The National Federation of Municipal Analysts (NFMA), founded in 1983, is a not-for-profit association with over 1,300 members throughout the U.S.  The professional focus of our members is on the creditworthiness of municipal bonds.  Since NFMA’s inception, our goals have been:

  • To promote professionalism in municipal credit analysis,

  • Through our educational programs, to further the skill level of our members and to provide a platform by which analysts can exchange ideas,    

  • To advocate, when appropriate, issues of importance to the municipal finance industry, and

  • To facilitate the flow of information among market participants, especially in terms of better issuer disclosure.

New & Noteworthy

The NFMA Disclosure Committee released the draft Recommended Best Practices in Disclosure Charter School Disclosure (Primary Offering & Continuing Disclosure). Comments will be taken through November 30, 2016. To view the paper, click here.  To read the press release, click here.

Register today for the NFMA's Introduction to Municipal Bond Credit Analysis to be held on November 17 & 18 at Le Meridien Philadelphia. To view the program, click here. To register, click here.

The NFMA's Education Committee continues to accept registrations for its Advanced Seminar on Public Power, to take place at the W Seattle, Seattle, Washington, on October 27 & 28.  To view the program, which now includes more information on the Pre-Seminar, click here.  To register, click here.

The NFMA issued a comment letter to the SEC on Primary and Secondary Market Disclosure in the Municipal Market.  To view the letter, click here. To read the press release, click here.

The NFMA released a draft White Paper on General Obligation Bond Payments: Statutory Liens and Related Disclosures on July 13. Click here to download the paper, and here to read the press release.

The new issue of the Municipal Analysts Bulletin, Vol. 26, No. 2, is posted.  Catch up on committee and society news, plus see photos from last month's Annual Conference in Chicago. Find this and back issues of the newsletter under Publications/Newsletters.

Worth a read: MSRB’s op-ed on May 13 in Governing magazine warning about the risks of inadequate bank loan disclosure by municipal securities issuers. The MSRB is very concerned that municipal bondholders do not have access to information about the amount and terms of bank loans. Today’s op-ed by Executive Director Lynnette Kelly follows the MSRB’s recent concept proposal on improving bank loan disclosure and a joint regulatory notice with FINRA addressing when a bank loan may in fact be a security. The MSRB intends to continue advocating for enhanced transparency of bank loans and private placements.

The NFMA presented awards to seven at its Annual Conference in Chicago on May 4. To view the press release, click here: Press Release

The NFMA's 33rd Annual Conference took place in Chicago at the Westin Michigan Avenue on May 3-6.  To view the program and handouts, log into the Member Center and open Meeting Handouts.

The February 2016 Municipal Analysts Bulletin is now available online. Click here to read it.

NFMA members are being asked to participate in a survey on the current state of municipal disclosure. Members may access this survey by clicking on the following link: NFMA Disclosure Survey

Fugiel Scholars Announced - The NFMA is pleased to announce that two students have been awarded the Fugiel Scholarship for 2015. Susanne Siebel (SUNY Albany) and Allison LeMay (Indiana - Bloomington) were selected for this scholarship, and both students attended the NFMA's Introduction to Municipal Bond Credit Analysis in Philadelphia on November 12 & 13. Click here to read the press release: Press Release

The NFMA's Education Committee will hold the Advanced Seminar on Higher Education on January 14 & 15 at the Arizona Biltmore in Phoenix. An exciting slate of experts has been assembled. The Keynote Speaker will be Michael M. Crow, 16th president of Arizona State University.

To view the program, please click here.

To register for this event, please go to Online Registration.

The Board of Governors of the NFMA announced on October 21, 2015 that it had approved the application of the Philadelphia Area Municipal Analyst Society (PhAMAS) as its seventh constituent society, effective January 1, 2016. Members of PhAMAS, currently thirty in number, will automatically become members of the NFMA on that date. Click here to read the press release.

Meeting handouts from last week's Advanced Seminar in Nashville, Understanding The New Paradigm Of Municipal Pension Liabilities, are posted in the Member Center under Meeting Handouts. 


Our Tweets

Upcoming Municipal Industry Events

  • October 27-28, 2016 – NFMA Advanced Seminar on Public Power, W Seattle, Seattle, WA
  • November 17 – 18, 2016 – NFMA Introduction to Municipal Bond Credit Analysis, Le Meridien, Philadelphia, PA
  • January 26 – 27, 2017 – NFMA Advanced Seminar on Local Governments in Crisis, Little America Hotel, Salt Lake City, UT
  • May 16 – 19, 2017 – NFMA 34th Annual Conference, Mandarin Oriental, Washington, DC
  • May 29 – June 1, 2018 – NFMA 35th Annual Conference, Hotel Del Coronado, Coronado, CA
  • May 7 – 10, 2019 – NFMA 36th Annual Conference, Belmond Charleston Place, Charleston, SC

Submit your event here.

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