Joanna Hernandez

Senior Associate

Los Angeles

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Joanna Hernandez, an associate in Orrick's Los Angeles office, is a member of Orrick's Structured Finance Group.

Joanna’s practice focuses on a variety of asset-backed classes, including credit and charge card receivables, and consumer loans. She regularly works with fintech companies assisting these clients with their financing needs.

Among her experience, Joanna represents issuers, sponsors and underwriters in connection with public offerings and private placements of asset-backed securities. She also has experience with transactions relating to the sale and financing of residential mortgage loans, including residential mortgage-backed securitizations, repurchase facilities and servicer advance facilities.

Prior to joining the firm, Joanna worked as an associate at a municipal law firm and represented public agencies in litigation and public finance matters.

Posts by: Joanna Hernandez

Bureau Issues Statement on the Implementation of the Act Amendments to the HMDA


On July 5, 2018, the Bureau of Consumer Financial Protection (the “Bureau“) issued a statement regarding the impact of the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Act“) on the Home Mortgage Disclosure Act (the “HMDA“). The Act provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements. The Bureau expects to provide further guidance on the applicability of the Act to the HMDA later this summer. Release.

Federal Banking Agencies Issue Statement Regarding the Impact of the Act


On July 6, 2018, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller issued a joint statement describing the rules and related reporting requirements that are affected by the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act“). The federal banking agencies provide their interim positions on the applicability of the Act until their respective regulations are amended to incorporate the Act’s changes. Release.

Rating Agency Developments


On May 15, 2018, DBRS issued a report entitled: Rating European Non-Performing Loans Securitizations. Release.

On May 15, 2018, Fitch issued a report entitled: Global Structured Finance Rating. Release.

On May 11, 2018, Fitch issued a report entitled: European RMBS Rating Criteria. Release.

On May 10, 2018, Fitch issued a report entitled: UK-Supported Student Loans Bespoke Rating Criteria. Release.

On May 10, 2018, Kroll issued a report entitled: RMBS: European RMBS Rating Methodology. Release.

On May 10, 2018, Kroll issued a report entitled: European RMBS Rating Methodology Addendum: United Kingdom. Release.

Customer Due Diligence and Beneficial Ownership Requirements for Legal Entity Customers – Overviews and Examination Procedures


On May 11, 2018, the Federal Financial Institutions Examination Council issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule“). The CDD Rule was issued on May 11, 2016 with mandatory compliance on May 11, 2018. The examination procedures apply to banks, savings and loan associations, credit unions, and branches, agencies, and representative offices of foreign bank. Release.

Notice of Proposed Rulemaking


On May 14, 2018, the Office of the Comptroller of the Currency (“OCC“), Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (collectively, the agencies) published a notice of proposed rulemaking to implement the Financial Accounting Standards Board’s Accounting Standards Update (“ASU“) 2016-13, “Financial Instruments—Credit Losses,” in their rules. Release.

CFTC Reduces Marketplace Barriers for Global Development Initiatives


On May 16, 2018, the Commodity Futures Trading Commission’s (“CFTC“) Division of Swap Dealer and Intermediary Oversight (“DSIO“) granted relief to non-U.S. counterparties who enter into swaps with International Financial Institutions (“IFIs“), such as development banks. In the no-action letter, DSIO announced it would not recommend that the Commission take action if non-U.S. persons do not include swaps with IFIs when determining whether such non-U.S. persons meet or exceed agency-prescribed registration thresholds. Release.

New Comptroller’s Handbook Booklet and Rescissions


On May 11, 2018, the Office of the Comptroller of the Currency (“OCC“) issued the “Military Lending Act” (“MLA“) booklet of the Comptroller’s Handbook. This new booklet is for use by OCC examiners when assessing compliance with the MLA, as implemented by 32 CFR 232, “Limitations on Terms of Consumer Credit Extended to Service Members and Dependents.” The MLA applies to closed-end and most open-end consumer credit consummated or established on or after October 3, 2016, and to credit card accounts established on or after October 3, 2017, that are covered by the MLA and 32 CFR 232. Release.

Interagency Statement on Accounting and Reporting Implications of the New Tax Law


On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency statement for financial institutions on accounting and reporting implications of the new tax law, which was enacted on December 22, 2017. Since the new tax law was enacted before December 31, 2017, institutions must record its effects in their December 31, 2017 regulatory reports. Release.

Rating Agency Developments


On January 23, 2018, DRBS published an updated North American Single-Asset/Single-Borrower Methodology. The methodology does not consist of any material changes from the previously issued methodology. According to DBRS, it has not and will not take any rating actions on outstanding securities as a result of the update. Release.

On January 23, 2018, Fitch Ratings published new criteria addressing the ratings of debtor-in-possession (“DIP”) instruments. The new criteria describes Fitch’s approach for assigning new international credit ratings to U.S. DIP instruments. Release.

On January 22, 2018, DBRS published the methodology “Rating North American CMBS Interest-Only Certificates,” which explains its approach to rating interest-only certificates within both single-asset/single-borrower transactions and multi-borrower transactions. Release.

On January 18, 2018, S&P published guidance on how it applies ‘CCC’ criteria in its rating analysis. Release.