June 4, 2014 Newsletter
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June 4, 2014
 

SFIG News

SFIG Calendar

Advocacy Outlook

Recent Developments

Next Week in Washington

 
SFIG NEWS
SFIG RESPONSE TO MOODY’S REQUEST FOR COMMENT
SFIG’s Credit Card Committee is developing a response to Moody’s Request for Comment (RFC) on the Approach to Rating Credit Card Receivables-Backed Securities. Moody’s RFC outlines a change to their ratings methodology. Moody’s suggests that the proposal would increase transparency in their approach by showing the incorporation of sponsor ratings into their analysis.

The Moody’s proposal offers two changes:

  1. Transparently incorporates the rating of the underlying sponsor into the rating analysis and proposes explicit adjustment to level of credit enhancement based on the sponsor rating.
  2. Includes historical data on early amortization into modeling assumptions to reflect behavior of cardholders in the event of account closure.

SFIG will be facilitating the discussion amongst Credit Card Committee members, thereby allowing a consolidated set of industry comments to Moody’s in response to the RFC. Comments are due June 9, 2014.

For additional information on the Credit Card Committee response to Moody’s RFC, please contact Mary.Robinson@sfindustry.org.

 
 
SFIG HOLDS CALL WITH REGULATORS ON LCR
On June 4, 2014, SFIG and SIFMA met with the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (Agencies) to discuss the Liquidity Coverage Ratio (LCR) proposal. SFIG and SIFMA staff and members reemphasized the “look-through approach” recommendation made in the comment letter submitted in late January and during the meeting held with the Agencies earlier that month. Under the look-through approach, the outflow amount for bank customer securitization credit facilities would match the outflow amount that would apply to a credit facility extended directly to a bank customer. Joining SFIG and SIFMA on today’s call were two corporate treasurers who outlined the way in which businesses make use of SPE commitments and how the current LCR proposal could impact end users. Please contact Sairah Burki at Sairah.Burki@sfindusty.org with any questions.
 
 
SFIG SEEKING PARTICIPANTS FOR TASK FORCE TO RESPOND TO ECB AND BOE SECURITIZATION PROPOSALS
The Bank of England (BoE) and the European Central Bank (ECB) recently published a joint discussion paper on securitization, which proposes a set of principles pursuant to which securitization transactions that generally are deemed to be "simple and transparent to investors" would be classified as "qualifying securitizations" and would receive various regulatory preferences. This paper notes the many benefits of securitization and attempts to identify current impediments to realizing these benefits. It ultimately suggests a variety of reform options that relevant EU authorities could support to remove these impediments and revitalize the European securitization market for qualifying securitizations. 

While this paper is aimed at improving European securitization markets, the implementation of the proposed concepts will likely also impact global securitization markets and the thinking of key regulators in the rest of the world. Accordingly, it is important to identify issues that may affect the interests of U.S. investors and issuers at an early stage and to advocate for exemptions or alternative approaches that will support the effective functioning of global, cross-border securitization markets. To achieve this, we are forming a task force to respond to the discussion paper (comments are due by July 4th). Please contact Amanda.Bateman@sfindustry.org as soon as possible if you are interested in joining this task force.

 
 
SFIG MEMBERS ATTENDING IMN GLOBAL ABS CONFERENCE NEXT WEEK IN BARCELONA
SFIG staff will join several SFIG members at the IMN Global ABS 2014 conference. In addition to multiple meetings with key European market participants and regulators, on Wednesday, June 11th, Richard Johns will be participating on a panel entitled: “Examining Key Regulations through the Global Lens – Liquidity.” Later that day, Sairah Burki will be on a panel on key regulations related to bank structural reform.
 
 
SFIG TO ATTEND BCBS/IOSCO SECURITIZATION ROUNDTABLE
SFIG members and staff will attend a Securitization Roundtable hosted by the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors and other regulatory groups on June 16th in London.  The roundtable is part of a newly formed Task Force on Securitization Markets (TFSM).  Through work with industry participants, the TFSM mandate will:
  • undertake a wide ranging review of securitization markets so as to understand how they are evolving in different parts of the world;
  • identify factors from across different sectors that may be hindering the development of sustainable securitization markets. With a view to developing diverse and resilient sources of market-based finance, a particular focus will be on the participation of non-bank investors; and
  • develop criteria to identify and assist in the development by the financial industry of simple and transparent securitization structures.

