory issues, including HQS, that affect lending across all asset classes.

To join the HQS Task Force, please contact Alyssa.Acevedo@sfindustry.

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INDUSTRY NEWS HIGHLIGHTS
OCC CALLS FOR COMMENT ON SUPERVISORY GOALS FOR FINANCIAL INNOVATION IN FINTECH

Last Thursday, the Office of the Comptroller of the Currency (the “OCC”) issued a white paper “detailing how it plans to supervise financial innovation at national banks and beyond,” according to an American Banker article. In remarks made by Comptroller Thomas Curry at Harvard last week, he stated that the OCC is “working on a framework to help us understand and evaluate innovation” and went on to say that “we want to foster an internal culture that is receptive to new technology and new ways of doing business.”

The white paper describes the eight guiding principles the OCC will follow in “handling regulation of financial technology, ranging from a commitment to better communicate with financial institutions to a pledge to work with the Consumer Financial Protection Bureau and other regulators to develop a consistent supervisory approach to fintech products.” The OCC has established internal working groups to monitor developments in marketplace lending and payments systems policy, and the article discusses that the “agency might also issue new guidance on product development, third-party risk management and new products targeting the underbanked; streamline its licensing procedures; and appoint experts on ‘responsible innovation’.”

Following are the eight principles presented in the white paper: 1) support responsible innovation; 2) foster an internal culture receptive to responsible innovation; 3) leverage agency experience and expertise; 4) encourage responsible innovation that provides fair access to financial services and fair treatment of consumers; 5) further safe and sound operations through effective risk management; 6) encourage banks of all sizes to integrate responsible innovation into their strategic planning; 7) promote ongoing dialogue through formal outreach; and 8) collaborate with other regulators.

In summary, the OCC “advised banks to remain consistent even as they venture into new lines of business” and stressed that “investment in new products must be done ‘in a manner that is consistent with sound risk management and is aligned with the bank's overall business strategy’."

Written comments on the questions and other topics presented in the OCC’s white paper are due on May 31, 2016.

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BCBS TO PROPOSE NEW LEVERAGE CALCULATIONS RELATED TO DERIVATIVES

The Basel Committee on Banking Supervision ("BCBS") is working to replace the current method for calculating exposures from derivatives positions with a new version that will allow for more netting, according to an article published by Bloomberg last week. The new method “could result in a lower amount of assets and a higher leverage ratio, a measurement of a bank’s financial health that looks at Tier 1 capital as a percentage of total assets” and could thereby “ease capital requirements for some banks, especially in the U.S."

Additionally, according to the article’s sources, the BCBS will increase “the minimum leverage ratio for the 30 largest banks considered systemically important,” bringing it closer to the U.S. requirement. Although a specific leverage ratio was not given by sources, the article stated that “it could go up to 4 percent from 3 percent and include a sliding scale based on how interconnected a firm is.”

What will the impact of these changes be for banks in different jurisdictions? For European banks, the article expects a neutral effect as “the lower derivatives figure would be offset by the higher leverage requirement.” But for U.S. banks, which already “face a 5 percent leverage ratio imposed by domestic regulators, any reduction in derivatives resulting from the new Basel standard would improve their ratio and lower the required capital.”

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INVESTOR GROUP SEEKS CFPB GUIDANCE ON TRID

A group of mortgage investors have requested that the Consumer Financial Protection Bureau (“CFPB”) provide additional clarification about investor liability for purchases of loans that fail to comply with the newly implemented Truth in Lending Act (“TILA”) – Real Estate Settlement Procedures Act (“RESPA”) Integrated Disclosure (“TRID”) rules. According to a recent article in National Mortgage News, the investor group sent CFPB Director Richard Cordray a letter on March 30th describing how the ambiguity facing the market as a result of TRID has had a chilling effect on private investment in the U.S. mortgage markets. The authors of the letter write, "We seek formal written guidance clarifying the liability for a violation of each individual TRID requirement, as well as the scope and applicability of TRID's cure mechanisms."

SFIG has made similar requests for additional guidance from the CFPB. SFIG’s draft compliance review proposal, as reported on March 18th, is not intended to supplant efforts to pursue obtaining formal guidance from the CFPB to resolve the current uncertainty related to TRID exceptions. SFIG's proposal is instead being considered and pursued as a concurrent initiative to address the immediate market concerns while SFIG and its members continue to pursue the long term goal to resolve the uncertainty with the CFPB.

Please contact Daniel.Goodwin@sfindustry.org with questions regarding TRID.

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MORNINGSTAR: CMBS FUNDAMENTALS REMAIN SOUND BUT ISSUANCE UNLIKELY TO EXCEED 2015 LEVELS

According to a recent report from Morningstar Credit Ratings, CMBS fundamentals remain sound across all property types. However, new issuance is unlikely to exceed the $101.01 billion amount seen in 2015, which was up 7.4 percent from the previous year. According to Morningstar, “The widening of CMBS spreads has introduced tremendous pricing uncertainty to the loan origination process and caused CMBS lenders to throttle down origination of loans for securitization.” Furthermore, market participants expect CMBS spreads to widen in December once risk retention rules take effect, thereby requiring issuers, or a designated non-investment grade buyer, of mortgage securitizations to retain 5 percent of every deal. New issuance through March 11, 2016 amounted to $13.6 billion, whereas new issuance during the first quarter of 2015 amounted to $27.01 billion.

