SFIG Delivers Full Industry Perspective to Senior Treasury Staff
SFIG members and staff met with senior Treasury staff this week and last week, the latest in a series of five meetings thus far, to discuss key issues impacting issuers and investors across various asset classes, allowing our broad membership to deliver a full industry perspective to Treasury.

The series of meetings began on Thursday, March 30th on RMBS. Key issues discussed during each meeting included:

  • RMBS – making CRT eligible for purchase by REITs, as well as current impediments in the mortgage vertical, from mortgage origination and loan servicing, through capital markets execution 
  • CMBS – risk retention compliance, impact, and recommendations; and capital and liquidity rules such as the Basel Securitization Framework and the Fundamental Review of the Trading Book 
  • CLO – risk retention and Volcker Rule requirements, impact, and recommendations
  • Consumer ABS – review of areas for market improvement including disclosure and risk retention requirements, the Basel Securitization Framework, liquidity rules, the Fundamental Review of the Trading Book, the Volcker Rule, and SPV swap margin requirements

These meetings followed Treasury's first report released in June which recommended 97 policies in the lending sector for Congress and regulators to re-examine. We believe the next report will focus on capital markets, including a section on securitization.

SFIG continues to remain engaged with our members across all asset classes to prioritize issues and continue meetings with regulators and key lawmakers to drive constructive reform. Our recent white paper, "Regulatory Reform: Securitization Industry Proposals to Support Growth in the Real Economy," focuses on reforms directly affecting the securitization industry, and touches on other areas of regulatory reform that have an impact on SFIG members and the industry.
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