Daily News: September 25, 2013

Structured Finance Group Elects Board; PNC Member Chairs

The Structured Finance Industry Group, a member-based trade industry advocacy group focused on improving and strengthening the broader structured finance and securitization market, announced that it has elected a permanent Board of Directors consisting of representatives from 40 member organizations.

Reggie Imamura of PNC Financial Services Group will serve as chairman of the Board, with Christopher Haas of Bank of America Merrill Lynch as vice chairman, Gregg Silver of 1st Financial Bank USA as treasurer and Jordan Schwartz of Cadwalader, Wickersham & Taft LLP as secretary.

The Board will oversee all of SFIG’s activities including directing policy initiatives, advising on advocacy efforts, organizing educational events and ensuring the organization properly represents the full spectrum of views of its members. As previously announced, Richard Johns, executive director of SFIG, will report to the Board.

“The elections mark an important milestone for our organization, which has rapidly become a recognized voice in the securitization industry thanks to the hard work of our dedicated membership,” said Imamura. “I am pleased to help lead this impressive gathering of industry leaders to support SFIG as it continues to grow.”

Driven by a commitment to represent all member constituencies’ viewpoints — a foundational principle for the organization that is included within the group’s bylaws — the Board has a balanced allocation from key member groups including eight directors each from investors, banks and issuers. Other groups represented include accounting firms, rating agencies, law firms, servicers, research firms, trustees and one at-large representative. The Board also includes an allocation for one member organization that has a defined tie in to the Association for Financial Markets in Europe to aid communication and coordination between the two organizations. Board members will serve two-year terms with no more than half of the Board up for election each year. As a result, half of the current Board will initially serve a one-year term.

In addition to the full Board, SFIG also announced that it has elected chairpersons for its approximately 30 committees and task force working groups.

“Since our founding, SFIG has felt strongly in being open and transparent with all our stakeholders,” said Richard Johns, executive director of SFIG. “This is why we put on our website, our member list, policy platform and now our committees. These teams are on the front lines of driving our organization so it is critical for all our members to understand what is being planned and who are the people leading these initiatives.”

To read the entire press release, click here.