June 1, 2016 Newsletter
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June 1, 2016
 
 
SFIG News

Industry Jobs

SFIG Calendar

Meetings

Events

Advocacy Outlook

Industry News Highlights

 
SFIG NEWS
STRUCTURED FINANCE CANADA 2016 COMES TO A CLOSE

Today, SFIG is proud to celebrate the success of our first annual Toronto conference for the Canadian structured finance market. As we finish out this spectacular day, we are very pleased to report that a record-breaking crowd of 500 participants are here in attendance and enjoying a packed agenda!

The event kicked off last evening with a sold-out Industry Dinner, and the crowd enjoyed a hilarious performance by comedienne Jessica Holmes. This morning, the agenda featured an on-point keynote address by the Honourable Charles Sousa, Ontario's Minister of Finance, in which he emphasized the important role the structured finance market plays in support of the Canadian economy. And throughout the day, all of the panels have drawn large crowds.

On behalf of both SFIG staff and leadership and our partners at IMN, we sincerely thank our pioneer event sponsors for their support in launching what we believe will be a successful event in years to come.

We look forward to seeing you next year at Structured Finance Canada 2017!

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SFIG & WiS CONVENE A CANDID DISCUSSION IN TORONTO

Last night, May 31st, SFIG and its Women in Securitization (“WiS”) initiative were delighted to welcome over 50 participants from the structured finance industry to a lively panel discussion focused on the ways that women can empower themselves – and how men and other women can provide support – to progress in their careers and to their full potential. 

SFIG thanks our distinguished panel for engaging in a candid dialogue about their personal career paths, and for generously offering the audience specific tools and advice for managing their careers.

We also extend a special thank you and appreciation to McCarthy Tétrault LLP for hosting a wonderful event and cocktail reception.

If you are interested in learning more about the initiative or joining WiS, please click here.

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REMINDER: JOIN US FOR SFIG’s NEW YORK BLOCKCHAIN SYMPOSIUM NEXT WEEK

Following our May 24th launch of the SFIG Blockchain Symposia Series, SFIG invites you to join us for our 2nd symposium, which will take place in New York on June 7, 2016.

Beginning with an introductory tutorial on “what is blockchain”, the panel will then discuss general applicability to capital markets, including reference to smart contracts and to the Delaware Blockchain Initiative – a comprehensive program to provide an enabling regulatory and legal environment for the development of blockchain technology. After the general discussion the panel will evaluate potential applications more specifically to the world of structured finance.

Panelists include:

  • Caitlin Long, Investor and Strategic Advisor
  • Marco Santori, Partner at Pillsbury Winthrop and State's legal advisor on the Delaware Blockchain Initiative
  • Andrea Tinianow, Global Delaware Director and lead for the Delaware Blockchain Initiative
  • K. Waterman, Managing Partner and Chief Technology Officer, Ranieri Strategies
  • TBD, KPMG

Moderator: Lewis Cohen, Partner, Hogan Lovells US LLP

Date: Tuesday, June 7th

Location:

Hogan Lovells US LLP
875 Third Avenue
25th floor
New York, NY 10022

Registration available here.

5:00pm – Registration
5:30pm – Panel Discussion
6:30pm – Cocktail Reception

If you would like to be included in the newly created Blockchain Task Force, please email Alyssa.Acevedo@sfindustry.org. For questions regarding the symposium or other events, please email Sarah.Clarke@sfindustry.org.

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SFIG ISSUES CREDIT CARD DISCLOSURE BEST PRACTICES

Earlier today, June 1st, SFIG announced the release of two credit card disclosure best practices. The best practices are a combined product of SFIG’s Investor and Credit Card Issuer Committees and are targeted towards enhancing disclosure practices of issuers that conduct registered offerings and sales of credit and charge card ABS, notably regarding quarterly updates of static pool information and, where applicable, information regarding retailer concentration. As member-endorsed practices, SFIG strongly encourages their adoption by issuers of registered Card ABS, while recognizing that as best practices, members are not under a mandatory obligation to adopt the recommendations herein.

Please reach out to Jennifer.Wolfe@sfindustry.org with any questions.

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SFIG SUBMITS RESPONSE TO OCC FINTECH WHITE PAPER

Last Friday, May 27th, SFIG submitted a comment letter, drafted by Mayer Brown, in response to the Office of the Comptroller of the Currency’s (“OCC”) white paper, “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective,” which sought comments on the OCC’s approach for regulation of financial technology and innovation.

If you are interested in joining our Marketplace Lending Committee, please contact Jennifer.Wolfe@sfindustry.org. If you would like to join our Blockchain Task Force, please contact Alyssa.Acevedo@sfindustry.org.

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REMINDER TO SIGN UP FOR OUR CFPB ARBITRATION TASK FORCE

Last month, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule that would prohibit companies from using mandatory arbitration clauses that prevent class action lawsuits in new contracts with consumers.

As we previously announced, SFIG has formed a task force to evaluate and determine our position regarding the CFPB’s proposed rule.

Please contact Alyssa.Acevedo@sfindustry.org or 
Jennifer.Wolfe@sfindustry.org to join this task force.

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INDUSTRY JOBS

SFIG Positions

With SFIG continuing to expand its reach across new conferences and additional policy challenges, we are looking for additional talent.