The roundtable meeting in London will include discussions on the following topics: the current state of the global ABS markets; the investor base for ABS; key impediments to ABS market functioning; and, qualifying vs. non-qualifying securitizations.

 
 
SFIG CALENDAR
PROJECT RMBS 3.0 ROLE OF THE TRUSTEE/BONDHOLDER COMMUNICATIONS WORKING GROUP CONFERENCE CALL (BI-WEEKLY)
THURSDAY, June 5, 2014
3:00 p.m. – 4:00 p.m. (EST)
 
 
PROJECT RMBS 3.0 REPRESENTATIONS, WARRANTIES, & REPURCHASE ENFORCEMENT CONFERENCE CALL (BI-WEEKLY)
THURSDAY, June 5, 2014
4:00 p.m. – 5:00 p.m. (EST)
 
 
LEGAL COMMITTEE CALL
FRIDAY, June 6, 2014
9:30 a.m. – 10:30 a.m. (EST)
 
 
IMN 2014 GLOBAL ABS CONFERENCE
TUESDAY, June 10, 2014 – THURSDAY, June 12, 2014
Barcelona International Convention Centre
Barcelona, Spain
Registration available here
 
 
SFIG MEETING WITH BIS
THURSDAY, June 12, 2014
9:30 a.m. – 10:30 a.m. (CEST)
Basel, Switzerland
Note: Closed Meeting
 
 
BCBS/IOSCO SECURITIZATION ROUNDTABLE
MONDAY, June 16, 2014
8:00 a.m. – 1:30 p.m. (GMT)
International Accounting Standards Board
London, UK
Note: Closed Meeting
 
 
SFIG BOARD OF DIRECTORS MEETING Q2’14
TUESDAY, June 24, 2014
12:00 p.m. – 5:00 p.m. (EST)
Katten Law
575 Madison Avenue, 11th Floor
New York, NY 10022
Note: Closed Meeting
 
 
IMN ABS EAST 2014 CONFERENCE (SFIG—LEAD ASSOCIATION PARTNER)
SUNDAY, September 21, 2014 – TUESDAY, September 23, 2014
The Fontainebleau Hotel
Miami Beach, FL
Registration available here
 
 
SFIG FALL SYMPOSIUM
TUESDAY, October 21, 2014
5:30 p.m. – 8:00 p.m. (EST)
New York, NY
Registration and agenda will be forthcoming
 
 
SFIG & IMN ABS VEGAS 2015
SUNDAY, February 8, 2015 – WEDNESDAY, February 11, 2015
The Aria Resort and Casino
Las Vegas, NV
Registration available here
 
 
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.

Project RMBS 3.0 continues to work towards bringing private label securities back to the mortgage market. Working Groups conduct regular meetings via conference call to address issues specific to private label mortgage securities in the following categories: 1) Representations, Warranties and Repurchase Enforcement; 2) Due Diligence/Loan Review, Data and Disclosure; and 3) Role of Trustees and Bondholder Communications. We encourage members to participate in any or all of the Working Groups to contribute towards the mission of Project RMBS 3.0. Please contact Mary.Robinson@sfindustry.org to join a Working Group or with any additional questions on Project RMBS 3.0.

The GSE Reform Task Force recently finalized SFIG’s policy positions as they relate to the proposed Johnson-Crapo legislation for housing finance reform, which was recently approved by the Senate Committee on Banking, Housing, and Urban Affairs by a 13-9 vote. SFIG’s GSE Reform Task Force has met regularly since the bill was initially released and will reconvene in the event Senator Harry Reid brings the bill to a vote by the Senate. Until then, SFIG is reviewing the PATH Act in preparation for any action the House Financial Services Committee may take on housing finance reform. If you would like to learn more about SFIG’s activities with respect to GSE Reform, please contact Amanda.Bateman@sfindustry.org.

The Mortgage Loan-Level Disclosure Subcommittee has reviewed and developed additional data elements for potential disclosure. SFIG will use this work as a basis of discussions and correspondence with the Securities and Exchange Commission on the mortgage aspects of Regulation AB II. SFIG continues to have weekly Mortgage Industry Standards Maintenance Organization calls to go through data elements that lenders should deliver in securitizations. Please contact Alyssa.Acevedo@sfindustry.org for additional information on SFIG’s work on this topic.

