David Dwyer, General Counsel for Policy and Regulatory Affairs at the Structured Finance Association, joins Patrick Dolan to offer insights into Rule 192 under the SEC.

David breaks down complex industry terms, explores rules around short sales and substantial economic equivalents and delves into the intricacies of conflicted transactions under prong (iii). We also discuss pre-securitization activities, disclosure impacts and what it means to be a securitization participant.

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Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Supreme Court’s majority opinion in the Chevron case and the potential impact on the CFPB and other US financial services regulators.

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Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to shed light on the US Supreme Court's reconsideration of its 1984 Chevron decision. Eamonn breaks down the oral arguments, highlighting the significance of readdressing the case. We delve into the questions raised by individual justices, along with the potential implications of the issues for the case. Finally, Eamonn provides insight into our expectations regarding the potential ruling of the US Supreme Court in this case.

Andrew Lom, Global Head of Private Wealth and Head of Financial Services in our New York office, and Rachel Browndorf, Senior Associate based in Denver, join host Patrick Dolan to explore the latest developments across the crypto space including bitcoin Exchange-Traded Funds (ETFs).

We discuss the latest SEC-approved changes that permit the creation of bitcoin ETFs. We compare a spot bitcoin ETF with a bitcoin futures ETF, examine the price correlation between the ETFs and the actual bitcoin and look at the current state of trading activity. In addition, we discuss what a spot bitcoin ETF means for investors.

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Stephanie Mah, Senior Vice President, Structured Finance Research at Morningstar DBRS, joins host Patrick Dolan to discuss the latest trends across the commercial and residential Property Assessed Clean Energy (PACE) financing. We examine the current size and scope of the commercial PACE market in comparison to the residential PACE market, and discuss the challenges faced by the residential PACE market including the factors influencing its trajectory. Additionally, Stephanie sheds light on potential reasons for the slow uptake of the NYC C-PACE program and explores factors that could catalyze its acceleration.

Fouad Onbargi, Founder and CEO of ABS Advisory, joins host Patrick Dolan to discuss the evolving landscape of the asset-backed securities (ABS) market. We explore the emerging trends in the ABS warehouse financing andABS capital markets and uncover current growth opportunities for investors.

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Eamonn Moran, Senior Counsel in our Washington, DC office, returns to speak with host Patrick Dolan about the US Supreme Court’s oral arguments in the case regarding funding of the Consumer Financial Protection Bureau (CFPB). The CFPB was created in 2011, following the 2008 financial crisis, and receives funding from the Federal Reserve. We discuss the questions and issues raised by the individual justices, and how we think the US Supreme Court could rule in this case.

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Rachel Browndorf, Senior Associate in our Denver office, joins host Patrick Dolan to discuss the Corporate Transparency Act. Effective January 1, 2024, the new law requires reporting companies to provide Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN).

We delve into the Corporate Transparency Act, exploring the steps to determine whether an entity is considered a reporting company, the distinction between beneficial owners and applicants, the required information for filing, including deadlines, penalties for non-compliance and potential exemptions.

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Andrew Lom, Partner and Global Head of Private Wealth in the New York office, joins host Patrick Dolan to discuss significant rule changes for private fund advisors. The new rule requires all registered advisors to hedge funds, private equity funds, and other private funds to provide investors with quarterly statements detailing certain information regarding fund fees, expenses and performance in addition to an annual compliance review for any registered advisor, whether they advise private funds or not.

We explain how securitized asset funds are excluded from most of these new rules and why the new provisions relating to sales practices, conflicts of interest and compensation will prohibit private fund advisors from providing preferential treatment and doing certain things without prior disclosures.

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Dallin Merrill, Director of Residential Mortgage-Backed Securities (RMBS) Policy at the Structured Finance Association (SFA), joins host Patrick Dolan to discuss the formation of the SFA RMBS Data Tape Task Force. We assess the main areas of discussion for issuers, investors, rating agencies and third-party review and diligence firms, and explore the benefits of revised data tape fields for the RMBS securitization market.

Frank Borchert, Chief Legal Officer at Best Egg, joins host Patrick Dolan to discuss how COVID-19 and the rising interest rate environment has affected marketplace lending, specifically in the FinTech space. We review recent legal and regulatory developments impacting technology and FinTech companies and new factors for rating agencies.

