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

Industry News

Davos World Economic Forum Spurs Talks of Global Recession

On January 16, the World Economic Forum hosted its annual meeting in Davos, Switzerland where economists warned of the likelihood of a global recession this year. In a survey of over 4,000 business leaders, 73% believe there will be a decline in global growth. The major risks cited by experts at this talk were of inflation, macroeconomic volatility, and geopolitical conflict, with long-term concerns over climate, supply chain pressures and technological disruption.

Industry News

CFPB Proposes Rule Aimed at Non-Negotiable Contracts of Nonbanks

On January 11, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that would require nonbanks to provide information regarding the terms and conditions they use in non-negotiable contracts known as ‘take it or leave it form contracts.’ The new rule aims to prevent nonbanks from using ‘fine print’ practices to limit consumers rights including bankruptcy rights, liability amounts, or complaint rights.

Industry News

SEC Appoints New Director of Division of Corporation Finance

On January 13, the Securities and Exchange Commission (SEC) announced the appointment of Erik Gerding as the Director of the Division of Corporation Finance, following Renee Jones’ departure effective February 3, 2023. Gerding joined the SEC in October 2021, having formerly served as the Division’s Deputy Director with a focus on Legal and Regulatory Policy. He also previously taught at the University of Colorado Law School focusing in the areas of securities law, corporate law, and financial regulation.

Industry News

Fed’s Pilot Program for Climate-Related Stress Tests—Six-Month Deadline for Six Bank Participants

Participants in the Federal Reserve’s climate stress test pilot program—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo—have received instructions on how the program will be conducted and what information will be gathered. The exercise, which follows the Fed’s September 30 announcement, will run until the July 31. The pilot program takes a two-prong approach, the first of which addresses the impact of physical risk—floods, wildfires, hurricanes—on assets in their commercial and residential real estate portfolios.

Industry News

House Republicans Pass Bill Rescinding Billions in IRS Funding

On January 9, House Republicans, as the new majority, passed a bill rescinding nearly $71 billion of funding for the Internal Revenue Service (IRS).

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Consumers Increasingly Using Credit Cards to Cover Household Expenses

As reported by Bloomberg News, the U.S. Census Bureau’s Household Pulse Survey found that more than 35% of respondents are using credit cards or loans to meet their spending needs.

Industry News

Chair Powell Addresses Fed’s Stance on Climate Policy

At the Symposium on Central Bank Independence, Federal Reserve Chair Jerome Powell emphasized his stance that climate change is not in the direct purview of the Fed’s responsibilities and will tread lightly when developing bank guidelines related to climate.

Industry News

CFPB’s Latest Rulemaking Agenda Includes Focus on Fees

The Consumer Finance Protection Bureau (“CFPB”) has released their latest rulemaking agenda which is aimed at reducing bank fees, to include overdraft, nonsufficient funds, and credit card late fees.

Industry News

New House Financial Services Committee Members Named

New House Financial Services Committee Members Named On January 11, Rep. Patrick McHenry (R-NC), the new Chairman of the House Financial Services Committee (HFSC), announced the 30 Republican members selected to serve on the full Committee. The group includes 19 returning and 11 new members. Rep. McHenry also reiterated his…

Industry News

Job Openings Report Higher Than Expected as Fed Watches for Change

Economists had expected the Bureau of Labor Statistics’ November report, the Job Openings and Labor Turnover Survey (JOLTS), to fall to 10 million job openings, but instead closed the month at 10.45 million, reflecting 1.7 jobs for every unemployed person, in a still hot labor market.

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