Eric Nyman

Associate

Los Angeles


Read full biography at www.orrick.com

Eric Nyman, an associate in our Los Angeles office, is a member of our Structured Finance group where he represents issuers, sponsors, underwriters, servicers, and other market participants in connection with securitizations and asset-backed financing.

Eric has experience working with a wide range of asset classes, including PACE (property assessed clean energy) assessments, agency and non-agency forward and reverse residential mortgage loans, and corporate loans.

Eric has also dedicated significant time and effort to pro bono representations for a wide variety of nonprofit organizations in their formation and application for tax-exempt status. 

During law school, Eric was a legal intern for the Enforcement Division of the Securities and Exchange Commission. Eric also served as research assistant to USC tax law Professor Edward McCaffery.

Posts by: Eric Nyman

Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

 

On November 18, the Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC) (collectively, the “Agencies”) announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. Release.

Federal Housing Finance Agency Announces Final Capital Rule for the Enterprises

 

On November 18, the Federal Housing Finance Agency (FHFA) sent for publication a final rule that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the “Enterprises”). The final rule fulfills Congress’s Housing and Economic Recovery Act of 2008 mandate that FHFA establish risk-based capital requirements for the Enterprises. Release.

Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan

 

On November 18, the U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. Release.

CFTC Unanimously Approves Final Rule for Granting Exemptions from Derivatives Clearing Organization Registration

 

On November 18, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule establishing a framework for the Commission to grant an exemption from registration as a derivatives clearing organization (DCO) to a clearing organization organized outside of the United States for the purpose of clearing proprietary swap transactions for U.S. persons. Section 5b(h) of the Commodity Exchange Act permits the CFTC to exempt a non-U.S. clearing organization from registration for clearing swaps if the CFTC determines that the clearing organization is subject to comparable, comprehensive supervision and regulation by its home country authorities. Therefore, financial institutions may have more options for central clearing counterparties to clear swaps that they enter into that are subject to a clearing mandate by the CFTC – namely, derivatives clearing organizations organized outside of the U.S., so long as the CFTC determines that they are subject to comparable, comprehensive supervision and regulation by the relevant local authorities in the jurisdiction of their organization. Final Rule.

CFTC Unanimously Approves Final Rule Amending Swap Execution Facility Requirements

 

On November 18, the CFTC unanimously approved a final rule amending certain parts of its regulations relating to the execution of “package transactions” on swap execution facilities (SEFs) and the resolution of error trades on SEFs. The final rule amends part 37 of CFTC regulations to allow the swap components of certain categories of package transactions to be executed on SEF but through flexible means of execution rather than through the required methods of execution for “required transactions.” Release.

FHFA Further Extends COVID-Related Loan Flexibilities

 

On November 13, the FHFA announced that it will extend several loan origination flexibilities until December 31 that were set to expire on November 30. The extended flexibilities include alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before loan closing and expanding the use of power of attorney to assist with loan closings. Release.

SEC Adopts Amendments to Modernize Shareholder Proposal Rule

 

On September 23, the Securities and Exchange Commission (SEC) adopted amendments to modernize the process for a shareholder to have its proposal included in a company’s proxy statement for consideration by all of the company’s shareholders. The amendments aim to ensure that shareholder-proponents demonstrate a sufficient economic stake or investment interest in a company before they are able to submit proposals to be included in a company proxy’s statement, paid for by all shareholders. Release.

Federal Reserve Board Releases Hypothetical Scenarios for Second Round of Bank Stress Tests

 

On September 17, the Federal Reserve Board released its hypothetical scenarios for a second round of bank stress tests. Earlier this year, the Board’s first round of stress tests found that large banks were well capitalized under a range of hypothetical events. An additional round of stress tests is being performed due to the continued uncertainty from the COVID event. Release.

Agencies Issue Corrections to Standardized Approach for Counterparty Credit Risk; Final Rule

 

On September 17, the OCC along with the Board of Governors of the Federal Reserve System and the FDIC published a final rule that makes technical corrections to certain provisions of the capital rule related to the standardized approach for counterparty credit risk (SA-CCR), which is used for calculating the exposure amount of derivative contracts. Final Rule.

CFTC Finalizes Rules to Improve Swap Data Reporting

 

On September 17, the Commodity Futures Trading Commission (CFTC) approved three final rules to revise CFTC regulations for swap data reporting, dissemination and public reporting requirements for market participants. The CFTC also approved a final rule that will permit derivatives clearing organizations organized outside of the U.S. to be registered with the CFTC. The CFTC also approved a supplemental notice of proposed rulemaking regarding amendments to the CFTC’s regulations that govern bankruptcy proceedings for commodity brokers. Release.