The Volcker Task Force is working with SFIG’s various asset class committees to develop potential FAQs to share with the regulatory agencies regarding the Volcker Rule. Please contact Amanda.Bateman@sfindustry.org for additional information on the Volcker Task Force.

The Risk Retention Committee is continuing to follow up with regulators on risk retention questions across asset classes. Topics under discussion include participations and representative sample approaches. Please contact Alyssa.Acevedo@sfindustry.org with any questions.

SFIG is continuing to build membership for its Chinese Market Committee. If you would like more information on SFIG’s work with respect to Chinese securitization, please contact Alyssa.Acevedo@sfindustry.org.

SFIG has launched its initiative to provide input for the Financial Stability Board’s “Shadow Banking” project. For more information on SFIG’s work on Shadow Banking, please contact Amanda.Bateman@sfindustry.org.

The Derivatives in Securitization Task Force is developing a comment letter to advocate the need for an end-user exemption from the forthcoming reproposed margin rules for uncleared swaps entered into by special purpose vehicles (SPVs). SFIG members who are interested in participating in this initiative should email Alyssa.Acevedo@sfindustry.org.

 
 
RECENT DEVELOPMENTS
ECB, BOE RELEASE PLANS TO REVIVE EU SECURITIZATION
Last Friday, the European Central Bank (ECB) and the Bank of England (BoE) released a proposal to resurrect the European Union's (EU’s) market for asset-backed securities (ABS) and facilitate the flow of credit to smaller businesses. Europe's ABS market has not recovered from the global financial crisis.

The ECB and the BoE aim to get European issuers and investors to agree to common standards for safer ABS, which could help build a stronger economy by providing credit to firms that are too small to raise investment funds directly from capital markets.

“Securitization can support greater funding diversification, free up capital to allow banks to extend new credit to the real economy, and provide ... insurance companies and pension funds with access to a broader pool of assets," the BoE said. Last month, the two central banks said public intervention to kick-start the market is needed, and accused global regulators of taking too tough a stance on the sector.

The ECB is increasingly concerned about banks' ability to lend and support the euro zone recovery as credit demand starts to pick up, pointing to the ABS market as a way to channel funding to the real economy, especially to smaller companies. The paper suggested following the model already adopted for asset-backed securities eligible for central bank transactions, which aims to identify products that are simple, robust and transparent, enabling investors to accurately assess risks. The release also said that ABS may warrant more generous treatment by regulators than exists at present, and recommended that credit registers which provide data on whether small firms default on loans should be more open to lenders other than existing banks.

SFIG is creating a Task Force to respond to the European Proposals. To learn more about the issue or participate in the Task Force, please contact Amanda.Bateman@sfindustry.org.
 
 
VOLKSWAGEN PLANS TO ISSUE ABS IN CHINA, FOLLOWING FORD AND TOYOTA AS PREFERRED SHARES ISSUANCE COMMENCES IN CHINA
Volkswagen AG plans to issue nearly 800 million yuan ($128 million) of asset-backed securities in China this month, following similar sales by Ford Motor Corporation and Toyota Motor Corporation.

Ford Automotive Finance China completed its first asset-backed securitization (ABS) in China this month, selling 800 million yuan of ABS. Toyota Motor Finance China also sold 800 million yuan of ABS on May 23rd.

Volkswagen Financial China’s securitized notes are due in August of 2020 and are backed by automotive loan receivables. These are significant transactions under the country’s new ABS pilot program governed by the China Banking Regulatory Commission and the People’s Bank of China.

Last Thursday, the China Securities Journal reported that the issuance of preferred shares in China is likely to start during the third quarter of 2014. This past March, China’s Securities Regulatory Commission announced new rules for a pilot program allowing eligible companies to issue preferred shares. These are projected to add financing channels for Chinese companies to boost capital. Six companies, including China State Construction and Agricultural Bank of China, have already put forth such plans. Industry experts state that preferred shares will significantly strengthen banks’ ability to replenish capital and that banks in China will issue up to 1 trillion yuan ($159.8 billion) worth of preferred shares over the next five years.

SFIG is currently engaged in developing it’s Chinese Market Committee. If you are interested in joining, please contact Alyssa.Acevedo@sfindustry.org.

