Elizabeth Williams

Associate

New York


Read full biography at www.orrick.com

Elizabeth Williams, an associate in the New York office, is a member of the Structured Finance Group. Elizabeth represents a variety of market participants, including sponsors, issuers and underwriters, in public and private offerings of various asset-backed securities.

Elizabeth has experience with a number of different asset classes, including credit card receivables, auto loan receivables, municipal bonds and commercial mortgages.

Elizabeth was a summer associate in the firm's New York office in 2017.

Posts by: Elizabeth Williams

Rating Agency Developments (May 8 – May 22)

 

On May 22, KBRA published a report titled Coronavirus (COVID-19): RMBS Forbearance and Delinquency Trends. Report.

On May 19, KBRA published a report titled Coronavirus (COVID-19): CARES Act Offers Lifeline to Transit Systems but Is No Panacea. Report.

On May 19, DBRS Morningstar published an updated ratings methodology titled Operational Risk Assessment for U.S. ABS Originators. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Approach to Rating US and Canadian Conduit/Fusion CMBS. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Moody’s Approach to Rating Securities Backed by FFELP Student Loans. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Moody’s Global Approach to Rating Auto Loan- and Lease-Backed ABS. Methodology

On May 13, DBRS Morningstar published a new criteria article titled Rating U.S. Retail Auto Loan Securitizations. Methodology.

On May 13, DBRS Morningstar published a new criteria article titled Rating European Non-Performing Loans Securitizations. Methodology.

On May 13, Fitch published a new article titled Exposure Draft: Global Structured Finance Rating. Criteria.

On May 11, Fitch published a new criteria article titled U.S. RMBS Rating. Criteria.

On May 8, DBRS Morningstar published a new criteria article titled U.S. Reverse Mortgage Securitization Ratings. Methodology.

SEC Adopts Final Rule Amending Required Financial Disclosures Regarding Acquisition and Disposal of Businesses

 

On May 20, the Securities and Exchange Commission (SEC) adopted a final rule amending the existing rules for registrants that determine whether a subsidiary or an acquired or disposed business is significant and the relevant disclosure requirements for the related financial statements. The changes will become effective on January 1. Rule.

Federal Reserve Bank of New York Announces First Subscription Date for New Loan Facility

 

On May 20, the Federal Reserve Bank of New York announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (TALF). The TALF was established to increase availability of credit and support consumers and businesses by assisting the issuance of asset-backed securities. Borrowers may request one or more three-year TALF loans on the monthly scheduled loan subscription date, beginning with the upcoming first loan subscription date of June 17. Release.

SBA and US Treasury Release PPP Loan Forgiveness Application and Related Guidelines

 

On May 15, the Small Business Administration (SBA) and the Department of the Treasury (USDT) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application. The form and accompanying instructions include measures intended to reduce compliance burdens and simplify the application process for borrowers. Release.

Rating Agency Developments

 

On April 3, Moody’s published its Operating Company Securitizations. Methodology.

On April 3, KBRA published a report titled CMBS: Coronavirus (COVID-19): Multifamily Update – Bracing for Forbearance. Report.

On April 2, KBRA published a report titled Structured Credit: Coronavirus (COVID-19): KBRA U.S. BSL CLO Rating Sensitivity Analysis. Report.

On April 1, DBRS Morningstar published its U.S. Residential Mortgage-Backed Securities Model and Ratings. Methodology.

On March 31, DBRS Morningstar published its U.S. ABS General Ratings. Methodology.

Treasury Releases Guidance on Payroll Support and Loans Pursuant to CARES Act

 

On March 30, the U.S. Department of the Treasury published guidance related to the CARES Act. The guidelines and application procedures published focus on payroll support for air carriers and requirements for loans to air carriers and other eligible businesses under the CARES Act. Release.

Federal Agencies Make Joint Release Announcing Actions to Support Lending to Households and Businesses

 

On March 27, the Federal Reserve Board, the FDIC and the OCC announced two actions to support continued lending by banking organizations to households and businesses. The first action is early adoption of the standardized approach for measuring counterparty credit risks finalized in November 2019, with a new effective date of April 1, 2020. The second action is an interim final rule that allows banking organizations that would otherwise be required to adopt the new current expected credit loss accounting standard this year, to have the option of delaying adopting the new standard for up to two years. Federal Reserve Release. FDIC Release. OCC Release.

SEC Announces Temporary Relief and Assistance to Market Participants

 

On March 26, the SEC announced temporary measures to assist market participants in response to COVID-19. The actions include i) temporary relief from Form ID notarization requirements through July 1, ii) extended filing deadlines for certain reports and forms required under Regulation A and Regulation Crowdfunding issuers, and iii) a temporary exemption, subject to certain conditions, for required filings for municipal advisors through June 30. Release

CFTC Unanimously Passes Final Rule Affecting Formulation, Amendment or Repeal of Commission’s Rules and Regulations

 

On December 10, the U.S. Commodity Futures Trading Commission (CFTC) approved a final rule eliminating the provisions of the Commission’s Regulations that established the formulation, amendment or repeal of its rules or regulations. The CFTC unanimously passed the final rule, with rule makers stating these provisions were unnecessary because the CFTC’s rulemaking process is governed by the Administrative Procedure Act. Rule.