SFA On The Issues
SFA educates legislators and regulators about policy matters that are vital to the structured finance industry.
CEO Michael Bright Discusses Advising Policymakers about SFA’s Issues in Fox5 Interview
Research Corner
SFA’s Research Corner: Bank Lending, NBFIs, and the Changing Architecture of Credit
December 11, 2025
We discuss how banks and NBFIs have become more closely linked through credit lines, warehouse financing, and other market-based structures. Drawing on new Fed research and bank-level data, we highlight how key lending and funding activities have shifted toward nonbanks and what this means for the future architecture of U.S. credit markets.
What We’re Watching
U.S. DOJ Opines on CFPB Funding Injunction
The U.S. Department of Justice (DOJ) directed a federal court that a preliminary injunction does not require the Consumer Financial Protection Bureau (CFPB) Acting Director…
WSJ: Alternative Lending Complicates Consumer Credit Data
The WSJ reports that private credit is increasingly extending loans to U.S. consumers, complicating traditional measures of consumer credit health. As alternative lending, BNPL arrangements and privately…
Fed Lowers Interest Rate to 3.5-3.75% Range
On December 10, the Federal Reserve lowered its federal funds rate rate by a quarter percentage point, to a range between 3.5% – 3.75% -…
Joint Banking Regulators Rescind Leverage Lending Guidance
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively “the agencies”) are rescinding the “Interagency Guidance on Leveraged Lending”,…
U.S. CRE Market is Sluggish
The WSJ reports that institutional investors have yet to warm back up to purchasing commercial real-estate (CRE.) While investors hang onto their CRE holdings, deal activity remains…
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