November 12, 2014 Newsletter

SFIG News

SFIG Calendar

Advocacy Outlook

Industry News Highlights

Industry News Highlights

 
SFIG NEWS
TREASURY HIGHLIGHTS INCLUSION OF RMBS 3.0 IN THEIR “BENCHMARK TRANSACTION”
Today SFIG & IMN held their Private Label RMBS Reform Symposium, aimed at addressing the major obstacles that remain in the revitalization of a private label RMBS market. Well over 500 people registered to discuss critical issues holding back the PLS market, with a key focus on SFIG's RMBS 3.0 Project.

The featured keynote speaker for this event was Dr. Michael Stegman, Counselor to the Secretary of the Treasury for Housing Finance Policy who delivered his speech this morning covering multiple areas of the PLS market including SFIG’s RMBS 3.0 project, the government’s role in the housing market, structural deficiencies such as a fiduciary standard. Of particular note Dr. Stegman  pointed to the potential for the SFIG RMBS 3.0 project to work on a complimentary basis with Treasury's own benchmark exercise, by incorporating areas of 3.0 consensus into that benchmark transaction. 

“A benchmark transaction can help incorporate RMBS 3.0’s consensus standards and best practices more concretely into the fabric of the non-agency market.  The benchmark transaction would include whatever consensus terms have been achieved thus far by the RMBS 3.0 effort, serving as a first road test of sorts for these emerging market standards. While a benchmark transaction would help catalyze the market today, the ongoing RMBS 3.0 effort can form the basis for future oversight to ensure that its still-evolving standards are not watered down over time.”

symposium image
Dr. Michael Stegman Delivers Keynote Speech To Packed House at SFIG’s PLS Symposium

Dr. Stegman recommended bringing together investors, issuers and service providers to work on the development of an actual term sheet as a next step moving towards a benchmark transaction. He also encouraged the industry to remain actively engaged in the “vital efforts” of SFIG’s RMBS 3.0 Project.

As the conference is still ongoing, please look ahead to a more detailed summary next week from SFIG.

 
 
SFIG RELEASES SECOND EDITION RMBS 3.0 GREEN PAPER SERIES

On Monday, SFIG released the Second Edition RMBS 3.0 Green Papers.  The new and updated material continues to build upon our growing series of papers aimed at restoring confidence to the “private label” residential mortgage-backed securities (“RMBS”) market.

The release is a product of SFIG’s RMBS 3.0 initiative (“RMBS 3.0”) and expands upon the August 6, 2014 release of the First Edition.  RMBS 3.0 is a broad industry supported endeavor designed to develop recommended best practices for the RMBS market.

The Green Papers are a series of preliminary documents developed by the RMBS 3.0 Task Force with the aim of stimulating further debate and discussion.  More than 200 individuals representing over 50 institutional members across all industry sectors participate across three work-streams focusing on:

  1. Representations, Warranties and Repurchase Enforcement
  2. Due Diligence/Loan Review, Data and Disclosure
  3. Role of Transaction Parties and Bondholder Communications

The release coincides with SFIG/IMN’s Private Label RMBS Reform Symposium, taking place today at the New York Marriott Downtown. 

SFIG encourages interested members to join the RMBS 3.0 Task Force and contribute to the ongoing dialogue surrounding the topics included in the Green Papers, as well as future subject areas.  To learn more about RMBS 3.0 and join the Task Force, please contact Mary.Robinson@sfindustry.org.
 
 
SFIG TO ADVOCATE ON HIGH QUALITY SECURITIZATIONS, SEEKING PARTICIPANTS FOR NEWEST TASK FORCE

The European Banking Authority (“EBA”) has launched a public consultation on its discussion paper regarding simple, standard and transparent securitizations, with comments due January 14, 2015. Although this is a European initiative, the concept of creating a two-track securitization market comprised of (1) high quality securitizations that enjoy preferential treatment and (2) securitizations that do not meet the criteria to qualify as high quality securitizations (i.e. everything else) has clear implications for the United States and global markets. Recognizing the current momentum in Europe and the broader global market implications, SFIG is creating its High Quality Securitization (“HQS”) Task Force to focus on this issue.