 
 
CHINA TO REMOVE RESERVE REQUIREMENT RATIO FOR SOME BANKS
Last week, China announced the removal of the reserve requirement ratio for some of the nation’s banks. This is the latest step in the government’s pursuit to enhance growth in the world’s second largest economy. According to China’s cabinet, policy makers will “appropriately” lower the reserve requirement for banks that have extended a certain amount of loans to rural borrowers and smaller companies. Additionally, the State Council has vowed to fine-tune policy where needed while maintaining a practical monetary stance.

The People’s Bank of China is also setting up a re-lending facility for smaller companies with this year’s quota at 50 billion yuan ($8 billion). The central bank will also boost bond issues and expand bank credit securitization trials to support small businesses.

China’s economy forecasted to expand 7.3 percent this year, according to a Bloomberg survey of analysts this month.

 
 
SEC CHAIR SAYS MMMF RULES ON THE HORIZON
New rules reforming the money market mutual fund (MMMF) industry will come out in the “very near term” according to Securities and Exchange Commission (SEC) Chair Mary Jo White. Last summer, White proposed two alternatives that would reduce the vulnerability of money funds to runs, an area of reform widely called for since the global financial crisis. One measure would require the riskiest MMMFs to institute a floating net asset value (NAV) share price in lieu of their sacred $1 share price. The second proposal would require money funds to impose withdrawal fees and allow them to temporarily block redemptions. Proponents of the floating NAV argue it would help encourage investors to accept slight differences in the value of the shares, thereby creating less of a panic if the price falls below $1, known as “breaking the buck.” The SEC has also publicly weighed the idea of combining both of the requirements as a third option for reforming the industry, but that option has received significant pushback for being too destructive.

Top officials from across a range of different regulatory agencies have expressed concerns that MMMFs continue to pose systemic risk without significant structural reforms. Advocates of reform argue that the funds are particularly susceptible to runs because investors are not aware of the market risks associated with them. Federal Reserve Governor Daniel Tarullo has stressed the need to remedy risks tied to a reliance on short-term wholesale funding, particularly arising from the shadow banking system, in order to prevent a relapse of the crisis. The Financial Stability Oversight Council (FSOC), a 10-member voting panel of regulators which White sits on, has made the issue one of its top priority reform issues each year it has released an annual report.

The FSOC has become increasingly aggressive on the matter, intervening in November 2012 using its authority under Dodd-Frank after the SEC failed to win board approval for its own reform plan. As a source of risk during the crisis, the FSOC has the authority to regulate MMMFs to ensure systemic events do not cripple financial markets. The FSOC has proposed a plan that would require funds to float their net asset values or hold a capital buffer in order to absorb losses and face additional restrictions on how much investors can redeem at one time. A third option would require a fund to keep a buffer of 3 percent to help absorb losses and potentially incorporate additional measures to make the funds more resilient. Despite FSOC’s separate proposals, the Council has stressed that it would prefer having the SEC oversee any MMMF reform.

 
 
TERRORISM RISK INSURANCE REAUTHORIZATION PASSES SENATE BANKING COMMITTEE BY UNANIMOUS 22-0 VOTE
Yesterday, the Senate Committee on Banking, Housing, and Urban Affairs (Committee) passed S. 2244, the Terrorism Risk Insurance Program Reauthorization Act (TRIA) of 2014 by a unanimous vote of 22-0. The bipartisan bill extends the existing TRIA program for seven years while making changes to the insurance company co-pay and recoupment requirements to further protect taxpayers.

Without reauthorization, TRIA will expire at the end of 2014. Created in 2002 in the aftermath of the September 11, 2001 attacks, TRIA provides a federal backstop for insurance coverage against losses from terrorist attacks. TRIA has been reauthorized in 2005 and then again in 2007. 