Justin Bharucha, managing partner at Bharucha & Partners joins host Patrick Dolan to discuss activity in the Indian securitization market, including the most common asset classes that are securitized, as well as the typical structure of an Indian securitization. We delve into whether the bankruptcy concepts of true and non-consolidation are applicable in the Indian securitization market and touch on recent regulatory and legal developments affecting the Indian securitization market.

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David Dwyer, senior counsel, joins host Patrick Dolan to discuss the Corporate Transparency Act. David shares insight on substantial control over securitization issuing entities, qualifications for the subsidiary exemption and compliance with the Investment Company Act.  

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Kristi Leo, president of the Structured Finance Association (SFA), returns to speak with host Patrick Dolan about the SEC’s proposed conflict of interest rule. The rule would prohibit securitization participants from engaging in transactions that could incentivize a participant to structure an asset-backed security to put their interests ahead of other investors.

We discuss SFA’s proposed revisions to the rule, including changes to several definitions such as “conflicted transaction” and “synthetic asset-backed security,” carve outs to the definition of “sponsor”, additional guidance to help clarify the more ambiguous provisions and more.

Caitlin Colvin, Senior Managing Director and Head of Investor Relations within the business development group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the recent proposal by the Securities Valuation Office (SVO) within the National Association of Insurance Commissioners (NAIC), which allows the SVO to review and potentially challenge a filing exempt NAIC Designation. The proposal is open for comment until July 14.

We delve into various concerns raised by insurance companies and other market participants regarding the proposal, and discuss what issuers and investors within the fixed income market can do to learn more.

Elen Callahan, Managing Director and Head of Research of the Structured Finance Association, joins host Patrick Dolan to discuss recent trends in the leveraged loans and collateralized loan obligations (CLOs) markets.

The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices reported tighter bank lending standards for commercial and industrial loans in the first quarter of 2023. We discuss what impact this has on loan issuances and demand to purchase and refinance these loans. We also explore the effect of credit deterioration on CLO structures and loan portfolio ratings.


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Securitization Insight Ep 42: Impact of Recent Regulatory Enforcement Actions on Bank-FinTech Partnerships

Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the Federal Deposit Insurance Corporation’s (FDIC) recent Consent Order relating to Cross River Bank (CRB) and its partnership with FinTech firms. The Consent Order is intended to resolve charges that CRB engaged in unsafe or unsound practices related to its fair lending compliance.

We examine key provisions of the Consent Order and actions the FDIC requires CRB to take to comply, including how the FDIC defines “new credit products.” We discuss whether we anticipate this to be part of a wider investigation and whether the FDIC will issue similar consent orders to other banks involved in the FinTech partnership space.

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Scott Millar, partner in our Melbourne banking and finance practice, joins host Patrick Dolan to discuss the Australian securitization market. We examine the most popular asset classes and typical parties involved in an Australian securitization transaction. We review both private and public transactions, including residential mortgage-backed securities (RMBS) as a common asset class for both bank and non-bank issuers, and discuss recent regulatory developments affecting the Australian securitization market.

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Elliot Ganz, head of advocacy and co-head of public policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the SEC’s re-proposed Securities Act Rule 192, which would prevent securitization participants from entering into a “conflicted transaction.” We examine the primary issues associated with the rule’s definition of “securitization participant” and “conflicted transaction” and explore what this means for investors and securitization participants, including the potential for information barriers as a mitigant to the proposed rule.

Ann Battle, senior counsel, market transitions and head of benchmark reform at the International Swaps and Derivatives Association (ISDA), joins host Patrick Dolan to discuss the transition from USD LIBOR to SOFR and how it will impact the derivatives market. We consider whatrole the ISDA 2020 IBOR Fallbacks Protocol will play, how the various tough legacy solutions for USD LIBOR fit together and how they affect derivatives. We also explore what role Term SOFR will play in the derivatives markets.

