Read the latest articles and press releases about securitization and structured finance.

Industry News

Federal Reserve Financial Stability Report Warns of Worsening Liquidity

In its semi-annual report, published May 5, the Federal Reserve took a cautionary tone in describing the dramatic changes since its last report in November 2021, citing human and economic hardship due to the Russian invasion of Ukraine, the spread of the COVID Omicron variant and inflation that has been higher and longer than anticipated as elements of the vulnerabilities of the U.S. financial system.

Industry News

SEC Extends Comment Period on the Proposed Climate Risk Disclosure Rule, Reopens Comment Period on Two Other Rule Proposals

Following advocacy efforts by SFA and others, the SEC is providing additional time for the public to comment on recent rule proposals. Three SEC rule proposals—Regulation ATS proposed in November, amendments to the Investment Advisers Act for private fund advisers proposed in February, and most recently corporate disclosures of climate-change risks—were each originally opened to only a 30-day response period.

Industry News

S&P Responds to Industry Criticism of New Ratings Criteria

After receiving feedback from SFA and the industry, S&P Global confirmed on May 9 that it will delay any immediate changes to its criteria for rating insurance and reinsurance companies which includes rating inputs of bonds and loans, reinsurance counterparties and deposits with credit institutions.

Industry News

CFPB Announces it Intends to Examine Nonbank Companies Posing Risks to Consumers

On April 25, the Consumer Financial Protection Bureau (CFPB) announced its plans to invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. This will include companies such as fintech firms and nonbank mortgage lenders.

Industry News

SBC Advances Federal Reserve and FHFA Nominees

On March 16, the Senate Banking committee (SBC) voted to advance the nominations of President Joe Biden’s remaining four Federal Reserve nominees. The nominations included Fed Chair Jerome Powell to a new term; Fed Governor Lael Brainard to serve as Vice Chair, and Philip Jefferson and Lisa Cook to become members of the Board of Governors. This development comes as Sarah Bloom Raskin withdrew her name from consideration to serve on the Fed’s Board following bipartisan opposition.

Industry News

Allison Herren Lee Announces Plan to Step Down as SEC Commissioner

On March 15, Allison Herren Lee announced she will step down as a Commissioner at the Securities and Exchange Commission (SEC). Her term is set to expire in June but will stay in her position as Commissioner until President Biden names a successor who will then need to be confirmed by the Senate.

Industry News

Interagency Proposal to Revamp the CRA Rule Expected Soon

The American Banker reports that regulators are expected to issue a long-anticipated proposal for modernizing the framework under the Community Reinvestment Act (CRA) as early as this month. In July 2020, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency announced they would undertake an interagency rulemaking effort to modernize the CRA.

Industry News

SEC Faces Pressure to Implement Policy Agenda

The Wall Street Journal reports that policy experts expect the Securities and Exchange Commission (SEC) to begin implementing its high-profile policy changes ahead of upcoming midterm elections. SEC Chairman Gary Gensler has previously stated he will pursue a policy agenda that includes climate risks disclosure for financial firms and money market reforms, among other initiatives.

Industry News

U.S. Treasury Announces It Will Invest Nearly $9 Billion on CDFIs

On December 14, in a press release, the U.S. Department of Treasury announced it will distribute $8.7 billion to more than 180 firms designated as community development financial institutions (CDFIs) or minority depository institutions.

CFPB and SEC Release Statements on LIBOR Transition

On December 7, the Consumer Financial Protection Bureau (CFPB) and Securities and Exchange Commission (SEC) announced regulatory developments with respect to the discontinuation of LIBOR. The CFPB issued a final rule, effective April 1, 2022, facilitating the transition away from LIBOR which establishes requirements for how creditors must select a replacement rate for existing consumer loans referencing LIBOR.

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