Under S. 2244, TRIA would be reauthorized for seven years and contain the following two changes that would be phased in over five years:

  1. Co-pay: In the event of a terrorist attack, insurance companies would first be obligated to pay a portion of their premiums (20 percent of the prior year’s direct earned premium for covered commercial lines) as a deductible. Following that deductible payment, however, the program currently requires that the federal government cover 85 percent of each company’s losses until the amount of losses totals $100 billion. Each company is obligated to pay the other 15 percent of losses. In other words, after an insurer’s losses exceed its deductible, it faces a 15 percent co-pay on all additional terrorism losses in conjunction with the federal government’s 85 percent recoupable co-pay.
    • The legislation would increase an insurers’ co-pay from 15 to 20 percent, with the government still covering 80 percent of each company’s additional losses. As stated, this increase would be phased in incrementally over five years.
  1. Recoupment: When aggregate insured losses are less than $27.5 billion, the TRIA program currently imposes mandatory policy surcharges that require recoupment of federal payments made under the program. In other words, recoupment by the federal government is mandatory if the insurance industry’s aggregate uncompensated loss is less than $27.5 billion. Additionally, under the current program, when aggregate insurer deductibles and co-payments exceed $27.5 billion, TRIA provides the Secretary of the Treasury the authority to recoup federal payments above that amount based on pre-established factors and conditions.
    • The legislation would raise the mandatory recoupment threshold to $37.5 billion, so that when the insurance industry’s aggregate uncompensated losses are below $37.5 billion, the government will be required to recoup its TRIA payments outlaid to insurers.

“This seven year extension of TRIA will continue to help promote economic growth and provide certainty for commercial property development and job creation across the country while protecting the taxpayer. With such a substantial bipartisan vote out of the Banking Committee, I thank my colleagues on both sides of the aisle and plan to continue working with them to move the bill through the Senate in a timely manner,” Stated Senator Tim Johnson (D-SD), Chairman of the Committee. The bill will now be reported favorably to the Senate for a vote on the floor in the near future.

 
 
SENATE APPROVES MASSAD, TWO OTHER NOMINEES TO LEAD CFTC
Yesterday, the Senate confirmed Timothy Massad to be the Chairman of the Commodity Futures Trading Commission (CFTC). For three years, Massad oversaw the Treasury's Troubled Asset Relief Program (TARP), the bank bailout program launched in response to the 2008 financial crisis. Under TARP, the government lent about $424 billion to bail out financial companies and automakers. The companies have repaid $373 billion. Prior to TARP, Massad was a corporate attorney for 24 years at the law firm Cravath, Swaine & Moore.

Also confirmed were two nominees to fill open Commissioner vacancies at the CFTC. Sharon Bowen, who served as acting head of the Securities Investor Protection Corporation, will fill the open Democratic seat on the five-member commission. Christopher Giancarlo, and executive at GFI Group, will fill the open Republican seat.

The three will now oversee implementation and enforcement of Dodd-Frank mandated CFTC rules for futures, options, swaps and derivatives.

 
 
CFPB WEIGHING AUTO TITLE LOAN REGULATION
In light of last week’s delay on the implementation of payday loan regulation, the Consumer Financial Protection Bureau (CFPB) is facing a choice over whether to include regulation of auto title loans under the pending regulations. Regulation covering payday lending, originally scheduled to begin in March, was pushed back six months and law makers and industry watchers are now drawing attention to whether or not auto title lending will be included in the federal scheme.

Auto title loans are secured loans made to borrowers that use titles to their vehicles as collateral. The loans are not based on borrow ability to repay and the lender instead relies upon the potential value of the vehicle in repossession. According to the Center for Responsible Lending, the loans issued are usually for approximately $1,000 and have 30-day terms with 300 percent annual percentage rates. Auto title lending generates an estimated $4.3 billion annually in revenue. Consumer finance protection advocates argue that auto title loans present consumer-protection concerns similar to payday loans, where borrowers may get caught in the debt trap of losing their collateral or continuously paying fees and taking out additional loans.

Last month a group of Senate Democrats sent a letter to CFPB Director Richard Cordray urging the bureau to adopt regulations covering payday and other consumer loans, such as auto title loans. The letter from Senators Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Richard Durbin (D-IL), Tom Harkin (D-IA), Richard Blumenthal (D-CT), and Tom Udall (D-NM) argues that CFPB regulations that narrowly target payday lending could allow for “similarly harmful products disguised in different formats.”

The CFPB has not, however, conducted extensive research or held any public hearings regarding auto title lending, as it has with regard to payday loans.  Jo Ann Barefoot, member of the CFPB Consumer Advisory Board, says the CFPB “really want to understand the research before they act substantively.” CFPB action is generally data driven so the lack of a public record indicating that auto title loans do in fact pose the same sort of risk to consumers as their payday counterparts may impact the bureau’s willingness to take action on including auto title lending.

