BAFT Applauds Passage of Long-Term Reauthorization of the U.S. Export-Import Bank

December 19, 2019 by Jessica Moore

We commend congressional leaders for including EXIM reauthorization in the year-end government funding legislation. Bipartisan passage of this seven-year reauthorization, the longest ever in EXIM history, heralds a new era for the agency.

WASHINGTON — BAFT, the leading global trade association for transaction banking, applauds Congress for passing government funding legislation that includes a seven-year reauthorization of the Export-Import Bank (EXIM). BAFT President and CEO, Tod Burwell issued the following statement:

“We commend congressional leaders for including EXIM reauthorization in the year-end government funding legislation. Bipartisan passage of this seven-year reauthorization, the longest ever in EXIM history, heralds a new era for the agency. Since EXIM was last reauthorized, foreign export credit agencies have continued to grow and expand the scope of their work. Passing a long-term reauthorization, which includes alternative procedures during a Board quorum lapse, provides market certainty, supports U.S. jobs, and ensures that American companies can compete globally. Our member banks work with EXIM to fill required financing gaps, and ensure the availability and affordability of trade finance for businesses of all sizes. We look forward to partnering with EXIM to deliver trade finance products that are crucial to international commerce and the growth of the U.S. economy.”

Media should contact Blair Bernstein at [email protected] for any inquiries.

December 17, 2019 by Jessica Moore

Europe’s leading bank-to-bank forum to be held Jan. 13-15 in Frankfurt, Germany.

WASHINGTON — From high-level sessions featuring global transaction banking leaders to a showcase highlighting emerging platforms in the cross-border international payments space, BAFT’s 2020 Global Annual Meeting – Europe will bring together more than 250 senior banking and financial services professionals for Europe’s leading bank-to-bank forum. During the conference – which will be held Jan. 13-15, 2020 in Frankfurt, Germany – leading experts will address the most important topics and trends that will shape the banking industry in the coming decade.

The three-day event will feature a keynote address by Dr. Beata Javorcik, chief economist of the European Bank for Reconstruction and Development (EBRD), who will examine the key changes affecting international trade in the next 10 years. In addition, a keynote fireside chat featuring Yves Mersch, member of the executive board and vice chair of the supervisory board of the European Central Bank, will look at the future of the European banking industry and key issues for European banks in the next decade.

This year’s conference co-chairs are Ulf-Peter Noetzel, chairman of trade finance-financial institutions at Deutsche Bank and Stephen Everett, head of payments and global transaction banking at Lloyds Banking Group. As co-chairs Noetzel and Everett lead discussions with fellow committee members to determine content and set programming for the conference.

“Frankfurt is the ideal location to host the 2020 Global Annual Meeting given the city’s established financial sector, and the increasing role it is playing on the continent with major banks moving staff to the city after the announcement of Brexit,” said Noetzel.

“In hosting this conference, BAFT plays a tremendously important role bringing together Europe’s leading bankers to discuss the future of the European banking industry,” said Everett.

The conference will feature more than 13 sessions covering cross-border payments, trade finance, IBOR transition, compliance, instant payments, cybersecurity, transaction banking and more.

In cooperation with Global Finance, the conference will close with the awards ceremony for the Trade and Supply Chain Finance Awards 2020 presented by Global Finance. Global Finance will name the best bank for trade finance globally and eight global regions, as well as the best banks in various service categories, such as document management and export finance. The supply chain finance awards will include winners in nine global regions, as well as global winners for supply chain financing, customer implementation, and other categories.

For the first year, the entirety of the Global Annual Meeting-Europe is open to members of the press. Media should contact Blair Bernstein at [email protected] in order to register for the event.

December 13, 2019 by Jessica Moore

BAFT publishes three Article 194 Legal Opinions for the BAFT Master Participation Agreements.

New one for the 2019 NY Law BAFT MPA
New one for the 2018 English Law BAFT MPA
Updated one for the 2008 English Law MPA

Legal opinions can be found under the BAFT Standard Documents section at our Library of Documents page.

December 12, 2019 by Jessica Moore

On December 12, BAFT and its members across North America welcome agreement on the USMCA and support its swift passage and implementation.

WASHINGTON — BAFT, the leading global trade association for transaction banking, today announced its support of the bipartisan proposal to move forward on the United States-Mexico-Canada Agreement (USMCA). BAFT President and CEO Tod Burwell issued the following statement:

“BAFT and its members across North America welcome agreement on the USMCA and support its swift passage and implementation. International trade remains an important engine of economic growth, and banks play a vital role in supporting cross-border commerce. Implementation of USMCA will bring greater certainty to importers and exporters of all sizes throughout North America, which will facilitate their ability to invest for future growth and provide goods and services more efficiently. In addition to market access and most favored nation provisions, USMCA’s Financial Services chapter contains vital updates that are important to our members engaged in cross-border trade in services, including provisions that guarantee the free flow of data and prohibition of forced data localization.”

November 15, 2019 by Jessica Moore

On October 31, the House Financial Services Committee (HFSC) approved H.R. 4863, the United States Export Finance Agency Act of 2019, that reauthorizes the Export-Import Bank, by a vote of 30 to 27.

This bill includes strong provisions to promote certainty and stability in agency operations, such as a 10-year reauthorization, an increase in the authorization ceiling, and a quorum fix. The bill also renames EXIM as the United States Export Finance Agency.

The House Rules Committee will meet on Tuesday, November 12 to consider additional amendments filed and to set the rule for House floor consideration of HR. 4863 (Committee bill print here; Committee report here). A House floor vote on H.R. 4863 is likely to take place later this week. The list of amendments filed can be found here.

In anticipation of the House Rules Committee meeting, BAFT joined other trade associations to urge Congress to pass a long term reauthorization. The letter highlights the President’s support for a 10-year reauthorization, and signals support for both the House and the Senate bills.

You can read the letter in our Library of Documents page under Comment Letters.

October 3, 2019 by Jessica Moore

BAFT, the leading global trade association for transaction banking, today announced a partnership with International Finance Corporation which delivered training workshops on BAFT’s Respondent’s Playbook for Obtaining and Maintaining a Correspondent Banking Relationship in six African countries.

The program began in South Africa, and included workshops in Ethiopia, Ghana, Senegal, Cote D’Ivoire, and concluded in Madagascar. The objective of the workshops was to train respondent banks on correspondent banking due diligence expectations as outlined in BAFT’s Respondent’s Playbook. The workshops are geared toward private sector banks, primarily compliance and risk management staff, as well as transaction banking business lines (trade finance and payments) and credit officers.

The two-day workshop provided an overview of important considerations when establishing a new correspondent banking relationship, including financial crime exposure and compliance risk. Attendees also participated in an in-depth discussion on respondent best practices for due diligence, maintaining relationships, and working with money service businesses and fintech companies.

“We are thrilled to launch such an important capacity building initiative in cooperation with the IFC in markets deeply affected by correspondent banking de-risking,” said Tod Burwell, BAFT President and CEO. “We hope that participants gained new knowledge and insight on ways to become strengthen relationships with correspondent banks.”

To learn how your organization may receive BAFT’s Respondent’s Playbook Training or for additional training and educational topics please email [email protected].

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