Welcome to the NFMA!

Advanced Seminar on Healthcare - Room Block Closes on September 20

The NFMA Education Committee will hold an Advanced Seminar on the Changing Face of Healthcare in Minneapolis on October 17 & 18, 2019. To view the program, click here. To register, click here.

NFMA Response to GASB

The NFMA responded to the Exposure Draft relating to the Governmental Accounting Standard Board Proposed Statement on Public-Private and Public-Public Partnerships and Availability Payment Arrangements, Project No. 30-1 on September 13 2019. Click here to read the response.

NFMA Seeks Comments on Draft Recommended Best Practices in Disclosure for Dedicated Tax Bonds

The Disclosure Committee is pleased to release the draft of the Recommended Best Practices in Disclosure (RBP) for Dedicated Tax Bonds. To view the draft, click here. Comments on this draft will be accepted through November 30, 2019. This paper represents the latest of sixteen distinct sectors addressed by the NFMA's Disclosure Committee over the past two decades via RBPs. In addition to RBPs, the NFMA has released eight white papers on disclosure-related issues. If you are unfamiliar with the NFMA's efforts related to disclosure, go to Resources/Best Practices in Disclosure for more information.

Introduction to Municipal Bond Credit Analysis

The NFMA's Introduction to Municipal Bond Credit Analysis will be held at Le Meridien Philadelphia on November 21 & 22, 2019. This course is suitable for new analysts, support and sales staff, as well as more seasoned analysts seeking to brush up on other sectors. To view the program, click here. To register, click here.

Fugiel Scholarship

We are currently accepting applications for the Fugiel Scholarship for the NFMA's Introduction to Municipal Bond Credit Analysis to be held in Philadelphia on November 21-22, 2019. Qualified candidates may apply via the application: Fugiel Application.

NFMA Newsletter

The NFMA publishes a newsletter three times per year. To view the most recent newsletter, the Municipal Analysts Bulletin, Vol. 29, No. 2, click here.

NFMA Announces Six Awards at 36th Annual Conference

The NFMA presented its annual awards in Charleston at its 36th Annual Conference. Award recipients included the City of Los Angeles Administrative Officer, Daniel Heimowitz, Matt Fabian, Kristen DeJong, Gabe Petek and Jennifer Johnston. Read the press release by clicking here.

NFMA Letter on the Current State of Disclosure in the Municipal Market

The NFMA released a letter on May 3, 2019 on the current state of disclosure in the municipal market in an initiative to work with the SEC and MSRB to improve disclosure, close the information gap between financial statement filings, get an update on interpretive guidance from the Commission, and modernize EMMA.

To read the letter, click here.
To read the press release, click here.

NFMA Responds to First Circuit Puerto Rico Opinion on Special Revenues

The NFMA is disappointed that the U.S. Appeals Court affirmed U.S. District Court Judge Swain’s decision allowing for Puerto Rico’s Highway and Transportation Authority to withhold bond payments backed from pledged tolls and other revenues during bankruptcy. As we stated in the amicus brief that we filed on May 16, 2018 (click here for Amicus Brief), revenue bonds are a critical source of financing for infrastructure projects and it has been an underlying premise and expectation of the municipal market that timely payment of debt service on special revenue bonds would be honored in all circumstances, including Chapter 9 bankruptcy. Judge Swain’s Assured Guaranty decision, and the recent affirmation by the Appeals Court, is at odds with prior court decisions and legislative history and is likely to result in negative market implications for revenue bonds throughout the municipal market.

The NFMA Summary of the SEC Rule 15c2-12 Amendments issued on August 20, 2018 is available online. To read/download the summary, click here.

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 Resources.

Job Bank

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