The Task Force’s first initiative will be to respond to the EBA paper, and SFIG has engaged Lewis Cohen, Partner at Hogan Lovells, to serve as drafting counsel. SFIG also provided comments on the European Central Bank (“ECB”) and Bank of England’s (“BoE”) discussion paper, The Case for a Better Functioning Securitization Market in the European Union, which included the theme of high quality securitizations.

Members who participated in developing the BoE/ECB comment letter, as well those interested in advocacy on regulatory capital and liquidity topics, are strongly encouraged to engage in the HQS Task Force. The HQS Task Force will meet in the coming weeks to begin formulating its views, and members who would like to participate should please email Amanda.Bateman@sfindustry.org.

 
 
SFIG AND MAYER BROWN RELEASE REGULATORY BRIEFING BOOK ON RISK RETENTION RULE

SFIG and Mayer Brown LLP are pleased to announce the publication of an in depth review of the final Risk Retention rules. This review, authored by Mayer Brown, is the latest in our Regulatory Briefing series, which also includes the NRSRO Briefing Book, Regulation AB II Briefing Book, and Liquidity Coverage Ratio Briefing Book.

SFIG will continue to focus on the final Risk Retention rule through the launch of its industry guide work-stream led by Julie Gillespie, Partner at Mayer Brown. If you are interested in joining this work-stream, please contact Alyssa.Acevedo@sfindustry.org.

 
 
SFIG CALENDAR
REAL ESTATE SUMMIT 2014: PARTNERING FOR CHANGE IN CALIFORNIA

FRIDAY, November 14, 2014
9:30 a.m. – 4:00 p.m. (PST)
Hyatt Regency Century Plaza
2025 Avenue of the Stars
Los Angeles, CA 90067

Sonny Abbasi will be speaking on the “Solutions for a Recovering Market: Housing Affordability and Financing Homeownership” panel.

 
 
EXTERNAL COUNSEL SUBCOMMITTEE CALL

MONDAY, November 17, 2014
11:00 a.m. – 12:00 p.m. (EST)

 
 
EQUIPMENT ISSUER COMMITTEE REGULAR BIWEEKLY CALL RE: REG AB II

MONDAY, November 17, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
RISK RETENTION INDUSTRY GUIDE CALL

TUESDAY, November 18, 2014
11:00 a.m. – 12:00 p.m. (EST)

 
 
REGULATION AB II COMMENT LETTER WORKSTREAM CALL

WEDNESDAY, November 19, 2014
10:00 a.m. – 11:00 a.m. (EST)

 
 
REGULATION AB II INDUSTRY GUIDE CALL

TUESDAY, November 18, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
EXTERNAL ACCOUNTANTS SUBCOMMITTEE CALL

WEDNESDAY, November 19, 2014
11:00 a.m. – 12:00 p.m. (EST)

 
 
AUTO ISSUER COMMITTEE REGULAR BIWEEKLY CALL RE: REG AB II

WEDNESDAY, November 19, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
CREDIT CARD ISSUER REGULAR BIWEEKLY CALL RE: REG AB II

THURSDAY, November 20, 2014
10:00 a.m. – 11:00 a.m. (EST)

 
 
RESIDENTIAL MORTGAGE COMMITTEE REGULAR BIWEEKLY CALL RE: REG AB II

THURSDAY, November 20, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
NRSRO INDUSTRY GUIDE CONFERENCE CALL

THURSDAY, November 20, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
ANDREW DAVIDSON & CO., INC.’S HOUSING FINANCE BEFORE AND AFTER THE CRISIS: ANALYTICAL CONCLUSIONS THAT IMPACT PUBLIC POLICY

THURSDAY, November 20, 2014
5:00 p.m. – 8:00 p.m. (EST)
National Press Club
529 14th Street NW
Washington, DC
Registration is available here.

Richard Johns will be speaking to important questions affecting housing finance reform.

