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Debating "Shot Across Bow" to Leveraged Lending Guidance

By Allison Bisbey

A recent challenge to the legality of leverage lending guidance could have broad implications for issuers, underwriters and investors in corporate loans. But the end result could be added complexity, rather than a wholesale easing of restrictions

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Dodd-Frank Overhaul Bill Advances Closer to House Vote

– The broad bill, sponsored by House Financial Services Committee Chairman Jeb Hensarling, R-Tex., would provide an “off-ramp” for banks that agree to hold a leverage ratio of at least 10% and would gut the Consumer Financial Protection Bureau, among other provisions.

Deal Scan: Mass Issuing $162M Student Loan Bonds

– The Massachussetts Educational Financing Authority is issuing $162.23 million of private student loan revenue bonds; Fannie Mae obtains more front-end credit risk transfer; Blackstone issuing and Barings refinancing European CLOs.

Regulatory Vacancies Hinder Relief from Agency Rules

– At an industry conference Thursday, three former banking and capital markets regulators – including former U.S. comptroller Eugene Ludwig – joined in the chorus of industry voices doubting that any near-term relief from Dodd-Frank rules is on the table.

Mixed Signals on CFPB Constitutionality from Appeals

– Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments in the PHH v. CFPB case on Wednesday.


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Mixed Signals on CFPB Constitutionality from Appeals Court Justices

– Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments in the PHH v. CFPB case on Wednesday.

Large CMBS Loans Are Being Carved Up to Spread Risk, but…

– ... The trend of putting ever-smaller pieces of the same commercial mortgages into multiple securitizations requires investors to be extra careful, and will inevitably make workouts of bad loans more complicated.

Dodd-Frank Left a Lot to Regulators’ Discretion. Why that Matters Now

– The ability of federal agencies to interpret the Volcker Rule and other provisions of the Dodd-Frank Act could be a positive for advocates of deregulation.

Why Regulators Waited Years Before Hitting Ocwen Again

– State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.

SoFi’s Bid to Become an Industrial Bank Pulls FDIC into Fintech Fray

– The Federal Deposit Insurance Corp. has so far managed to stay out of the growing battle over how the U.S. fintech sector should be regulated, but that appears likely to end as one of the nation’s largest online lenders announced plans to apply for a specialty banking charter soon.

What Relief from Volcker Rule Could Mean for CLOs

– Acting Comptroller of the Currency Keith Noreika is floating the possibility of reinterpreting the Volcker Rule, which could allow collateralized loan obligations to resume investing in high yield bonds without losing their biggest customers - U.S. banks.

FHFA on Collision Course with Congress over Fannie, Freddie

– During testimony before the Senate Banking Committee on Thursday, Watt warned that to prevent a potential draw on the Treasury Department by the government-sponsored enterprises, he is willing to act unilaterally to rebuild capital at Fannie and Freddie.

President's Words Matter, Even for Student Loan Litigation

– Maintaining a federal class action concerning consumer rights has been historically difficult when there is a pending, competing government action; this could change as a result of President Trump's desire to dismantle the Consumer Finance Protection Bureau.


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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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