Underwriting

News & Analysis as of

Update on the SEC's MCDC Initiative

Many issuers and other obligors of tax-exempt bonds (Issuers) have asked about the status of the Municipalities Continuing Disclosure Cooperation initiative (MCDC). Much attention has been directed to the February 2,...more

Changes to Iran Sanctions Provide a Few Business Opportunities, but Many Hurdles

On January 16, 2016, the International Atomic Energy Agency verified that Iran had implemented nuclear reforms negotiated among the United States, the European Union and Iran, a milestone in the agreement referred to as the...more

SEC Settles With 14 Municipal Bond Underwriters

The SEC filed fourteen settled actions against municipal underwriting firms this week. The settlements were part of a program that commenced in 2014 called the Municipalities Continuing Disclosure Cooperation Initiative. The...more

Healthcare Regulatory Diligence: “What Does it Mean to Financial Underwriting?”

It’s deal time! The 2016 JP Morgan Healthcare Conference has set the tone for another successful year for healthcare investing. A company’s financial health is a key factor in the underwriting process for any type of loan...more

AIG Bows Out of the Pollution Legal Liability Market

On January 26, 2016, insurance giant AIG announced a major restructuring designed to make it a “more profitable and focused insurer.” Apparently as a result of these efforts to streamline and slim down, AIG has begun...more

How Will the Consolidation of Insurance Markets Affect You?

Market consolidation dominated the insurance industry last year, and all signs suggest that this trend toward consolidation will continue. One of the largest mergers involves ACE Limited, which announced in July 2015 that it...more

OCC Releases Semiannual Risk Perspective Report

On December 16, the OCC released its Semiannual Risk Perspective report to provide an overview of supervisory concerns for the federal banking system, including operational and compliance risks. According to the report, which...more

Banking Agencies Issue Advisory on CRE Lending

Federal banking agencies have advised banks to review their policies related to commercial real estate (“CRE”) lending in light of what the agencies believe to be an easing of CRE underwriting standards. The Board of...more

Congress Amends Section 831(b): Is This the Beginning of the End of Section 831(b) Abuses?

On December 18, 2015, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (Act), which made several significant amendments to section 831(b) of the Internal Revenue Code....more

OCC Releases Semiannual Risk Perspectives Report

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspectives report for the fall of 2015. The OCC’s Semiannual Risk Perspective report “addresses key issues facing banks,...more

NAIC's Market Regulation Committee Adopts Broad Charge to Explore Insurers' Big Data Use

On December 11, the Market Regulation and Consumer Affairs (D) Committee (Market Reg Committee) of the National Association of Insurance Commissioners (NAIC) adopted the following charge... ...more

Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation issued an Advisory (the “Updated Advisory”) (FIL-49-2-15) to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for...more

Mortgage Company Resolves DOJ Allegations of False Claims Act Violations

On December 2, a Tennessee mortgage company agreed to pay the United States $70 million to resolve allegations that it violated the False Claims Act. According to the DOJ, the company, acting as a direct endorsement lender,...more

Treasury Discusses Online Marketplace Lending

Why it matters - Regulatory oversight of online marketplace lending is moving forward, with representatives from the Department of the Treasury sharing six "central themes" drawn from comments on the agency's Request...more

FDIC Updates Guidance on Risk Management Practices in Purchasing Loans and Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 49-2015 (FIL-49-2015), Advisory on Effective Risk Management Practices of Purchased Loans and Purchased Loan...more

FDIC Issues Advisory on Loan Purchases and Participations

The Federal Deposit Insurance Corporation (“FDIC”) has issued an advisory on effective risk management practices for purchased loans and purchased loan participations (the “Advisory”). The Advisory addresses the importance of...more

EB-5 Due Diligence Matters

Private placement offerings are an increasingly active part of the securities business. One especially complicated and emerging area of private placements is the EB-5 Investor Visa Regional Center Program. Under the current...more

Fannie Mae Announces New Tools for Lenders

On October 19, Fannie Mae announced four changes: (i) the availability of trended credit data, which may allow a more thorough analysis of borrowers’ credit history; (ii) the availability of nontraditional credit history in...more

FY2015 SEC Enforcement Report

Late last week, the Securities and Exchange Commission (SEC) announced its enforcement results for fiscal year 2015, reporting a record number of enforcement actions and the highest amount of fines collected by the SEC to...more

Second Wave of MCDC Hits Underwriters ….No Smooth Sailing Ahead!

On September 30 the Securities and Exchange Commission (“SEC”) announced another round of enforcement actions against 22 municipal underwriting firms for disclosure violations in connection with municipal bond offerings. The...more

Summary of Final Rule Amending HMDA and What It Means for Covered Institutions

The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more

CFPB Finalizes Rule to Update Reporting Requirements of the HMDA

On October 15, the CFPB finalized a rule amending Regulation C to update the reporting requirements of the HMDA. The final rule changes what data financial institutions must provide to Federal agencies. ...more

Another Round of Favorable SEC Settlements, But Only for Underwriters that Self-Reported

The SEC has rolled out its second wave of enforcement actions against 22 municipal underwriting firms for alleged securities violations in municipal bond offerings in connection with its Municipalities Continuing Disclosure...more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

Will it Cost More To Protect Your Company and Board from Cyber Attacks?

Businesses may find it more challenging to purchase or renew cyber liability insurance coverage, according to recent articles by Advisen¹, Reuters, and follow-up communications with Robert Parisi, managing director and...more

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