 
 
CHINESE MARKET COMMITTEE CALL

FRIDAY, November 21, 2014
9:00 a.m. – 10:00 a.m. (EST)

 
 
SFIG MEETING WITH FHFA REGARDING SINGLE SECURITY

WEDNESDAY, December 3, 2014
11:00 a.m. (EST)
Note: Closed Meeting

 
 
PLI SEMINAR: NEW DEVELOPMENTS IN SECURITIZATION 2014

THURSDAY, December 4, 2014
9:00 a.m. – 5:00 p.m. (EST)
PLI New York Center
1777 Avenue of the Americas
New York City, NY

Richard Johns will be speaking on the “Examining Key Regulations Through a Global Lens” panel.

 
 
SFIG BOARD OF DIRECTORS MEETING

WEDNESDAY, December 10, 2014
12:00 p.m. – 5:00 p.m. (EST)
Dentons
1221 Avenue of the Americas
New York, NY 10020
Note: Closed Meeting

 
 
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.

The RMBS 3.0 Task Force released its Second Edition RMBS 3.0 Green Paper. The Task Force continues to address issues specific to private label mortgage securities on work-streams relating to (1) Representations, Warranties, and Repurchase Enforcement; (2) Due Diligence, Data, and Loan-Level Disclosure; and (3) Role of Transaction Parties and 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 additional information on RMBS 3.0, or to join the Task Force, please contact Mary.Robinson@sfindustry.org.

The GSE Reform Task Force has been actively engaging the Federal Housing Finance Agency in recent months, including SFIG’s October 13th response to the proposed structure for a single agency security. SFIG has also recently submitted comments on guarantee fee pricing and FHFA’s Strategic Plan for 2015-2019. The Task Force previously reviewed various proposals in Congress including the Johnson-Crapo bill, with SFIG staff summarizing members’ recommendations in a briefing book, and the PATH Act. If you would like to learn more about SFIG’s advocacy on GSE Reform, 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 in February of this year. SFIG also continues to have weekly Mortgage Industry Standards Maintenance Organization calls to go through data elements that lenders should deliver in securitizations. We 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 Alyssa.Acevedo@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 Amanda.Bateman@sfindustry.org to participate on the Volcker Task Force.

The Risk Retention Committee met on October 27th to discuss the newly released Credit Risk Retention final rule. SFIG will also be developing an industry guide for the implementation of the final rule. Please contact Alyssa.Acevedo@sfindustry.org with any questions.

SFIG’s Chinese Market Committee continues to hold regular calls focusing on a high-level description of SFIG’s partnership with the Chinese Securitization Forum, potential upcoming educational discussions and a 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.

SFIG’s Shadow Banking Task Force has established the following agenda:

  • Leverage the predictive powers of the G20’s shadow banking initiative to determine future SFIG advocacy initiatives;
  • Assess the level of regulation to which our members are already subject;
  • Measure the full impact of those regulations on lending decisions and business models; and
  • Provide input into IOSCO, BCBS and IAIS on the revitalization of securitization markets.

The Task Force will have its first full meeting in the coming weeks, and members from across asset classes are encouraged to participate. To register your interest in SFIG’s Shadow Banking Initiative, please contact Amanda.Bateman@sfindustry.org.

The Regulation AB II Task Force will focus on the disclosure and offering process requirements within the final rule. Two work-streams have been formed to develop a comment letter on the proposed rules that remain outstanding and to produce an industry guide for critical elements of the final rule. Monthly task force calls will be held to identify and address key questions regarding the implementation of the final rule. We will also be holding bi-weekly calls for the asset-level committees. 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 is addressing industry concerns related to the Federal Reserve Board’s Final Rule on the Liquidity Coverage Ratio (“LCR”). This committee will also review the BCBS final standard for the Net Stable Funding Ratio (“NSFR”) and to develop a comment letter when U.S. regulators release their proposed NSFR. To become involved in SFIG’s advocacy on the Final LCR rule or NSFR, please contact Alyssa.Acevedo@sfindustry.org.

