United States: Finance and Banking

Matt Bisanz and Tom Killian discuss innovative approaches to regulatory recognition of commercial real estate risk transfer in US banking. The conversation examines how banking agencies can enable responsible growth in commercial real estate lending while maintaining appropriate risk management standards.

Federal banking regulators have jointly proposed sweeping reforms to U.S. capital requirements, formally rescinding the controversial 2023 Basel III Endgame Framework in favor of a modernized approach that would reduce capital burdens...

The NAIC's Spring National Meeting addressed critical changes to risk-based capital factors for life insurers' collateral loans, with industry stakeholders debating the appropriate methodology for calculating RBC factors based on loan-to-value ratios and overcollateralization levels.

Collateralized Fund Obligations (CFOs) have evolved from a niche structured finance product into a rapidly growing capital markets instrument, with annual issuance projected to reach $30 billion in 2026. This comprehensive analysis examines the structural mechanics, regulatory framework, and emerging trends driving CFO adoption among asset managers and institutional investors seeking rated exposure to diversified private fund portfolios.

In a world where access to credit is a cornerstone of financial stability, the need for fair and accurate credit reporting is of paramount importance.

On June 30, 2026, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order granting an exemption from Rules 14e-1(a) and (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for certain qualifying tender or exchange offers for non-convertible debt securities (“Five Business Day Tender Offers”). The SEC exemptive order supersedes the Staff’s 2015 no-action letter (the “2015 Letter”)[1] relating to Five Business Day Tender Offers and is effective immediately.

On July 13 and July 15, a coalition of 11 states and the District of Columbia, followed by two former FDIC Board members, filed amicus briefs supporting Colorado in the en banc proceedings...

A secured lender's appointment of a receiver over collateral may trigger a borrower's Chapter 11 bankruptcy filing, potentially causing significant delay and expense. Recent bankruptcy court decisions reveal how specific language in receivership orders can mitigate this risk by divesting debtor management of authority to act on the borrower's behalf.

On June 23, Rhode Island Governor Dan McKee signed Senate Bill 3075, establishing capital, liquidity, corporate governance, audit, and risk-management requirements...

Matt Bisanz and Tom Killian discuss innovative approaches to regulatory recognition of commercial real estate risk transfer in US banking. The conversation examines how banking agencies can enable responsible growth in commercial real estate lending while maintaining appropriate risk management standards.

The Third Circuit Court of Appeals has issued a pivotal ruling in Chester, Pennsylvania's chapter 9 bankruptcy case that examines when municipal revenue bonds maintain their secured status after a city files for bankruptcy protection. The decision analyzes three critical exceptions under Section 552(a) of the Bankruptcy Code that could preserve bondholders' liens on post-bankruptcy revenues, with implications for how municipal financing structures must be crafted to withstand bankruptcy proceedings.

The CFTC has initiated a comprehensive regulatory review of 24/7 trading and clearing for derivatives markets, issuing staff guidance, requesting public comment, and staying certain product launches. Market participants including exchanges, clearinghouses, and intermediaries face new operational, risk management, and compliance considerations as continuous trading models challenge traditional settlement windows and segregation requirements. The Commission's approach emphasizes that different asset classes m