The Trump administration is likely to take actions that will reduce regulation for the MBS and ABS markets. Industry participants are working to shape the actions while also staying nimble.
The settlement comes after the Supreme Court refused to hear a case in which the Third Circuit found that NCSLT were a “covered person” under the Dodd-Frank Act and subject to the CFPB’s oversight.
A lawsuit accusing Moody’s and S&P of fraud and negligent misrepresentation in rating auction rate securities in the runup to the 2008 crisis was dismissed by a New York court last week.
The final rule for private fund advisers addressed many concerns of CLO market watchers around compliance burdens. Separately, a federal appeals court held that syndicated term loans aren’t securities.
The federal government’s new income-driven repayment plan, introduced after the Supreme Court decision, should drive prepayments higher to the benefit of seasoned deals, rating services said.
A Federal Deposit Insurance Corp. consent order against Cross River Bank, a partner in marketplace lending securitizations, won’t impact outstanding ratings on ABS, according to Kroll Bond Rating Agency.
The decision, in a case pitting the CFPB against a student loan securitization trust, opens up the defendants to enforcement actions brought under federal law.
The defendants said the case was not timely and the bureau’s allegations didn’t apply to them because of statutory wording. The judge, using dictionary definitions and SCOTUS precedent, rejected those claims.
The ruling partially lifts the cloud surrounding a 2015 ruling over the valid-when-made doctrine, providing banks with legal arguments to defend their securitization trusts against state usury laws.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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