The Derivatives in Securitization Task Force is developing comments in response to 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. SFIG submitted a comment letter at the end of June advocating for asset-backed securities issuers to qualify for the “low-risk financial end user” designation under the prudential regulators’ original proposal. To join the Derivatives in Securitization Task Force and assist with the latest comment letter initiative, please email Amanda.Bateman@sfindustry.org.

The Credit Rating Reform Task Force has been discussing the SEC’s recent Final Rules with respect to Nationally Recognized Statistical Rating Organizations (“NRSROs”) and third party due diligence services for transactions involving registered and private asset-backed securities with assigned credit ratings. SFIG is developing an industry guide for the due diligence elements of the final rule on NRSROs and will hold its first meeting on November 20, 2014 at 2 p.m. (EST). To join the Credit Rating Reform Task Force or contribute to SFIG’s NRSRO Industry Guide initiative, please contact Amanda.Bateman@sfindustry.org.

The Money Market Fund Reform Working Group submitted a comment letter on October 13th regarding the Securities and Exchange Commission’s July 23rd proposal which includes, among other things, possibly amending rule 2a-7’s issuer diversification provisions to eliminate an exclusion that is currently available for securities subject to a guarantee issued by a non-controlled person. SFIG also submitted a comment letter in September 2013 on Money Market Fund Reform. If you are interested in joining this working group, please contact Alyssa.Acevedo@sfindustry.org.

The High Quality Securitization (“HQS”) Task Force will serve as the forum through which SFIG will respond to recent initiatives that seek to define “qualifying securitizations,” such as the European Banking Authority’s Discussion Paper on simple standard and transparent securitizations. The HQS Task Force will meet in the coming weeks to begin formulating its views that SFIG will advocate in its letter to the EBA, due January 15, 2015. As global regulators increasingly attempt to define HQS, SFIG believes it is essential for our members to contribute to the dialogue. We encourage interested members to engage by emailing Amanda.Bateman@sfindustry.org.

 
 
INDUSTRY NEWS HIGHLIGHTS
FSB ANNOUNCES UPDATED LIST OF GLOBAL SYSTEMICALLY IMPORTANT BANKS

The Financial Stability Board (“FSB”) announced on Friday the updated list of global systemically important banks (“G-SIBs”) who would be required to hold higher loss absorption (“HLA”) capacity due to their size, complexity and systemic interconnectedness. According to the FSB’s related press release, one bank has been added to the 2013 list of identified G-SIBs, raising the total to 30 banks. The Basel Committee on Banking Supervision concurrently released the revised assessment methodology used to determine this year’s list of G-SIBs, as well as the thresholds used to allocate banks to their appropriate buckets.

According to the FSB, the assignment of the G-SIBs into these updated buckets determines the HLA requirement that will apply to each G-SIB. The new standards will be phased in from January 1, 2016 to January 1, 2019. Any G-SIBs identified in the annual assessment each November are subject to the heightened requirements starting 14 months later, or in the following January. In addition to the HLA provisions, G-SIBs are subject to requirements for group-wide resolution planning and resolvability assessments, which are reviewed annually, and higher supervisory expectations for risk management functions, data aggregation capabilities, risk governance and internal controls.
 
 
STRICTER CAPITAL RULES FOR “TOO BIG TO FAIL” BANKS PROPOSED BY FSB

The Financial Stability Board (“FSB”) launched a public consultation on new minimum standards for total loss-absorbing capacity (“TLAC”) held by global systemically important banks (“G-SIBs”) on November 10th. As stated in the FSB’s related press release, the proposals were developed jointly with the Basel Committee on Banking Supervision in response to a request by G20 leaders for a framework to resolve “too-big-to-fail” institutions. “The minimum Pillar 1 TLAC requirement is a requirement for loss absorbing capacity on both a going concern and gone concern basis, incorporating existing Basel 3 minimum capital requirements and excluding Basel 3 capital buffers,” according to the document.

The consultation also includes a term sheet “in the form of an internationally agreed standard for G-SIBs” that would require banks to hold as much as a quarter of their risk-weighted assets to absorb losses in case of a crisis. However, national regulators may heighten the TLAC requirements on a jurisdiction-by-jurisdiction basis where necessary to shield taxpayers from the cost of bank bailouts.

