Charlie McDonald

Managing Associate

New York


Read full biography at www.orrick.com
Charlie McDonald is an associate in Orrick’s New York office and a member of the firm’s Structured Finance Group.

Charlie represents a variety of financial institutions and market participants, including sponsors, issuers and underwriters, in public and private offerings of various asset-backed securities, as well as other types of asset financings and sales.

Charlie has experience with a broad range of asset classes, including credit and charge card receivables, commercial mortgages, consumer and small business loans, auto loans and leases, and other structured financial products.

Prior to joining Orrick, Charlie served as a law fellow with the Federal Reserve Bank of New York.

Posts by: Charlie McDonald

Rating Agency Developments (June 18 – June 30)

 

On June 30, Fitch published its criteria for Covered Bonds RatingCriteria.

On June 30, DBRS Morningstar published its updated methodology for U.S. ABS General RatingsMethodology.

On June 26, Moody’s published its updated methodology for Catastrophe Bonds. Methodology.

On June 26, KBRA published a ­­­­­­­­­­­­­­­release titled KBRA Assigns Ratings to BANK 2020-BNK27. Release.

On June 25, KBRA published a report titled Public Finance: Coronavirus (COVID-19): Unemployment Improves in All but Six States. Report.

On June 24, Moody’s published its revised methodology for rating Credit Card Receivables-Backed Securities. Methodology.

On June 24, Moody’s published its revised methodology for rating Credit Tenant Lease and Comparable Lease Financings. Methodology.

On June 19, Fitch published its revised criteria for rating Future Flow Securitizations. Criteria.

On June 19, Fitch published its revised criteria for rating CMBS Large Loans. Criteria.

On June 19, Moody’s published its revised methodology for rating Floorplan Asset-Backed Securities. Methodology.

On June 19, Moody’s published its revised methodology for rating Repackaged Securities. Methodology.

On June 18, Moody’s published its revised methodology for rating Covered Bonds. Methodology.

Rating Agency Developments (April 23 – May 6)

 

On May 6, Fitch published its updated Future Flow Securitization Rating. Criteria.

On May 4, DBRS Morningstar published its updated Assessing U.S. RMBS Pools Under the Ability-to-Repay Rules. Methodology.

On May 1, Moody’s published its updated Tobacco Settlement Revenue Securitizations. Methodology.

On May 1, Moody’s published its updated US Tax Lien-Backed Securitizations. Methodology.

On April 28, KBRA published an article entitled Coronavirus (COVID-19): CMBS Special Servicing and Watchlist Trends. Report.

On April 27, DBRS Morningstar published an updated version of Rating and Monitoring Covered Bonds. Methodology.

On April 27, DBRS Morningstar published an updated version of Rating and Monitoring Covered Bonds Addendum: Market Value Spreads. Methodology.

On April 27, Moody’s published its updated Structured Settlement Securitizations. Methodology.

On April 24, Moody’s published its updated Non-Performing and Re-Performing Loan Securitizations. Methodology.

On April 23, Fitch published its updated Credit Card ABS Rating. Criteria.

On April 23, KBRA published an article entitled Coronavirus (COVID-19): Private Corporate Credit Market Poised for Resiliency. Report.

Federal Reserve Board Announces Expansion of Municipal Liquidity Facility

 

On April 27, the Federal Reserve released an updated Term Sheet and FAQs expanding the scope and duration of its Municipal Liquidity Facility. Among other changes, the updated Term Sheet provides that eligible notes must have less than 36 months maturity (previously 24 months) and eligible issuers include counties with at least 500,000 residents and cities with at least 250,000 residents (previously 2 million and 1 million). The Federal Reserve also extended the program’s termination date by three months to December 31. Release. Updated Term Sheet. FAQs.

FHFA to Allow FHLBanks to Accept PPP Loans as Collateral for Member Advances

 

On April 23, the Federal Housing Finance Agency issued a supervisory letter addressed to Federal Home Loan Banks’ (“FHLBanks”) presidents advising them that FHLBanks may accept Paycheck Protection Program (“PPP”) loans as collateral for advances made to member banks, subject to certain member-related conditions and loan-related discounts, caps and limits. Release. Supervisory Letter.

FHFA Strengthens Evaluation Criteria for GSE’s Duty to Serve Program

 

On March 11, the Federal Housing Finance Agency (FHFA) issued revised guidance for evaluating Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the “GSEs”) for FHFA approval under the Duty to Serve regulation. The revised guidance strengthens the criteria for determining GSE compliance with the regulation, including through a revised ratings framework and higher expectations for impactful plans. Revised Guidance.

Federal and State Banking Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus

 

On March 9, the Federal Reserve Board, FDIC, OCC, Consumer Financial Protection Bureau (CFPB), National Credit Union Administration (NCUA) and Conference of State Bank Supervisors (CSBS) issued a joint statement encouraging financial institutions to work constructively with borrowers and other customers in communities affected by the coronavirus. The agencies also pledged to provide appropriate regulatory assistance to affected institutions subject to their supervision, including by working with affected institutions to expedite certain requests and minimize disruptions or burdens in connection with examinations. Release.

FFIEC Updates Interagency Guidance on Pandemic Planning

 

On March 6, the member agencies of the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance specifying that financial institutions’ business continuity plans should address the threat of a pandemic outbreak and its potential impact on the delivery of critical financial services. The guidance identifies actions that banks should take to minimize the potential adverse effects of a pandemic. FFIEC Guidance.

Rating Agency Developments

 

On March 18, KBRA published its Coronavirus (COVID-19): Consumer ABS Braces for Disruptions. Report.

On March 13, KBRA published its General Global Rating for Asset-Backed Securities. Methodology.

On March 13, KBRA published its Aviation ABS Global Rating. Methodology.

On March 13, KBRA published its Equipment Lease & Loan Global ABS Rating. Methodology.

On March 13, KBRA published its Project Finance Global Rating. Methodology.

On March 13, KBRA published its Structured Credit Global Rating. Methodology.

On March 12, KBRA published its Financial Guaranty Global Rating. Methodology.

On March 11, DBRS Morningstar published a report entitled: Mapping Financial Institution Internal Ratings to DBRS Morningstar Ratings for Global Structured Credit Transactions. Methodology.

On March 10, Fitch published its rating for Aircraft Operating Lease ABS. Criteria.

On March 9, DBRS Morningstar published its North American CMBS Multi-Borrower Rating. Methodology.

On March 9, Moody’s published its proposed update for rating TruPS CDOs. Methodology.

On March 6, DBRS Morningstar published its North American CMBS Surveillance. Methodology.

On February 19, DBRS Morningstar published its U.S. Federal Family Education Loan Program Securitizations. Criteria.

On February 18, Fitch published its U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating. Criteria.

CFTC’s Division of Market Oversight Supplements No-Action Relief to SEFs and DCMs from Certain CFTC Regulations for Correction of Errors

 

On January 8, the Commodity Futures Trading Commission (CFTC) Division of Market Oversight issued a no-action letter that provides an alternative error correction process by which swap execution facilities (SEFs) and designated contract markets (DCMs) may permit counterparties to determine that an error has occurred and correct the error, subject to ex post facto review by the SEF or DCM. The no-action letter supplements the relief provided in CFTC Letter 17-27, which provided relief from certain CFTC regulations to permit SEFs and DCMs to correct clerical or operational errors discovered after a swap has been cleared. CFTC Release.