April 12, 2019 | Issue 278
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Nominations for the 2019 SFIG Board of Directors Close Today
SFIG is accepting nominations for its Board of Directors in anticipation of the June 2019 Board rotations. Eligibility for a position on the SFIG Board of Directors is limited to individuals employed by SFIG's primary members. Members may nominate themselves or another qualified industry participant.
View SFIG Board Member responsibilities here
.
SFIG's Nominating Committee will review nomination submissions, research and vet candidates, and make recommendations to the current Board of Directors for approval. The Nominating Committee is dedicated to selecting a balanced Board of Directors that is reflective of the membership and the industry at large, and is committed to advancing the principles of SFIG.
Board of Director terms are for two years. Nominations for the Board of Directors will be accepted until
COB today, April 12
.
If you have any questions or require any clarification around the nominating process, please email
[email protected]
.
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Global Bank CEOs testify in front of the House Financial Services Committee
On Wednesday, April 10, the CEOs of Citigroup, JPMorgan Chase, MorganStanley, Bank of America, State Street, Bank of New York Mellon, and Goldman Sachs testified for the first time as a group in front of the House Financial Services Committee since the 2008 Financial Crisis, according to
The Washington Post
.
Lawmakers focused their questioning on the diversity of their companies' workforces, overdraft policies, and the efforts they’ve made to help distressed borrowers. In their written testimonies, CEOs stated that they believe the financial system is less risky and more tightly regulated than it was before the crisis.
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Secretary Mnuchin Testifies before House Financial Services Committee
On Tuesday, April 9, the House Financial Services Committee on Financial Services held a full Committee hearing with U.S. Treasury
Secretary
Steven Mnuchin entitled, “
The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
,” to discuss the key priorities of the Treasury Department. Rep. Blaine Luetkemeyer (R-MO) raised concerns over the impact of the Current Expected Credit Loss (CECL) methodology and suggested that the Government Sponsored Enterprises (GSEs) will have to raise guarantee fees to increase their reserves under CECL. Mnuchin responded the Federal Stability Oversight Council (FSOC) is closely studying the issue and is hopeful about the prospects of passing GSE reform.
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Treasury Announces Delay in SOFR-Linked Notes
The U.S.
Treasury
announced
on Wednesday, April 10, that it would not be issuing floating rate notes linked to the secured overnight financing rate (SOFR) until it completes an overhaul of its auction system around 2020.
According to
Risk.net
, the possibility of issuing floating rate debt linked to SOFR was discussed at a meeting of the Treasury Borrowing Advisory Committee on Wednesday, January 30. According to the minutes of that meeting, primary dealers were generally supportive of the idea, which they believe “could support the market’s transition from Libor to SOFR.”
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Federal Reserve Proposes Rules Impacting Foreign Banks
Federal Reserve (Fed) officials voted 4-1 to
seek comments on a proposed framework
that would significantly impact how foreign banks are regulated in the United States. Specifically, the Fed’s regulations would boost overall liquidity requirements of foreign banks by four percent and would loosen how many “living wills” foreign banks would have to submit each 3-year cycle. If approved, these regulations would closely match the regulations placed on domestic banks. Fed Governor Brainard opposed the decision arguing that it would weaken safeguards placed after the 2008 Financial Crisis, according to
Bloomberg
.
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Record Issuance of Non-QM Securities in Q1 2019
Securitizations of non-qualified mortgage securitizations totaled $5.7 billion in the first quarter of this year, equaling half of 2018’s total volume, making it the most active quarter since before the crisis. With such strong performance, some estimates for non-QM securitizations in 2019 have been readjusted to reach as high as $20 billion.
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Technology Innovation Committee
Monday, April 15
2:00-3:00 p.m. EST
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LIBOR Task Force
Wednesday, April 17, 2019
4:00-5:00 p.m. EST
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Government Relations Committee Meeting
Thursday, April 18
10:00-11:00 a.m. EST
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Government Guaranteed RMBS Committee
Thursday, April 18
2:00-3:00 p.m. EST
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Attend the Women in Securitization Spring Event
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SFIG’s Women in Securitization (WiS) Steering Committee is hosting its
Spring Event
on
Tuesday, May 14
. Join moderator
Michelle Caruso-Cabrera
, CNBC Contributor and Chief International Correspondent, as she discusses “
Insights on Advancing Your Career in a Male-Dominated Industry
” with a group of esteemed panelists.
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WiS Spring Event
Tuesday, May 14, 2019
2:30 p.m. - 5:30 p.m. EST
Edison Ballroom
240 W 47th St.
New York, NY 10036
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Discover What's Happening at SFIG Canada 2019
SFIG Canada 2019
May 22-23, 2019
Fairmont Royal York
100 Front Street W
Toronto
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