Public feedback is requested on proposed TLAC rule and comments must be submitted to the FSB by February 2, 2015.
 
 
BASEL COMMITTEE PUBLISHES INFORMATION ON NATIONAL DISCRETIONS

This morning, the Basel Committee on Banking Supervision (“BCBS”) published its findings from its review of members’ implementation of national discretions under the Basel capital framework. National discretions allow countries to adapt international standards to reflect differences in financial system structures.  The report released today highlights the use of these discretions, and the BCBS will use the information to review items that could be removed from the standards.

According to the BCBS, the use of national discretions can impair comparability across jurisdictions and has been found to be a driver of variability in risk-weighted assets. “This work is one of the measures being taken to simplify and enhance comparability across members’ implementation of the Basel framework,” the BCBS said in a statement.
 
 
VOLCKER TRADING RULES MAY BE EASED BY REGULATORS

The Federal Reserve said it will be considering whether to extend a deadline for implementing the Volcker Rule and changing “metrics” used in the regulation, according to a Bloomberg article published on Friday.

Scott Alvarez, the Federal Reserve’s general counsel, stated, “Our greatest challenge for the next year is the Volcker Rule… [w]e are already seeing some things that we probably will change.” He also said a rule requiring banks to separate their derivatives trading from units that benefit from federal backstops should be revisited.

The Office of the Comptroller of the Currency is also considering changes to the rule, including giving smaller financial firms a reprieve from Volcker.

Changes to the Volcker Rule could ease requirements on its trading restrictions and many within the industry believe that the incoming Republican-controlled Senate will be more receptive to changing the law.
 
 
WATT OUTLINES FHFA’S PLANS TO INCREASE AFFORDABLE HOMEOWNERSHIP

Speaking at the National Association of Realtors event on November 7th, Federal Housing Finance Agency (“FHFA”) Director Mel Watt outlined how consumers can qualify for low down-payment mortgages and provided a glimpse into FHFA’s ongoing initiatives to increase affordable housing. According to Watt, the requirement that lenders assess a borrower’s ability to repay a mortgage, restrictions on risky mortgage products and the Qualified Mortgage standard have contributed to improving safe and sound lending since the crisis. However, “today’s constrained credit environment has resulted in relatively few borrowers buying houses and benefiting from these protections and improvements,” due to recent lender practice of setting higher minimum credit score standards than required by the Government Sponsored Enterprises (“Enterprises”) Fannie Mae and Freddie Mac, among other reasons.

Watt also reiterated that the FHFA is continuing the process of updating and clarifying the Representation and Warranty Framework for the Enterprises. According to Watt, “FHFA is working to have the Enterprises place increased attention and resources on conducting quality control reviews and providing lenders access to automated appraisal tools to detect problems with mortgages early on, even before the loan is purchased.” Watt also recently announced efforts to develop guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. “Purchase guidelines that allow for 3 percent down payments will provide an opportunity for access to credit for some of the borrowers,” he told audiences last week. Finally, Watt added that FHFA is working with the Enterprises on multifamily initiatives for smaller rental properties and for manufactured housing communities, as well as with the Federal Home Loan Banks to support affording rental housing.

 
 
HENSARLING RESPONDS TO FHFA DIRECTOR’S PLAN TO EXPAND ENTERPRISES CREDIT BOXES

As reported by SFIG on October 20th, Mel Watt, the Director of the Federal Housing and Finance Administration (“FHFA”), announced his plan to open Fannie Mae and Freddie Mac (“Enterprises”) credit boxes and re-emphasized this plan in remarks last week.

“[W]e believe that these revisions and clarifications to the Framework will reduce lender uncertainty about when the enterprises will require repurchase of a loan and, as a result, will pave the way for lenders to lift some of their current credit overlays and reduce the cost of credit to borrowers without compromising the safety and soundness of the Enterprises,” Watt said during his speech. As detailed above, Director Watt provided additional information on the FHFA’s efforts to increase credit availability.