Morningstar expects delinquency rates to remain relatively low in most markets, with the exception of those that have significant exposure to the oil and gas industry. As of the end of January 2016, the delinquency rate was at its lowest level since 2009, standing at 2.9 percent, and well below its historical high of 8.53 percent in May 2012.

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INVESTORS SLOWLY REGAINING APPETITE FOR RMBS

According to a recent Pensions & Investments article, institutional investors are slowly regaining their appetite for RMBS offerings. Federal Reserve data shows investments in RMBS in 2014 were up 25 percent over their 2010 levels, totaling $500 billion. While the agency market backed by the federal government is worth approximately $5.2 trillion, the size of the non-agency RMBS market was about $668.5 billion as of November 30th according to Bank of America Merrill Lynch data.

According to the article, many are getting exposure primarily to agency RMBS through their core-plus fixed-income portfolios, with an average exposure of 23.4 percent. Investors note these securities look much different than the ones originated in 2007, as regulatory changes have made them less risky. According to Brian Grow, managing director, RMBS, at Morningstar Credit Ratings LLC, “There are very few subprime borrowers in post-crisis, non-agency securitizations. The loans that are being securitized have real documented homeowner income, a lot of reserves.. nderwriting is a lot tighter.”

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SINGLE FAMILY RENTAL SECURITIZATION MARKET GROWING

A relatively new type of mortgage security that bundles residential and commercial loans is gaining popularity with investors, according to a recent article in Pensions & Investments. Morningstar Credit Ratings, which has rated all single family rental securitizations totaling $14.29 billion in issuance, explain these bonds are analyzed differently from RMBS as they are rated according to whether the total rents collected exceed the mortgages.

In the aftermath of the crisis, investment managers began buying foreclosed homes, renovating them and renting them out, the article explains, and some of these portfolios have been spun out into real estate investment trusts. According to Marc Rosenthal of MatlinPatterson Global Advisers LLC, the move by money managers to buy single-family homes to rent “was a huge savior for the subprime residential market in 2012 to 2013… Those investors bought property with cash and were able to get the (portfolio of single-family homes) cash flowing, and now they are securitizing the rental cash flows.”

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MARKET PARTICIPANTS PUSH EU TO FIX STS SECURITIZATION PROPOSAL

In a recent joint note to the European Union ("EU"), 32 associations and market participants set out ten elements of the current simple, transparent and standardized (“STS”) securitization proposal that need to be modified in order “to create a safe European securitisation market able to support the economy.”

According to a recent Bloomberg article, the note said the EU’s plan could cause an “arbitrary division” between currently available securities and those issued under the new standards, which in turn would “cause losses to conservative investors for no discernible prudential benefit” at a time when EU markets remain fragile. The joint note recommends “simple, short-form rules” to help the new framework align with existing securities that meet most of the EU’s goals.

The note also identifies four necessary characteristics for success: that the regulatory framework be stable, holistic, clear and executable. All ten elements within the joint note are set out against these four requirements in an annex.

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FEDERAL RESERVE TO PERMIT CERTAIN U.S. MUNICIPAL SECURITIES TO BE ACCEPTED AS LEVEL 2B ASSETS FOR BASEL III LCR CALCULATION

Last Friday, the Federal Reserve (“Fed”) released final rule changes to treat more municipal securities as high-quality liquid assets (“HQLA”) under liquidity requirements for large financial institutions, according to a recent Bond Buyer article

Typically level 2B assets are subject to a 50 percent haircut, and may not exceed 15 percent of a covered company’s HQLA amount. The final rule is slightly more lenient and “includes as level 2B liquid assets under the LCR rule general obligation securities of a public sector entity (i.e., securities backed by the full faith and credit of a U.S. state or municipality) that meet similar criteria as corporate debt securities that are included as level 2B liquid assets, subject to limitations that are intended to address the structure of the U.S. municipal securities market.” Municipal securities would still have to meet the liquid and readily marketable standard outlined in the rule to be considered level 2B assets. 

The rule changes will take effect on July 1, 2016, but other banking regulators still exclude municipal securities from HQLA.

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SFIG COMMITTEES AND TASK FORCES

SFIG has a number of Committees and Task Forces meeting and working on many topics of interest to the securitization industry. Please email us for more information, including how to join.

SFIG is pleased to share this edition of its newsletter with our members, as well as our supporters in the structured finance community. To ensure that you receive future editions of the newsletter, please visit our website or email us to learn more about membership opportunities.

Contact Information

Richard Johns Executive Director

Kristi Leo Investor Relations

Sairah Burki Senior Director, ABS Policy

Michael Flood Director, Advocacy

Dan Goodwin Director, Mortgage Policy

Jennifer Wolfe ABS Policy Manager

Hua Liu Communications & Social Media Manager

Alyssa Acevedo Senior Analyst, ABS Policy

Amanda Bateman Senior Analyst, MBS Policy

Jennifer Serpas Office Manager

Sarah Clarke Events Coordinator

1775 Pennsylvania Ave. NW
Suite 625
Washington, DC 20006

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