Welcome to the NFMA!

The NFMA has responded to the Governmental Accounting Standards Board's Invitation to Comment: Proposed Statement No. 3-30, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements. To read the letter, click here.

The NFMA will hold its Advanced Seminar on State Governments at the Grand Hyatt Denver on October 26 & 27, 2017. To view the program for this event, click here. To register, click here.

The NFMA's Introduction to Municipal Bond Credit Analysis will take place on November 16 & 17, 2017 in Philadelphia. The seminar is open to members and non-members, and is recommended for new analysts as well as other market participants who wish to expand their understanding of municipal bond credit analysis. To view the program, click here. To register, click here. A limited number of student and government discounts are available. Contact Lisa Good for more information.

In Memoriam: The NFMA was saddened to learn of the passing of charter member Richard Larkin.  Dick was recipient of the NFMA's Award for Excellence in 1996, and served as a speaker at NFMA events numerous times over the years. He will be missed by his friends and colleagues. For more information, please go to the Bond Buyer.

The NFMA is accepting applications for the Fugiel Scholarship. The scholarship is available for award to a full-time student in an accredited graduate program in a field that would serve as preparation for a career in municipal finance. This annual scholarship awards one student with a stipend to cover the registration fees and travel costs associated with attending the NFMA’s Introduction to Municipal Bond Credit Analysis Seminar traditionally held each fall in Philadelphia. To access the application, including information on eligibility requirements, click here. The 2017 Introduction to Municipal Bond Credit Analysis will be held on November 16 - 17 at Le Meridien Philadelphia.

On July 26, NABL released its new paper, Direct Purchases of State or Local Obligations by Commercial Banks and Other Financial Institutions.  This paper identifies various issues that arise in connection with the structuring and negotiation of direct purchase transactions, and explores some of the more commonly encountered provisions present in direct purchase documents.

Part I of this paper describes common structures and terms and examines basic documentation and interest rate mechanics, as well as maturity, prepayment, and amortization provisions.  Part II explores some of the representations, warranties, and covenants frequently negotiated in direct purchase agreements.  Part III examines provisions that are often requested by banks in a direct purchase transaction and that are typically not included in public offerings.  Part IV describes events of default and remedy features that are often considered in direct purchase transactions.

Direct Purchases of State or Local Obligations by Commercial Banks and Other Financial Institutions is available here.

The NFMA Disclosure Committee released the Recommended Best Practices in Disclosure for Local Government General Obligation Debt, draft dated June 22, 2017. Comments will be taken through September 30, 2017, after which a final version will be prepared. To view the press release, click here. To view the paper, click here.

The Municipal Analysts Bulletin, the NFMA's newsletter, is available for download. Officer, committee and society reports are included, as well as photos from the NFMA's 34th Annual Conference held in May.

NFMA Members are invited to participate in our membership poll. Scroll down to answer our question and see the results in real time.

NFMA Awards for 2017 went to three individuals and one organization. Bart Hildreth, Michael Decker and Geoff Buswick all received awards at the Annual Conference in Washington, D.C. on May 17. American Municipal Power, Inc. (AMP) received the Excellence in Disclosure Award.  To read the press release, click here.

The NFMA Commented to the SEC on Proposed Amendments to Exchange Act Rule 15c2-12 (File No. S7-01-17). To view the letter, click here: Comment Letter, Dated May 10, 2017

On April 19, 2017, the NFMA issued a response to GASB on Project No. 3-251, Financial Reporting Model Improvements – Governmental Funds. To read the Comment, click here.

On March 31, the NFMA issued a response to the MSRB's Request for Comment on Draft Amendments to and Clarifications of MSRB Rule G-34, on Obtaining CUSIP Numbers. To read the comment letter, click here. The permanent home for this comment letter will be under Resources, Position Statements.

Educational Programs

The NFMA holds an Annual Conference each spring. The conference provides members with the opportunity to hear presentations, to meet with members of other Constituent Societies of the NFMA, and to contribute their efforts to the overall advancement of the NFMA. At the conference, the NFMA presents awards to individuals and organizations for extraordinary contributions to municipal analysis. For a list of past award recipients, click HERE.

The NFMA also holds its Introduction to Municipal Bond Credit Analysis for new analysts each fall; the location for the past several years has been Philadelphia. Finally, Advanced Seminars cover in-depth current topics of importance to the industry for seasoned analysts, and are held in various locations around the country each fall and January.

Constituent Societies hold educational events for members. Many of these events are open to members of other societies within the NFMA, and are posted on the NFMA's Event Calendar.



Market Advocacy

The NFMA has been a strong advocate of improved disclosure in the municipal market since its inception. Throughout its history, the NFMA has issued recommended best practices, white papers, comment letters and position statements on relevant topics in the municipal market. To view NFMA papers, go to Resource Library.

Job Bank

The NFMA maintains a job bank for its members. Employers may submit job postings via this link: Job Bank Submissions