Financial Services Committee Chairman Jeb Hensarling (R-TX) responded to these remarks stating, “As I have previously voiced to the FHFA, I am extremely concerned about Director Watt’s efforts to force taxpayers to back high-risk mortgages with ultra-low down payments as little as three percent. Such loans are inherently risky because the borrower has almost no financial cushion against a personal or economic downturn, vastly increasing the likelihood they will walk away from the loan once it gets significantly underwater.” 
 
“As Director Watt even correctly noted in his speech, the number one statutory obligation of the FHFA is to ensure the safety and soundness of the Fannie Mae and Freddie Mac. Clearly, this initiative is directly contrary to that mission, and must be rejected,” he said.
 
 
AGENCIES WILL INCREASE REVIEWS OF LEVERAGED LENDING AFTER REPORT HIGHLIGHTS GROWING CONCERNS

The Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency recently expressed their concern with leveraged lending practices at U.S. banking organizations, foreign banking organizations and nonbanks including securitization pools, hedge funds, insurance companies and hedge funds. The agencies reviewed large syndicated corporate loans and loan commitments as part of their Shared National Credit (“SNC”) Program Review for 2014 and found that while credit quality remained broadly unchanged since last year, there are “serious deficiencies in underwriting standards and risk management of leveraged loans” at these firms.

Agent banks reported $767 billion in leveraged loans for the 2014 SNC review, accounting for 22.6 percent of the portfolio. According to the report, material weaknesses in underwriting and risk management resulted in the agencies designating 74.7 percent of these as “criticized assets.” A criticized asset is rated special mention, substandard, doubtful or loss as defined by the agencies uniform loan classification standards. According to the FRB’s announcement released in conjunction with the report, “As a result of the SNC exam, the agencies will increase the frequency of leveraged lending reviews to ensure the level of risk is identified and managed” by firms engaging in commercial lending.
 
 
TARULLO ADVOCATES TAILORED REGULATORY TREATMENT FOR COMMUNITY BANKS

On May 21st, SFIG reported that Governor Daniel Tarullo of the Federal Reserve Board (“FRB”) advocated for elimination the internal ratings-based approach and “adjusting the Federal Reserve’s oversight and review framework to avoid ‘supervisory trickle down’ to smaller banks” in his speech on “Rethinking the Aims of Prudential Regulation.” In remarks before the Community Banker Symposium last week, Tarullo provided additional details on how the FRB could implement such an approach and promoted tailoring rules for small banks. Tarullo told audiences that a “tiered approach” should be taken and suggested community banks should receive exemptions from the Volcker rule and the incentive compensation requirements under section 956 of Dodd-Frank. Furthermore, he advocated that the FRB modify its Small Bank Holding Company Policy Statement by raising the threshold for qualifying institutions from $500 million up to $1 billion.

“Although individual community banks may be an important source of credit, particularly in local economies outside urban areas, neither systemic risk nor broad macroprudential considerations are significant in thinking about prudential regulation of community banks,” Tarullo explained.

 
 
UPCOMING EVENTS IN WASHINGTON
SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS NOMINATIONS HEARING

THURSDAY, NOVEMBER 13, 2014
11:00 a.m. – 1:00 p.m. (EST)
538 Dirksen Senate Office Building
A webcast of the hearing will be available here

 
 
HOUSE FINANCIAL SERVICES COMMITTEE HEARING ENTITLED “TERRORIST FINANCING AND THE ISLAMIC STATE”

THURSDAY, November 13, 2014
10:00 a.m. (EST)
2167 Rayburn House Office Building
A webcast of the hearing will be available here

 
 
HOUSE COMMITTEE ON FINANCIAL SERVICES HEARING ENTITLED “THE IMPACT OF INTERNATIONAL REGULATORY STANDARDS ON COMPETITIVENESS OF U.S. INSURERS, PART II”

TUESDAY, November 18, 2014
2:00 p.m. (EST)
2167 Rayburn House Office Building
A webcast of the hearing will be available here

 
 

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 Policy Manager

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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