Tag Archives: Covered Bonds

As Covered Bond Markets Retreat

Any number of banks in the United States have been courting, in a desultory sort of way, the covered bond. The Street has been scratching its head for many years trying to determine whether a U.S. covered bond could be done and, if so, whether it would be good. Congressman Garrett, who certainly can’t be … Continue Reading

Covered Bonds Redux

Senators Kaye Hagan and Bob Corker’s co-sponsorship of Chuck Schumer and Mike Crappo (who says we all can’t get along) filed “The United States Covered Bond Act of 2011.” I almost think this bill gets support because no one can figure out a compelling reason to be for or against it, so why not show a … Continue Reading


With Thanksgiving approaching and the holiday season in full swing, we here at Crunched Credit would like to present our annual “Golden Turkeys”. The Golden Turkey for the Most Confounding Regulation: The Premium Capture Reserve Account Back in March, the credit risk retention NPR was released. Perhaps the most unexpected (and unwelcomed) part of the … Continue Reading

Covered Bond Update: The Slow Road to…Nowhere?

Dechert Partners Patrick Dolan, Thomas Vartanian and Robert Ledig recently reviewed the current status of and proposed amendments to Representative Garrett’s covered bond legislation in the latest Dechert On Point. As this bill continues to slog through the congressional halls (for now, the bill appears to have stalled in the Senate, as the Senate faces … Continue Reading

Covered Bond Update: Inching Closer?

Recently, while visiting my in-laws, I took a break from college basketball and the Daytona 500 and caught up on the latest developments in the quest for covered bond legislation in the United States.  Not surprisingly, I quickly found that the quest for covered bond legislation is, well, still a quest. We have discussed the … Continue Reading

Covered Bonds Anyone?

Covered bond legislation is once again a hot topic on Capitol Hill. Representative Scott Garrett (R-NJ) co-sponsored the latest iteration of his proposed legislation (United States Covered Bond Act of 2010 or H.R. 5823 (pdf)) along with Representatives Kanjorski (D-NJ) and Bachus (R-AL). The House Financial Services Committee recently voted in favor of reporting H.R. 5823 … Continue Reading

FDIC and Congress Renew Covered Bonds Discussion

The push for covered bond legislation – left on the cutting room floor when Fin Reg. was finalized during a marathon session last week (or should I say finalized subject to Senator Scott Brown’s continuing review) – is coming under renewed discussion by Congress (led by Representative Scott Garret) and the FDIC. The FDIC balked … Continue Reading

Fin. Reg. Leaves Covered Bonds Uncovered

Notwithstanding our optimism, it appears that there was not enough support from the Senate side of the reconciliation committee to include the proposed covered bond amendment in the final financial reform bill approved by the reconciliation committee.  However, the support received by the House and some members of the Senate committee indicates that covered bond … Continue Reading

Reconciliation Update: Covered Bonds

Earlier this week, Representative Scott Garrett (R-NJ) introduced an amendment to the proposed financial reform legislation that will establish a regulatory framework for a covered bond market in the United States.  The House side of the reconciliation committee quickly passed the measure – the Senate side is now considering it.  This development is welcomed news … Continue Reading