 
 
SENATE PASSES NONBANK CAPITAL FIX FOR INSURERS BY UNANIMOUS CONSENT
Last night, the Senate passed S. 2270, The Insurance Capital Standards Clarification Act of 2014, by unanimous consent. The bill would allow the Federal Reserve (Fed) more flexibility in its regulation of insurance capital standards. Before the crisis, insurance oversight had been largely left to state regulators. However, Congress brought systemically important companies under the regulation of the Fed. Under Dodd-Frank, U.S. regulators have the power to designate large nonbank firms as “systemically important,” which subjects them to Fed oversight of their capital levels and risk-management programs. So far, regulators have designated two large insurance companies, Prudential Financial and American Insurance Group (AIG) as systemically important.

As such, these companies have been advocating that the Fed tailor capital rules for insurers. However, the Fed has stated that Dodd-Frank ties their hands, as it sets a floor on capital levels for all firms it oversees. Industry experts have stressed the importance of this legislation given the operational differences between banks and insurance companies. These companies would fall drastically short of the Fed’s floor standards as they neither operate in a manner similar to banks nor fund themselves.

The bill would tweak Dodd-Frank to allow the Fed to apply insurance-based capital standards, and take in to account for state capital requirements for the insurance portions of the businesses. The measure now moves to the House of Representatives, where H.R. 4510, a companion bill with over 50 bipartisan cosponsors, awaits floor action.

If you are interested in becoming involved SFIG's “Shadow Banking” project please contact Amanda.Bateman@sfindusty.org.

 
 
FEDERAL BANK REGULATORS SEEK COMMENT ON INTERAGENCY EFFORT TO REDUCE REGULATORY BURDEN
Today, the federal bank regulatory agencies published the first of a series of requests for comments related to identifying outdated, unnecessary or unduly burdensome regulations imposed on the institutions they oversee.

The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996 requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) to review the regulations they issue at least every 10 years. The act also requires the agencies to categorize and publish the regulations in each category for comment in addition to reporting to Congress on any significant issues raised by the comments. The areas of regulations that are outdated, unnecessary or unduly burdensome are then identified.

The agencies have established 12 categories and will jointly publish three additional notices for comment over the next two years. Each of these notices will address at least one of the categories set forth. Applications and Reporting: Powers and Activities, and International Operations is the first of the notices on which the agencies are seeking comments. Comments for this notice are due by September 2nd.

Roundtable discussions for bankers and interested parties have also been scheduled, and details concerning these sessions will be published on the EGRPRA website as they are finalized.

 
 
SEC AND FINRA PREPARE CYBERSECURTY ENFORCEMENT EXAM SWEEPS
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority are preparing to encourage broker-dealers and advisors to defend against cybersecurity attacks with exam sweeps and other potential enforcement actions.

Insiders say that the SEC will be looking to make an example of firms with sloppy data security policies as exam sweeps begin. Failing to prepare for these sweeps could cost broker-dealers and advisors greatly. The securities regulators have already levied enforcement actions against firms based on cybersecurity governance failures including: inadequate written policies and procedures; failing to enforce written policies and procedures; failing to conduct periodic assessments of cybersecurity procedures and failing to respond to deficiencies identified through periodic assessments.

As cyber-crimes within the financial services industry grow and regulators crack down on cybersecurity breaches, new approaches are beginning to develop as a response. Deloitte released its Transforming Cybersecurity Report this week in order to explain how financial services firms can create dynamic, intelligence-driven approaches to cyber risk management. These approaches aim to prevent, detect, respond to and recover from potential damages from cyber-attacks.

 
 
NEXT WEEK IN WASHINGTON
SEC INVESTOR ADVISORY COMMITTEE
THURSDAY, July 10, 2014
10:00 a.m. (EST)
SEC Headquarters, 100 F Street, NE, Washington, DC
Contact: WhiteF@sec.gov
 
 

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

Sonny Abbasi Director of MBS Policy

Sairah Burki Director of ABS Policy

Michael Flood Director of Advocacy

Mary Robinson Senior Policy Analyst

Alyssa Acevedo Policy Analyst

Amanda Bateman Policy Analyst

Jennifer Serpas Office Manager

Allison Creswell Executive Administration


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Washington, DC 20006

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