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May 24, 2017

SIFMA Securitization Group (SSG) Update is a weekly update on securitization news, regulation, and events.

In the Spotlight

SIFMA Recommends Early Market Close on May 26 and Full Market Close on May 29 in the U.S. in Observance of the Memorial Day Holiday
SIFMA has confirmed its previous recommendation for an early market close at 2:00 p.m., ET, on Friday, May 26, and a full market close on Monday, May 29 for the trading of U.S. dollar-denominated fixed-income securities in the United States in observance of the Memorial Day holiday.
Press Release

GFMA Submits Letter to Basel Committee on Step-In Risk
On May 15th, GFMA, along with the Institute of International Finance (IIF), the International Banking Federation (IBFed), the CRE Finance Council (CREFC) and the Commercial Real Estate Finance Council Europe (CREFC Europe) provided this joint response letter on the Basel Committee on Banking Supervision (BCBS) Consultative Document "Identification and management of step-in risk".  This is the second letter GFMA has submitted to the Basel Committee on their proposal, which has implications for securitized products along with a host of other bank relationships.

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Market Updates

Ginnie Mae: Issuer Operational Performance Profile Enhancements Overview
In the coming weeks, Ginnie Mae will release several enhancements to its Issuer Operational Performance Profile (IOPP) tool. To read this Notes & News, please visit this URL.

FINRA Holiday Reminder Regarding TRACE Market Data
In observance of Memorial Day, the TRACE system will be closed on Monday, May 29, 2017.
TRACE Announcements

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Of Interest

FinTech Credit: Market Structure, Business Models and Financial Stability Implications
A recent report from the Bank for International Settlements, considers the implications for financial stability should FinTech credit grow to account for a significant share of overall credit.
Report  Related: SIFMA’s FinTech Conference – June 5 & 6, 2017

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Week in Washington

FHFA Director Watt Speaks at FHLB Conference
On May 23rd, FHFA Director Mel Watt spoke at the 2017 Federal Home Loan Bank Directors' Conference.  His remarks are here.

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SSG Meetings

FINRA 4210 Implementation Working Group – Mondays and Wednesdays
Dealer MBS Operations Committee – June 1 @ 4:00 PM EDT

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SIFMA News

SIFMA US Research Quarterly, First Quarter 2017
Issuance of mortgage-related securities, including agency and non-agency passthroughs and collateralized mortgage obligations, totaled $406.5 billion in the first quarter, a 27.3 percent decline from 4Q'16 ($558.9 billion) but a 12.3 percent increase y-o-y ($361.9 billion).
Press Release
Report

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Upcoming SIFMA Events

SIFMA’s FinTech Conference 2017 – June 5 & 6, 2017.  Register here!

Resources

SIFMA Resources
SIFMA Securitization Group Activity and Resources
SIFMA on Housing Finance Reform
SIFMA To-Be-Announced Market Factsheet
SIFMA Legal and Regulatory Action Pipeline
SIFMA Newsletters
SIFMA’s Upcoming Conference and Events

Regulator Resources
SEC’s Dodd-Frank Rulemaking Calendar
FDIC’s Dodd-Frank Page – links to initiatives, rule proposals, events, meetings, etc…
Federal Reserve Dodd-Frank Page – links to initiatives, rule proposals, events, meetings, etc…

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