Summit Releases Infrastructure Investment White Paper

11/29/17 11:45 AM

This week, Summit released a new white paper focusing on how the federal government can better fund infrastructure programs.

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Topics: federal credit, infrastructure,, tax credit

Summit Publishes New White Paper On Federal Credit Best Practices

8/2/17 10:28 AM

I recently published a white paper discussing risk and credit subsidy estimation best practices. These best practices were learned from serving Federal Credit offices over the last 15 years, particularly since the re-release of OMB Circular A-129.

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Topics: federal credit

Practical Examples of Model Risk Management

5/6/16 9:30 AM

In my last post, I reviewed the Model Risk Management guidance (AB 2013-07) set out by the Federal Housing Finance Agency (FHFA). This week, let’s consider examples of good and bad model governance in action. 

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Topics: federal credit, model risk management

Model Governance Implications of FHFA Risk Management Bulletin AB 2013-07

4/22/16 9:00 AM

In my last post ("What Does the Guidance on Model Governance Say? A Closer Look at the New Supervisory Guidance from OCC/FRB"), I reviewed the guidance set out by the Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (FRB). This guidance was adopted as OCC Bulletin 2011-12 and FRB SR 11-7, respectively. This week, we will explore a similar breakdown of Federal Housing Finance Agency (FHFA) Model Risk Management guidance AB 2013-07.

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Topics: federal credit, model risk management

What Does the Guidance on Model Governance Say? A Closer Look at the New Supervisory Guidance from OCC/FRB

4/8/16 11:00 AM

In a recent post, "New Supervisory Guidance for Model Governance," I considered the lack of guidance specific to model governance by OMB and FASAB and how federal risk managers are instead turning to supervisory guidance. In the wake of the financial crisis, the Office of the Comptroller of the Currency (OCC) , Federal Reserve Board (FRB), and Federal Housing Finance Agency (FHFA) released new guidance for regulated financial institutions and FHFA’s “regulated entities.” Each document can be interpreted and tailored to federal risk managers as they govern their models.

In this post, I will take a closer look at the new supervisory guidance from OCC/FRB and FHFA and offer a deeper dive into governance framework issues.

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Topics: federal credit, model risk management

New Supervisory Guidance for Model Governance

3/31/16 10:00 AM

In our last post, I considered how the Great Recession affected the culture of quantitative financial modeling. The downturn reminded us that quantitative models—and their brilliant designers—require oversight just like the rest of us. Governance is not a conspiracy by auditors and circular writers to make modelers miserable. Rather, good governance greatly increases the accuracy, reliability, and usability of a model. It also protects modelers from being left holding the bag if the model fails.

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Topics: federal credit, model risk management

Why Is Model Governance Important in Federal Government Right Now?

3/11/16 2:20 PM

Despite its official end in 2009, the Great Recession still reverberates throughout the global economy. During and after the crisis, many people wondered how the downturn happened. Was it bad luck? Was it a systemic flaw? Was someone, somewhere to blame? And what could we do to prevent another one?

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Topics: federal credit, model risk management

New GAO Report Addresses Fair Value vs. FCRA Debate

3/4/16 4:55 PM

This week, the Government Accountability Office (GAO) posted a new credit reform report entitled "Current Method to Estimate Credit Subsidy Costs Is More Appropriate for Budget Estimates Than a Fair Value Approach." Read on for a quick summary.

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Topics: Summit Blog, federal credit

Big Ideas From the Opportunity Finance Network (OFN) Conference in Detroit

11/13/15 10:19 AM

Greetings from Detroit!

Summit’s Federal Credit team just wrapped up their final day at the 2015 Opportunity Finance Network (OFN) Conference. As a reminder, OFN is a coalition of mission-oriented lenders who gather to discuss best practices and innovative techniques. They work hard to improve the lives of the poorest Americans by lending where conventional lenders are reluctant to invest. (For a more detailed introduction to opportunity finance, read our post from earlier this week: Anthony Curcio on Attending the Opportunity Finance [OFN] Conference)

I took away two big ideas from OFN this year:

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Topics: federal credit

Anthony Curcio on Attending the Opportunity Finance Network (OFN) Conference

11/10/15 8:32 AM

Mr. Anthony Curcio is a Principal at Summit with nearly two decades of experience in finance and finance-related consulting and policy. Mr. Curcio is an expert in the Federal Credit Reform Act of 1990, has served on a number of Federal Credit programs since 2003, and has served at the Office of Management and Budget (OMB). To learn more about Mr. Curcio and his work, follow him on LinkedIn or read more on his Summit profile page. Click here to read past Summit Blog posts about Federal Credit.
We caught up with Mr. Curcio to talk about his attendance at this week's Opportunity Finance Network (OFN) Conference in Detroit.
Q. Could you tell us a bit about opportunity finance?
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Topics: federal credit

About the Summit Blog

Complexity simplified.

Summit is a specialized analytics advisory firm that guides clients as they decode their most complex analytical challenges. Our blog highlights the strategies and techniques we use, as well as relevant topics in current events.

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