On July 26, 2017, the Federal Housing Finance Agency released an update on the credit risk transfer programs of Freddie Mac and Fannie Mae through the first quarter of 2017. Press Release.
Posts by: Editorial Team
Federal Reserve Board Approves Extended Transition Period for Deutsche Bank AG, SVB Financial Group, and UBS Group AG to Conform Investments in Certain “Illiquid Funds” to Requirements of Volcker Rule
On June 7, 2017, the Federal Reserve Board authorized an extension of up to five (5) years for Deutsche Bank AG, SVB Financial Group, and UBS Group AG to comply with certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (often referred to as the Volcker rule) relating to “investments in certain ‘illiquid funds[.]'” Press Release.
Rating Agency Developments
On June 7, 2017, Fitch issued a report entitled Fitch Publishes Updated U.S. Timeshare Loan ABS Rating Criteria. Press Release.
On June 6, 2017, Fitch issued a report entitled Fitch Updates Structured Finance CDOs Surveillance Rating Criteria. Press Release.
The annual CRE Finance Council took place on June 5-7, 2017 in Washington, D.C. KBRA released two recaps of the panel sessions. The first full day was packed with a variety of topics, which ranged from the real estate cycle to tax policy to the current finance regulatory environment June 6 Recap. The final day of the conference included panels on construction lending, loan documents, the borrower experience and servicing fee structures. June 7 Recap.
The 2017 NYU International Hospitality Industry Investment Conference, which provided an overview of the current state of the lodging industry, issues facing the sector and thoughts on its future direction, was held on June 5-6 in New York. KBRA released a summary of key takeaways from the conference. Report.
On June 2, 2017, Fitch issued a report entitled Fitch Updates EMEA RMBS Criteria Addendum for UK: No Rating Impact. Press Release.
On June 1, 2017, Moody’s issued a report entitled Moody’s Approach to Rating SF CDOs. Report.
CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Transition for March 1, 2017 Compliance Date for Variation Margin and No-Action Relief From Minimum Transfer Amount Provisions
On February 13, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) announced that, between March 1, 2017 and September 1, 2017, it would “not recommend an enforcement action against a swap dealer (SD) for failure to comply with the variation margin requirements for swaps that are subject to a March 1, 2017 compliance date.” Importantly, the CFTC is not delaying the compliance date, but rather providing a “grace period” for compliance.
In the same release, the CFTC announced it would “not recommend an enforcement action against an SD, subject to certain conditions, that does not comply with the minimum transfer amount (MTA) requirements of” two CFTC regulations. Release.
Exemptions for Security-Based Swaps
On February 10, 2017, the Securities and Exchange Commission (SEC) extended to February 11, 2018 the expiration dates of certain interim final rules relating to “exemptions under [various securities laws] for those security-based swaps that prior to July 16, 2011 were security‑based swap agreements and are defined as securities under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” Release.
Rating Agency Developments
On February 15, 2017, DBRS issued a report entitled North American Single-Asset/Single-Borrower Methodology. Report.
On February 15, 2017, DBRS issued a report entitled DBRS Commercial Real Estate Property Analysis Criteria. Report.
On February 15, 2017, DBRS issued a report entitled Rating Entities in the Real Estate Industry. Report.
On February 15, 2017, DBRS issued a report entitled DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities. Report.
On February 15, 2017, Fitch issued a report entitled Fitch Updates Rating Non-Financial Corporates Above the Country Ceiling Criteria. Release.
On February 13, 2017, DBRS issued a report entitled DBRS Criteria: Guarantees and Other Forms of Support. Report.
On February 13, 2017, Fitch issued a report entitled Fitch Updates Criteria for U.S. State Housing Finance Agency GO Ratings. Release.
On February 9, 2017, Fitch issued a report entitled Fitch Updates Criteria for Rating Global Asset Backed Commercial Paper. Release.
Rating Agency Developments
On January 18, 2017, Moody’s issued a report entitled Hybrid Equity Credit. Report.
On January 17, 2017, DBRS issued a report entitled Rating North American CMBS Interest‑Only Certificates – Request for Comment. Report.
On January 17, 2017, Fitch issued a report entitled Fitch Publishes Updated Global Dealer Floorplan Rating Criteria. Release.
On January 17, 2017, Fitch issued a report entitled Fitch Updates Criteria for Variable-Rate Demand Obligations and Commercial Paper. Release.
On January 13, 2017, DBRS issued a report entitled Structured Finance Flow‑Through Ratings. Report.
On January 13, 2017, Fitch issued a report entitled Fitch Updates Rating Investment Holding Companies Criteria. Report.
On January 10, 2017, DBRS published its ratings methodology for European CMBS. Report.
On January 9, 2017, Moody’s published its ratings methodology for fleet lease‑backed ABS. Report.
On January 9, 2017, Fitch updated its ratings criteria for pre‑refunded U.S. municipal bonds. Report.
On January 5, 2017, Fitch updated its asset analysis criteria for covered bonds and CDOs of public entities. Report.
FHFA Requests Public Input on Duty to Serve Program
On January 18, 2017, the Federal Housing Finance Agency (the “FHFA“) announced its request for public comment on (i) proposed chattel loan pilot initiatives for Fannie Mae and Freddie Mac and (ii) the expectations and evaluation criteria the FHFA should use in relation to Fannie Mae and Freddie Mac’s effectiveness in fulfilling its duty to assist very low, low and moderate income families in the manufactured housing, affordable housing preservation and rural housing categories (pursuant to the Duty to Serve provisions in the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008). Release.
Federal Reserve Board Announces Finalized Rule Adjusting the Board’s Maximum Civil Money Penalties
On January 18, 2017, the Federal Reserve Board announced that it was adjusting its maximum civil money penalty limits, pursuant to federal law, to accommodate for inflation. Release.
CFTC Unanimously Approves Proposals on Swaps Data and Other Amendments
On January 13, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) approved two rules: one relating to access to swaps data and one relating to disciplinary actions. The CFTC is accepting comments on the proposed amendments until 60 days after the Federal Register publishes the proposed amendments. Release.