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Xilun Chen, managing director at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolanto discuss predictions for 2023 for the whole business securitization (WBS) market. We talk about the restaurant industry, which makes up a large portion of WBS issuers, and how it has adapted to the post-COVID environment. We also explore the impact of the current inflationary environment on franchisees and the key considerations and trends KBRA is focusing on.

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Securitization Insight Ep 37: The Impact of Higher Interest Rates on the Commercial Mortgage-Backed Securities (CMBS) Markethttps://www.linkedin.com/in/lonnie-hendry-jr~msre/

Lonnie Hendry, senior vice president and head of commercial real estate and advisory servicesat Trepp, Inc., joins host Patrick Dolan to discuss the effect high interest rates have on the commercial mortgage-backed securities (CMBS) market. We examine the steady decline of rental rates and sublease levels and the significant increase of insurance, labor and maintenance costs among underutilized assets, and how these factors have led to market uncertainty.

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Securitization Insight Ep 36: Litigation Finance, Law Firm Equity and Securitization

David Perla, co-chief operating officer of Burford Capital, joins host Patrick Dolan to examineopportunities and limitations in the litigation finance market. We discuss the increased demand for capital and the expansion of both size and type of investments available.

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Thomas B. Michaud, President and Chief Executive Officer of Keefe, Bruyette & Woods, joins host Patrick Dolan to discuss the Basel III proposal and its potential reissue by the banking regulators. Thomas also shares insights on how stringent regulatory requirements are affecting institutions and their pursuit of mergers.  

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Alan Greenblatt, Managing Director in the Commercial ABS Group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the aviation ABS market as global passenger air traffic returns to pre-pandemic levels. We discuss how COVID-19 and the Russian invasion of Ukraine affected the aviation industry and how the industry and aviation ABS has adapted to these events. We cover key credit considerations in 2023 and the impact of the increased demand for aircraft on lease rates and aviation ABS.

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Securitization Insight Ep 34: Kirshner Litigation: Potential Impact on CLOs

Elliot Ganz, Head of Advocacy and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the appeal of Kirschner v. JPMorgan Chase Bank, N.A., a case that considered whether the origination and distribution of a syndicated bank loan is subject to state securities laws. We discuss the potential impact on loan syndication, trading activity and the CLO market if the Second Circuit reverses the lower court’s decision.

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Kristi Leo, president of the Structured Finance Association, returns to speak with host Patrick Dolan about the new no-action letter regarding Rule 15c2-11, which extends the waiver-of-compliance period for 144A securitizations to two years. We discuss implications the no-action letter will have for securitizations and potential issues including the definition of “fixed income security”.

Eric Daucher, Head of Restructuring in our New York office, joins host Patrick Dolan to discuss the crypto exchange FTX bankruptcy filing. We discuss the potential fraud claims with respect to the transfer of assets out of FTX proper into an affiliated entity and the jurisdictional and creditor rights issues to be addressed in bankruptcy court.

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David Do, Commissioner of the New York City Taxi & Limousine Commission (TLC), joins host Patrick Dolan to discuss the NYC Medallion Taxi Loan Restructuring Program. We discuss the reasons behind its creation as well as the eligibility criteria, terms and successes of the debt relief program to date.

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Securitization Insight Ep 30: EU Securitization Regulation: Due Diligence and Transparency Requirements when Purchasing non-EU Securitizations

David Shearer, partner in our London office, joins host Patrick Dolan to discuss the European Commission’s (EC) report on EU securitization regulation. We discuss the various interpretations of Article 5(1)(e) and how they impact the due diligence and transparency requirements under Article 7 when purchasing non-EU securitizations.

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Securitization Insight Ep 29: CFPB, Consumer Protection, and Securitization: Current Topics

Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss consumer protection and the Consumer Financial Protection Bureau’s (CFPB) recent priorities. We discuss Director Rohit Chopra’s new approach to regulatory oversight and enforcement, and the CFPB’s increased focus on issues of fair lending and racial equity, including credit discrimination and algorithmic bias.
We also cover the potential impact of the recent ruling that student loan trusts are subject to CFPB enforcement authority on consumer securitizations and other whole loan buyers, and what’s next for the CFPB and consumer protection under Director Chopra.