If you are smart, enthusiastic, hard-working, and want to be part of a growing organization in a fun and supportive environment, please contact us at jobs@sfindustry.org or visit our website at www.sfindustry.org/jobs.

Opportunities exist for a variety of experience sets, ranging from Policy Analyst to Advocacy Manager. We look forward to hearing from you!


Industry Positions

Some of the latest industry positions available include:

JOB TITLE COMPANY POSTING DATE
Principal - Structured Product Group (RMBS) PGIM 05-04-2016
Director/Senior Director - Data and Operations Leader Fitch Ratings 05-03-2016
Director/Senior Director - Research and Criteria Leader Fitch Ratings 05-03-2016
Director/Senior Director - Asset Manager Leader Fitch Ratings 05-03-2016
Enterprise Sales T-REX 03-04-2016

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.

Current members are encouraged to advertise open positions within their company on SFIG's website by filling out the form here.

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SFIG CALENDAR
MEETINGS
WEEKLY CREDIT CARD ISSUER COMMITTEE CALLS
  • THURSDAY, June 2, 2016
    10:00 a.m. – 11:00 a.m. (ET)
  • THURSDAY, June 9, 2016
    10:00 a.m. – 11:00 a.m. (ET)
 
 
ABCP COMMITTEE CALL

THURSDAY, June 2, 2016
10:00 a.m. – 11:00 a.m. (ET)

 
 
BLOCKCHAIN TASK FORCE KICK-OFF CALL

FRIDAY, June 3, 2016
2:00 p.m. – 3:00 p.m. (ET)

 
 
TRUSTEE COMMITTEE CALL

TUESDAY, June 7, 2016
11:00 a.m. – 12:00 p.m. (ET)

 
 
BIWEEKLY AUTO ISSUER COMMITTEE CALL

WEDNESDAY, June 8, 2016
2:00 p.m. – 3:00 p.m. (ET)

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EVENTS
SFIG NYC SYMPOSIUM ON BLOCKCHAIN TECHNOLOGY

TUESDAY, June 7, 2016
5:00 p.m. – 7:00 p.m. (ET)
Hogan Lovells US LLP
875 Third Avenue
New York, NY 10022
Registration 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 available here.

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SFIG BOARD OF DIRECTORS MEETING

TUESDAY, June 28, 2016
12:00 p.m. – 5:00 p.m. (ET)
Morgan, Lewis and Bockius LLP
New York, NY
Note: Closed Meeting

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IMN’s ABS EAST 2016 CONFERENCE

SUNDAY, September 18, 2016 – TUESDAY, September 20, 2016
The Fontainebleau
Miami Beach, FL
Registration 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 recently completed their White Paper, A Comprehensive Guide to U.S. Securitization, for Chinese regulators and the Chinese Securitization Forum to educate them on the U.S. securitization landscape. The committee also continues to hold discussions with a focus on SFIG’s partnership with the CSF, 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 will be developing a comment letter to the U.S. proposed net stable funding ratio (“NSFR”) requirements. The committee also recently submitted a response to Basel’s Consultative Document regarding Capital Treatment for STC Securitisations and will be addressing industry concerns related to the Federal Reserve Board’s Final Rule on the Liquidity Coverage Ratio (“LCR”). 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
OBAMA ADMINISTRATION AND REGULATORS PREP FOR FINTECH OVERSIGHT

According to a recent Financial Times article, the Obama administration and regulators have established a network of fintech watchers across the fast-growing sector with fintech companies reacting by strengthening their lobbying efforts.

According to the Financial Times, policymakers face a difficult balancing act of avoiding stifling innovation while preventing loose practices or business meltdowns.

The Obama administration’s efforts, which include the Treasury and Commerce departments, are being coordinated by Adrienne Harris, a special assistant to President Obama on the White House’s National Economic Council.

Regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau are also becoming increasingly focused on the fintech space.

If you would like to join SFIG’s Marketplace Lending Committee, please contact Jennifer Wolfe. If you would like to join our Blockchain Task Force, please contact Alyssa Acevedo.

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FRB CHAIR YELLEN THROWS HER SUPPORT BEHIND INTEREST RATE INCREASE

In recent remarks at Harvard University, Federal Reserve Board (“FRB”) Chair Janet Yellen indicated that she has joined the consensus view at the central bank and supports an interest rate increase in the not so distant future. Though she did not specify the timing of the move, she told audiences that “it’s appropriate” for the FRB to increase rates over time and “probably in the coming months such a move would be appropriate” according to a Bloomberg article on the matter.

When the Federal Open Market Committee meets in Washington June 14-16, Yellen and her colleagues will contemplate an interest rate increase. This would be the second such rate increase since December, when rates were hiked after seven years of near-zero borrowing costs. The move shouldn’t come as a surprise to most, though. According to Bloomberg, “Several regional Fed presidents, ranging from Boston Fed President Eric Rosengren to San Francisco’s John Williams, have in recent weeks urged financial market participants to take more seriously the chances of a rate hike in the next two months, pointing to continued signs of steady if unspectacular growth in the U.S. economy and the waning of risks posed by global economic and financial conditions.”

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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

Dan Goodwin Director, Mortgage Policy

Tom McCrocklin Director, Advocacy

Jennifer Wolfe Manager, ABS Policy

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

Dani Hernandez Executive Administration

1775 Pennsylvania Ave. NW
Suite 625
Washington, DC 20006

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