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

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].

September 11, 2019 by Jessica Moore

BAFT joins a coalition of over two-hundred organizations and companies to call on members of the U.S. House and Senate to pass a robust and long-term reauthorization of the U.S. Export-Import Bank before its charter expires at the end of September.

July 1, 2019 by Jessica Moore

BAFT and several other industry associations responded to a Request for Information regarding Potential Regulatory Changes to the Remittance Rule issued by the Consumer Financial Protection Bureau (“CFPB”).

The letter focused on the banking industry’s continued reliance on the open network of correspondent banking to transfer funds cross-border and, therefore, the Rule’s Temporary Exception permitting the use of estimates for certain disclosures. Download the comment letter.

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