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Celia Cohen, a partner in our New York office, joins host Patrick Dolan on Securitization Insight to speak about the current state of ESG regulation in the US. We discuss the three ESG components, why it’s crucial for companies to be compliant, and what issues they may face in complying with ESG regulations. We also touch on what ESG regulations may look like in the next five years.

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Eric Reither, a partner in our Toronto office, joins host Patrick Dolan on Securitization Insight to discuss the recent developments in the covered bond market. We touch on the history of covered bonds, why banking regulators outside of the US are comfortable with this concept, and where we see the covered bond market in the next few years. We also discuss why Canadian bank covered bond issuance has become such a substantial part of worldwide issuance, and how the recent decline in residential property values in Canada has affected Canadian bank covered bonds.

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Securitization Insight Ep 26: Recent Developments in the ABS Securitization Market

Brock Wolf, Managing Director and Head of ABS Banking at Truist Securities, returns to join host Patrick Dolan on Securitization Insight to discuss how the ABS capital markets have responded to this year’s market volatility. We discuss primary concerns for ABS investors today, including inflation and interest rate increases, and explore trends and opportunities in the ABS warehouse market and the equipment asset class.

Mirella Hart, senior knowledge lawyer in our London office, joins host Patrick Dolan to discuss the new UK securitization regulation framework. Mirella provides insight on the process behind how the final rules were approved by the FCA and PRA, including significant changes made to the draft proposals.  

We review the regulations and their impact for UK institutional investors, the non-refundable purchase price discount for non-performing securitizations and the risk retainer. Additionally, we discuss the reporting templates published by the FCA and PRA and their implications for stakeholders.  

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Securitization Insight Ep 25: SEC’s Rule 15c2-11 and its Impact on Securitizations
Kristi Leo, President of the Structured Finance Association, returns to join host Patrick Dolan on Securitization Insight to discuss the requirements of the amended SEC Rule 15c2-11 and its impact on the fixed income market. We explore the issues for securitizations related to the Rule’s requirement of publicly available information for Rule 144A securities, and what it means for broker-dealers, legacy securitizations and market liquidity.

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Brett Govett, a litigation and disputes partner in our Dallas office, joins Patrick Dolan to discuss litigation funding and what factors and disclosures determine the type of litigation funding arrangement. Litigation funding, an emerging type of a non-recourse loan, is most often seen across the intellectual property sector in commercial cases such as patent infringement, breach of contract and trade secrets, in addition to international arbitration disputes.

Brian Farnen, General Counsel and Chief Legal Officer of the Connecticut Green Bank, joins Patrick Dolan to discuss renewable and energy efficient financing options, including green securitizations like C-PACE, green liberty bonds, notes and small business loans. Brian talks about leveraging federal subsidized bonding programs like clean renewable energy bonds and solar home renewable energy credits to bring down the cost of capital and encourage more clean energy deployment. In the future, Brian expects to see an increased volume of clean energy bonding and expansion into environmental infrastructure to mitigate the effects of climate change.

Meredith Coffey, Executive Vice President of Research and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), returns to Securitization Insight to discuss the latest developments in the LIBOR (London Interbank Offered Rate) transition. Meredith talks to our host Patrick Dolan about what’s been good and what’s been challenging, including the transition of new loans to LIBOR, the economics of the transition, remediating the existing LIBOR loans, and the big takeaways one year before LIBOR ends.

Paul Rerick, Chief Financial Officer at Global Jet Capital, joins Patrick Dolan to discuss the aviation asset-backed securitization (ABS) market. Having just closed a 144A securitization of aviation asset-backed securities, Paul talks about the deal process and investor comfort. They touch on the current business aviation trends, and discuss several issues specific to securitizing business jets as opposed to leases of commercial aircraft. The discussion also explores the future of the residual interest market and the business aviation ABS market.

Rafi Golberstein, principal at PACE Loan Group, joins Patrick Dolan to discuss his career trajectory, why he got into the commercial property assessed clean energy (C-PACE) space, and where the C-PACE industry is now. They also explore some of the biggest misconceptions in the C-PACE industry and what could help lenders and developers to better understand and consent to C-PACE in their capital stacks.

