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

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. 

The NFMA Disclosure Committee is pleased to release the final version of the Recommended Best Practices in Disclosure for State Government General Obligation and Appropriation Debt. This was a multi-year project, headed by Anne Ross and Nicole Byrd.  To download the paper, please click here, or go to Publications/Disclosure Guidelines.  The press release can be accessed by clicking here.

The NFMA Introduction to Municipal Bond Credit Analysis registration is now open.The course will be held at Le Meridien in Philadelphia on November 12 & 13, 2015. The NFMA has offered this course annually since 1987. This year's course has been revamped, but attendees can still expect to be provided with an overview of the critical information to perform credit analysis on a variety of sectors. While traditionally an offering for those new to analysis, the course has also been used as a refresher to more seasoned analysts over the years.  Program link   Register online

The NFMA has released the final version of its White Paper on the Disclosure of Potential Conflicts of Interest
in Municipal Finance Transactions.  To view the paper click here, or go to Publications and click on Disclosure Guidelines.

The NFMA submitted a comment letter to the MSRB concerning draft amendments to Rule A-3 on Membership on the Board. Click here to read the letter: NFMA Comment Letter

The NFMA has released the “Recommended Best Practices in Disclosure for Direct Purchase Bonds, Bank Loans, and Other Bank-Borrower Agreements” (Bank Loan RBP). The Bank Loan RBP is the product of a subcommittee of the NFMA Industry Practices & Procedures Committee, and can be found at this link:  Bank Loan RBP   Comments on the paper were taken through May 3, 2015.  The Committee would like to thank all who submitted their comments.

The NFMA's Municipal Analysts Bulletin for June 2015 is posted under Publications, or can be viewed by clicking here: Vol.25, No. 2.


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Upcoming Municipal Industry Events

  • January 14 & 15, 2016 – NFMA Advanced Seminar on Education, Arizona Biltmore, Phoenix, AZ. Click here to view the Program.  Click here to register: Online registration
  • May 3-6, 2016- NFMA 33rd Annual Conference, Westin Michigan Avenue, Chicago, IL
  • May 16 – 19, 2017 NFMA 34th Annual Conference, Mandarin Oriental, Washington, DC

Submit your event here.

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