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Articles by Angela M. Ulum
SEC Staff Posts New Guidance For Asset-Backed Securities
On July 31, 2024, the US Securities and Exchange Commission (SEC) staff in the Division of Corporation Finance posted three new Compliance and Disclosure Interpretations (C&DIs) related to the rules and forms adopted under Regulation AB, the Securities Act, and the Exchange Act with respect to asset-backed securities. C&DIs provide guidance to those who must comply with the federal securities laws. However, because they represent the views of the staff, they are not legally binding.
Credit-Linked Note FAQs From Federal Reserve Are One Step Forward For US Banks
Late last month, the staff of the Board of Governors of the Federal Reserve System ("Federal Reserve") issued responses to frequently asked questions regarding the treatment of credit-linked notes ("CLNs") under Regulation Q ("FAQs").1 The FAQs provide important clarity on how Federal Reserve-regulated banking organizations may use CLNs to transfer credit risk through synthetic securitization and recognize capital relief, potentially moving the US position (and the related opportunity) closer...
Credit-Linked Note FAQs from Federal Reserve are One Step Forward for US Banks
Late last month, the staff of the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued responses to frequently asked questions regarding the treatment of credit-linked notes (“CLNs”) under Regulation Q (“FAQs”).1 The FAQs provide important clarity on how Federal Reserve-regulated banking organizations may use CLNs to transfer credit risk through synthetic securitization and recognize capital relief, potentially moving the US position (and the related opportunity) closer...
What US Basel Endgame Means Outside Of The United States (Podcast)
The US federal banking regulators recently proposed extensive revisions to the regulatory capital requirements for midsize and larger US banks. The proposal would dramatically increase the amount of capital that larger banks must hold and is expected to result in US banks reducing the availability of certain products or increasing their prices. Non-US banks and corporates will need to consider how they source financing and other products from US banks.
A Path Back To Growth For Community Banks: Credit Risk Transfer Trades
KEY POINTS US community and regional banks are under pressure to maintain strong capital positions and continue to lend in the Main Street economy. A credit risk transfer (CRT) trade keeps the entire loan pool on the bank's balance sheet by synthetically transferring risk to a third party When structured correctly, CRTs can help better manage risk, mitigate credit concentrations, and reduce regulatory capital charges.
The Advantages Of Credit Ratings For Subscription Credit Facilities
Executive Summary More common in Europe, the prevalence of obtaining credit ratings for subscription credit facilities has increased in the United States. In this Legal Update, we explain the increasing use of credit ratings for a subscription credit facility, factors that impact the credit rating, the benefits of a subscription credit facility credit rating, and what to consider if pursuing a subscription credit facility credit rating.
TALF 2020 Update: MLSA, Revised FAQs and Related Program Materials
On May 20, 2020, the Federal Reserve Bank of New York (“FRBNY” or the “Fed”) announced the first subscription date, June 17, 2020, in connection with the Term Asset-Backed Securities Loan Facility (“TALF 2020”). The Fed also issued revised Frequently Asked Questions (“FAQs”) and the new Master Loan and Security Agreement (“MLSA”) for the program, along with other updated forms and documents.
TALF 2020 Update: Federal Reserve Bank of New York Releases FAQs and Revised Term Sheet
On May 12, 2020, the Federal Reserve Bank of New York (the “Fed”) issued new Frequently Asked Questions and a revised term sheet in connection with the Term Asset-Backed Securities Loan Facility (“TALF 2020”). This Legal Update summarizes the FAQs and the revised term sheet, highlighting key changes and noting where further information or materials may be forthcoming from the Fed.
Federal Reserve Revises New TALF Program Term Sheet
The Federal Reserve issued a revised term sheet on April 9, 2020, for the Term Asset-Backed Securities Loan Facility (“TALF 2020”) that was initially announced on March 23, 2020. This Legal Update summarizes the revised terms and conditions applicable to TALF 2020 and updates a Legal Update we previously issued on March 24, 2020.
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