On January 5, 2023, on behalf of our investor members SFA submitted a letter to Fannie Mae and Freddie Mac (the GSEs) in response to their proposed single-family Social Index.

SFA will reconvene its Auto ABS and RMBS ESG working groups that are focused on constructing best practices for ESG disclosure and reporting. Over the past few months, focus groups comprised of issuers and investors have been developing initial strawman proposals for the environmental disclosure and reporting fields.

Last Friday, December 9, SFA joined with 12 other global trade associations in a letter requesting a pragmatic supervisory approach to the disclosure requirements under the EU Securitization Regulation while the regulators review the current requirements.

“SFA continues to expand the list of exceptional individuals willing to dedicate their time and energy to our work, and we are so pleased to welcome the new class to our already outstanding Board,” said Michael Bright, SFA CEO.

The latest issue of Research Corner considers unsecured consumer debt—closed-end installment loans used primarily to consolidate existing debt, cover emergency expenses or make large purchases.

In advance of next week’s NAIC Meeting, the Structured Securities Group (SSG) of the Valuation of Securities (VOS) Task Force released an exposure draft of the modeling assumptions for proposed modeling methodology of the risks of CLOs.

On November 30, the U.S. Securities and Exchange Commission (SEC) issued a new Rule 15c2-11 No-action Letter (NAL) following recommendations from SFA and providing critical relief to the structured finance and 144A market.

This issue of the SFA Research Corner draws from the recent FED Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) which showed stronger demand for credit card loans even as banks tighten access to credit for borrowers with lower credit scores.

SFA's CEO, Michael Bright, appeared on CBS Digital, where he discusses the impact of the recent mortgage rate rise.

Yesterday, SFA President Kristi Leo hosted a virtual fireside chat with Rachel Rodman, Partner, Cadwalader, Wickersham & Taft LLP, to discuss the potential outcomes of the Appellate Court’s recent ruling that the CFPB’s funding mechanism is unconstitutional.