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.

Read More

Topics: 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:

Read More

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?
Read More

Topics: federal credit

Recap: Anthony Curcio on Federal Credit and Fair Value at 2015 NAGGL Conference

11/4/15 6:34 PM

Today, I spoke at the National Association of Government Guaranteed Lenders (NAGGL) Annual Conference on Small Business Lending. As part of my presentation, I addressed common questions surrounding (1) how Federal Credit programs are scored in the Federal budget and (2) the potential impact of Fair Value Accounting and mark-to-market accounting on credit subsidy estimation, if adopted. In my role as an expert practitioner, I have been speaking to Federal lending leaders about these potential impacts as well as engaging Summit's modeling and estimation teams in scenario analysis

Read More

Topics: federal credit

Introduction to the President’s Budget Credit Supplement

4/7/15 9:00 AM

Each year, the President presents Congress with a formidable document that outlines his (perhaps one day, her) proposal of how Federal funds should be spent in the upcoming fiscal year. This is known as, you guessed it, “The President’s Budget.”

Read More

Topics: federal credit

Fair Value Accounting is a Hot Topic in Federal Credit

3/18/15 10:00 AM

You may have noticed that Summit has been talking about “Fair Value Accounting” a lot more recently. There’s a good reason for this: The House and Senate Budget Committees have recently introduced bills that could overhaul the way Federal lending programs are scored, which could impact the budget cost and operations of these programs.

Read More

Topics: federal credit

Is Fair Value for Federal Credit in the Future?

3/5/15 10:09 AM

In the first two months of 2015, legislators introduced House and Senate bills requiring Fair Value accounting of subsidy costs for Federal Credit Programs. The introduction of these bills follows two recent efforts by policymakers over the past few years (including the Honest Budget Act of 2013 and the Budget and Accounting Transparency Act of 2014).

The bills (found here for the House and here for the Senate) propose the following provisions:

  • Fair Value cost scoring of Federal Credit programs
  • Publication of program budget justification materials
  • Separate accounting for “essential preservation expenses”
  • On-budget status for Fannie Mae and Freddie Mac
  • Development of various reports on Fair Value

So what do they mean by “Fair Value accounting”?

Read More

Topics: federal credit

Response to "The Real Bank of America": Clearing Up Federal Credit

1/28/15 10:23 AM

Michael Grunwald’s January 6, 2015, article, "The Real Bank of America", published in the POLITICO magazine, raises some thoughtful questions about Federal Credit but requires clarification.

Read More

Topics: federal credit

The DATA Act, Part III: The Need for Expanding Analytical Capabilities at Treasury

12/10/14 11:29 AM

Having discussed the history and the requirements of the DATA Act, we turn now to how Treasury can prepare for these changes.

Read More

Topics: federal credit

The DATA Act, Part II: New Requirements for Federal Loan Programs

12/1/14 3:03 PM

Calls for more transparent government spending led to the DATA Act’s passage. Previously, we discussed the motivations for the bill and its predecessors, including THOMAS and USASpending.gov. This post focuses on how the Act requires certain financial data to be submitted directly to Treasury, along with a number of other changes.

Read More

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.

Subscribe to Email Updates

Recent Posts

Posts by Topic

see all