Lewis Cohen, co-founder of DLx Law, joins Patrick Dolan to discuss blockchain technology, securitization, decentralized finance and more. Lewis provides an overview of blockchain technology for listeners new to the topic, and addresses how to move from securitization in to the world of blockchain, the idea of “permissioned” blockchains, the recent implosion of major “stablecoin” UST and what it means for the future of securitization and blockchain and the relevance of decentralized finance to securitization.

Mark Adelson, the editor of the Journal of Structured Finance, the content director at Portfolio Management Research, and an independent consultant, joins Patrick Dolan to discuss the Serta Simmons Bedding case. They examine the big picture of the case and dive into key issues related to “covenant lite” loans, “trap door” financings, and the details of the Serta Simmons Bedding case financing. They also address where the case stands now and what happens next.

Andrew Lom, a partner in the New York office and Global Head of Norton Rose Fulbright’s Private Wealth and FinTech teams, joins Patrick Dolan to discuss innovative products and services relating to blockchain, smart contracts and other disruptive technologies and their use in securitization. The discussion covers tokenization, distributed ledger technology, token offerings, cryptocurrency, NFTs and what these technologies can offer leading companies and private individuals. They also touch on some of the challenges digital assets present to the financial regulatory environment.

Mansoor Ghori, Chief Executive Officer and Co-Founder of Petro Partners, joins Patrick Dolan to discuss Commercial Property Assessed Clean Energy (what C-PACE) financing: what it is, why property owners and /developers use it, where it is available and which asset types qualify. They also explore some of the financing parameters for C-PACE, what we can expect of from the C-PACE industry, looking forward and how environmental, social and governance (ESG) initiatives are driving growth in the C-PACE market.

Laurent Morali, CEO of Kushner Properties, joins host Patrick Dolan to discuss the current landscape of the office building and multi-family housing markets in New York City and beyond.

Morali shares his insight on the state of the office market, demand trends and how lenders are handling maturing loans. We explore what amenities landlords are adding to attract tenants to office buildings and the challenges associated with converting office space for residential use. We also discuss the state of the multi-family housing market and the potential impact of sustained elevated interest rates.

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Eric Neglia, Senior Managing Director and Head of Consumer ABS at Kroll Bond Rating Agency, joins Patrick Dolan to discuss the market conditions that cultivated a record year for Solar ABS issuances, and what we can expect looking forward. They explore how inflation, higher energy costs, supply chain disruptions and rising interest rates are impacting the industry, the strong credit performance of the solar loan sector throughout the pandemic, and the impact of ESG programs in the solar market in terms of investor demand and market accessibility.

On Tuesday, February 8, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) received favorable court rulings in cases challenging their so-called “valid when made” rules. The plaintiffs in each case were the attorneys general of California, Illinois and New York. The plaintiffs claimed that each rulemaking (1) exceeded their authority, (2) were arbitrary and capricious, and (3) violated federal rulemaking standards.

In this episode of Securitization Insight, Jen Earyes, head of policy at the Structured Finance Association, joins Patrick Dolan to discuss the details of the OCC and FDIC rules at the center of this litigation, and how the court ruled on the plaintiffs’ claims in the cases against the OCC and the FDIC. They also discuss what these rulings mean for other “valid when made” litigation and for the securitization industry, and more.

Patrick Belica, Managing Director of S L Capital Strategies, joins our host Patrick Dolan to discuss student loan securitization, including current and emerging trends in this space. They explore student loan securitization volume, structural nuances between the various student loan sub-asset classes (FFELP, private in-school loan and private refinancing loan), and the conversion of the “income share agreement loan” to the “income-based repayment loan”. They also discuss LIBOR transition for legacy LIBOR student loan securitizations, and what to expect from the CFPB in the student loan space in 2022.

In this episode, our host Patrick Dolan talks to David Meneret, Founder and Chief Investment Officer (CIO) of Mill Hill Capital about the aviation asset-backed securitization (ABS) market. The discussion covers recent market trends and factors to consider when evaluating an aircraft lease portfolio securitization or an enhanced equipment trust certificates (EETC) securitization. They also touch on environmental, social and governance (ESG) considerations and green bonds in the aviation space, as well as hybrid transactions that involve aspects of EETC deals and portfolio lease securitization deals.