ISDA proposed amending the 2014 ISDA Credit Derivatives Definitions ("Credit Definitions") for "narrowly tailored credit events" ("NTCEs"). Under the proposal, NTCEs are defined as arrangements with an issuer that cause a credit event leading to a credit default swap settlement while minimizing impact on the issuer. Among other things, the proposal would amend the definition of "failure to pay credit event" in Section 4.5 of the Credit Definitions to add an optional requirement that the relevant failure "result from or in a deterioration in creditworthiness or financial condition" of the

The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") issued two revised General Licenses ("GL") related to sanctions imposed with respect to the situation in Venezuela. With the issuance of GL 3D and GL 9C, OFAC extended authorizations covering the wind-down of certain financial contracts or other agreements entered into prior to 4:00 p.m. Eastern Standard Time on February 1, 2019, involving covered Venezuelan bonds and other securities. These authorizations are now valid through 12:01 a.m. Eastern Daylight Time, May 10, 2019 (they were set to expire on March 11, 2019, under

The Financial Stability Oversight Council ("FSOC") proposed an "activities-based approach" to address systemic risk issues. Under this approach, FSOC would identify, evaluate and address potential risks to U.S. financial stability that arise from particular activities and would seek to adopt regulations applicable to those activities, rather than requirements that would be imposed on a single entity. Only where an activity-based approach was not sufficient would FSOC consider the imposition of entity-specific requirements. In that case, FSOC would, among other things: perform a cost-benefit

The Consumer Financial Protection Bureau ("CFPB") advance notice of proposed rulemaking requesting information on the financing of residential Property Assessed Clean Energy ("PACE") was published in the Federal Register. Comments must be submitted by May 7, 2019. As previously covered, the CFPB intends to adopt new rules under the Economic Growth, Regulatory Relief, and Consumer Protection Act that will (i) "carry out the purposes" of the Truth in Lending Act ("TILA") ability-to-repay requirements related to PACE financing, and (ii) apply the TILA's civil liability provisions to violations of

The Federal Housing Finance Agency ("FHFA") issued a final rule intended to improve the liquidity of Fannie Mae and Freddie Mac To-Be-Announced ("TBA") eligible mortgage-backed securities ("MBS"). The final rule requires Fannie Mae and Freddie Mac to maintain policies that promote aligned investor cash flows for both the current TBA eligible mortgage-backed securities and, upon its implementation, the uniform mortgage-backed securities ("UMBS"). The UMBS is "a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by one-to-four unit