Across the United States, empty office buildings have become a common sight. According to Moody’s Analytics, office vacancies are at their highest since the 1990s. The COVID hangover has left us with an abundance of vacant or...more
8/1/2025
/ Affordable Housing ,
Community Development ,
Construction Project ,
Economic Development ,
Federal Budget ,
Housing Market ,
Office Space ,
One Big Beautiful Bill Act ,
Real Estate Development ,
Rental Property ,
Rental Rates ,
Senior Housing ,
Tenant Opportunity to Purchase (TOPA) ,
Trump Administration ,
Urban Planning & Development ,
Vacant Properties ,
Zoning Laws
Workforce housing (also referred to as middle-income or essential housing) is becoming a central focus for communities across the country. Whether you’re a city, town, village, housing authority, developer, or part of the...more
7/31/2025
/ Affordable Housing ,
Construction Project ,
Employee Housing ,
Financing ,
Housing Developers ,
Housing Market ,
LIHTC ,
Low-Income Issues ,
Municipalities ,
Real Estate Development ,
State and Local Government ,
Urban Planning & Development
The Financial Data Transparency Act (FDTA), passed as part of the National Defense Authorization Act for fiscal year 2023, aims to enhance the interoperability of financial regulatory data across nine federal agencies,...more
In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting,...more
7/26/2024
/ Broker-Dealer ,
Department of Justice (DOJ) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MSRB ,
Municipal Securities Market ,
Proposed Rules ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code...more
1/30/2024
/ Internal Revenue Code (IRC) ,
IRS ,
LIHTC ,
Low Income Housing ,
Popular ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Tax Credits ,
Tax Relief ,
Ways and Means Committee
Summary -
The United States Court of Appeals for the Second Circuit upheld on August 24, 2023, a decision from the District Court to dismiss a securities fraud case brought by a Chapter 11 bankruptcy trustee, on the...more
2023 MID-YEAR REVIEW -
In the first half of 2023, several rule changes have been proposed by the Municipal Securities Rulemaking Board (MSRB) and the U.S. Securities and Exchange Commission (SEC), including changes to...more
8/1/2023
/ Broker-Dealer ,
Cybersecurity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Securities Issuers ,
Municipal Securities Market ,
SASB ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
Summary -
The legislative tug of war continues. Despite a presidential veto on March 20, 2023, of a Congressional resolution that repealed a Department of Labor rule allowing retirement plan managers to weigh climate...more
Summary -
An Arizona Court of Appeals recently released its first published decision applying the Prior Exclusive Jurisdiction doctrine to corporate receivership proceedings, affirming the preclusive effect of a Minnesota...more
As is widely known, the new issue market slowed down in 2022 due to a variety of factors, including rising interest rates, reduced institutional demand resulting from municipal bond fund outflows, inflation and recession...more
The Financial Data Transparency Act of 2022 (FDTA), enacted by Congress as Title LVIII of the National Defense Authorization Act for Fiscal Year 2023, was signed into law by President Biden on December 23, 2022. The FDTA is...more
Summary -
The Securities and Exchange Commission (SEC) recently announced enforcement proceedings against four municipal market underwriters for alleged violations of municipal bond disclosure requirements. Three of the...more
Summary -
Two pending proposals could significantly affect how mutual and other funds approach their ESG investments in municipal bonds. If adopted by the Securities and Exchange Commission, the proposals could result in...more
Summary -
The Security and Exchange Commission last month released a Risk Alert to notify municipal advisors of key compliance issues. The SEC’s Division of Examinations adds client disclosure concerns to the list of most...more
The municipal securities market carried its momentum from the first half of 2021 into a strong finish for the year against the backdrop of continued regulatory and enforcement actions. Despite new variants of COVID-19...more
Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. ESG bonds, broadly encompassing “green bonds” and “social bonds,”...more
The municipal securities market started the first half of 2021 strong against the backdrop of regulatory and enforcement actions, all while the remnants of COVID-19 continued to impact travel, commerce, and the economy....more
Summary -
The U.S. Department of the Treasury (Treasury Department) announced the launch of the Coronavirus State and Local Fiscal Recovery Funds Program, which will provide $350 billion in emergency funds to eligible...more
The U.S. Securities and Exchange Commission’s Division of Examination (Division) announced its 2021 examination priorities (the Report) on March 3, 2021. The Division’s examination priorities reflect areas that present...more
Summary -
The U.S. Securities and Exchange Commission (SEC) announced that it has settled charges against an underwriter, its owner, and chief compliance officer for violations of MSRB Rules G-21 on misleading advertising...more
The U.S. Department of the Treasury (Treasury) recently updated its frequently asked questions (FAQ) related to the CARES Act. Treasury published the Coronavirus Relief Fund Guidance for State, Territorial, Local, and Tribal...more
The U.S. Securities and Exchange Commission (SEC) on June 16, 2020, granted a temporary conditional exemption (Temporary Order) from broker registration under Section 15 of the Securities Exchange Act of 1934 (Exchange Act). ...more
Surface transportation has been a topic of federal policy consideration in recent weeks. The U.S. House of Representatives floated a partisan, large transportation bill, while the U.S. Senate continues to advocate for a...more
The Federal Reserve Bank of New York (the New York Fed) has announced an expansion of its $500 billion Municipal Liquidity Facility to allow participation by designated cities and counties that do not meet the population...more
The CARES Act was signed into law by President Trump on March 27, 2020. The CARES Act established a $150 billion Coronavirus Relief Fund (Fund), through which the U.S. Department of Treasury (Treasury) will make direct...more