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Rating Agency Developments

On January 22, Fitch released its rating criteria for rating RMBS in Latin America. On January 22, Moody’s released its global methodology for rating small and medium size enterprise balance sheet securitizations. On January...more

1/27/2015 - ABS DBRS Fitch Moody's RMBS

The Fed Forms Advisory Council

On January 16, the Fed announced the formation of a new advisory council that will be comprised of individuals with consumer- and community development-related expertise. The council will meet semiannually with the Fed’s...more

1/26/2015 - Advisory Board Federal Reserve

CFPB Finalizes Minor Changes to “Know Before You Owe” Rules

On January 20, CFPB finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after...more

1/26/2015 - CFPB Construction Loans Disclosure Requirements Interest Rates Material Disclosures Mortgages

Fee Rate Advisory #3 for Fiscal Year 2015

On January 15, the SEC announced that starting on Feb. 14, 2015, the fee rates applicable to most securities transactions will be set at $18.40 per million dollars. Each SRO will continue to pay the Commission a rate of...more

1/26/2015 - SEC Securities Transaction Fees

SEC Adopts New Rules for Security-Based Swap Market

On January 14, the SEC adopted new rules that will require security-based swap data repositories (SDRs) to register with the SEC and prescribe reporting and public dissemination requirements for security-based swap...more

1/19/2015 - Dodd-Frank New Regulations SEC Swap Data Repositories Title VII

FHFA Issues 2015 Scorecard for Fannie, Freddie and Common Securitization Solutions

On January 14, FHFA released the 2015 Scorecard? outlining specific priorities for Fannie Mae, Freddie Mac and their joint venture, Common Securitization Solutions, LLC. The Scorecard assesses Fannie and Freddie’s performance...more

1/19/2015 - Fannie Mae FHFA Freddie Mac

Rating Agency Developments

On January 12, DBRS released its methodology for operational risk assessment for European structured finance servicers. On January 8, Moody’s revised its approach to rating single family rental securitizations....more

1/19/2015 - DBRS EU Moody's Mortgage-Backed Securities

Rating Agency Developments

On January 7, Fitch revised its criteria for rating U.S. Public Finance Short-Term Debt. On January 7, DBRS released its methodology for surveillance of North American CMBS. On January 6, Fitch released its global criteria...more

1/9/2015 - Asset-Backed Securities CMBS DBRS Fitch Public Financing Rating Agencies RMBS

SEC Issues Revisions to Regulation AB Telephone Interpretations

On December 9, the SEC issued Compliance and Disclosure Interpretations (“C&DIs”) that comprise the SEC’s interpretations of the rules adopted under Regulation AB II and the Securities Act and the Exchange Act. The new C&DIs...more

12/12/2014 - Compliance Regulation AB SEC Securities Exchange Act

Treasury and HUD Announce Changes to Making Home Affordable Program

On December 4, Treasury and HUD announced changes to Making Home Affordable (MHA) to better assist struggling homeowners. The changes are designed to motivate homeowners in MHA to continue making timely mortgage payments. The...more

12/12/2014 - Affordable Housing Home Affordable Refinance Program HUD Loan Modifications Mortgages U.S. Treasury

Rating Agency Developments

On December 10, Moody’s released its approach to rating sustainable net cash flow for CMBS and CRE CDO CLO Real Estate collateral in the Americas and ex-Japan Asia Pacific. On December 10, Moody’s released its approach to...more

12/12/2014 - CMBS Fitch Moody's Rating Agencies Ratings

CFTC Provides Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates

On November 26, CFTC issued a no-action letter providing additional relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act...more

12/2/2014 - Affiliates CFTC Commodities Exchange Act Dodd-Frank End-Users No-Action Letters No-Action Relief Subsidiaries Swaps

Rating Agency Developments

On November 28, DBRS released its general corporate methodology. On November 28, DBRS released its methodology for rating companies in the gaming industry. On November 26, DBRS released its methodology for rating Canadian...more

12/2/2014 - DBRS Moody's Rating Agencies

SEC Adopts Final Rules Relating to NRSROs and Third-Party Due Diligence Reports

On August 27, 2014, the SEC adopted a number of new rules and amendments designed to improve the quality of credit ratings and increase credit rating agency accountability in accordance with the Dodd-Frank Act. The...more

9/15/2014 - Credit Ratings Credit Reports Dodd-Frank Due Diligence NRSRO SEC Third-Party Risk

Credit Risk Retention – Joint Regulatory Re-Proposed Rules

On August 28, 2013, six federal agencies1 jointly re-proposed rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added...more

9/18/2013 - Dodd-Frank Financial Regulatory Reform Proposed Regulation Risk Retention Securities Exchange Act

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