The National Federation of Municipal Analysts (NFMA), founded in 1983, is a not-for-profit association with over 1,300 members throughout the U.S.  The professional focus of our members is on the creditworthiness of municipal bonds.  Since NFMA’s inception, our goals have been:

  • To promote professionalism in municipal credit analysis,

  • Through our educational programs, to further the skill level of our members and to provide a platform by which analysts can exchange ideas,    

  • To advocate, when appropriate, issues of importance to the municipal finance industry, and

  • To facilitate the flow of information among market participants, especially in terms of better issuer disclosure.

New & Noteworthy

The National Association of Bond Lawyers (NABL) has released Crafting Disclosure Policies, a paper to provide NABL members with tools to advise issuers in developing written disclosure policies and procedures. According to the release, the paper explores the functions and benefits (as well as risks) of written disclosure policies, the subjects that drafters should consider addressing, and practical considerations for drafting such policies. The paper also includes a summary and discussion of relevant enforcement actions by the Securities and Exchange Commission (SEC). To view the paper, go to www.nabl.org or click here.

The NFMA has released the final version of its White Paper on the Disclosure of Potential Conflicts of Interest
in Municipal Finance Transactions.  To view the paper click here, or go to Publications and click on Disclosure Guidelines.

The NFMA submitted a comment letter to the MSRB concerning draft amendments to Rule A-3 on Membership on the Board. Click here to read the letter: NFMA Comment Letter

The NFMA has released the “Recommended Best Practices in Disclosure for Direct Purchase Bonds, Bank Loans, and Other Bank-Borrower Agreements” (Bank Loan RBP). The Bank Loan RBP is the product of a subcommittee of the NFMA Industry Practices & Procedures Committee, and can be found at this link:  Bank Loan RBP   Comments on the paper were taken through May 3, 2015.  The Committee would like to thank all who submitted their comments.

The NFMA's Municipal Analysts Bulletin for June 2015 is posted under Publications, or can be viewed by clicking here: Vol.25, No. 2.

The NFMA Awards Committee presented six awards at its 32nd Annual Conference in Las Vegas on May 13, 2015. To read the press release, click here

The NFMA has released the draft "White Paper on the Disclosure of Potential Conflicts of Interest in Municipal Finance Transactions". The White Paper is a product of a subcommittee of the Disclosure Committee. Comments on the paper will be accepted through July 20, 2015.  White Paper on the Disclosure of Potential Conflicts of Interest in Municipal Finance Transactions, Draft Dated April 20, 2015.  Press release dated April 22, 2015

The NFMA's Municipal Analysts Bulletin for February 2015 is posted under Publications/Newsletters, or just click here:Vol. 25, No. 1  The newsletter includes the letter from this year's Chair, Jennifer Johnston, as well as committee and society reports. Catch up on what's happening at the NFMA - there's a lot going on!

The Board of Governors of the NFMA announced its new officers for 2015.  Serving as the 32nd Chair of the NFMA will be Jennifer L. Johnston, Vice President/Research Analyst, Municipal Bond Department, Franklin Templeton Investments.  Click here for the press release:  New Officers for 2015


Our Tweets

Upcoming Municipal Industry Events

  • September 17 & 18, 2015, SMFS Public Finance & Environmental Sustainability Conference, UNC Environmental Finance Center, Chapel Hill, NC. Click here to view the program. Click here to register.
  • October 15 & 16, 2015 – NFMA Advanced Seminar, Understanding The New Paradigm Of Municipal Pension Liabilities, Sheraton Nashville Downtown, Nashville, TN. Click here to view the program. Click here to register.
  • November 4-6, 2015 – CSMA Conference, Silverado Resort & Spa, Napa, CA. Click here to view the preliminary agenda. Click here to register.
  • November 12 & 13, 2015 – NFMA Introduction to Municipal Bond Credit Analysis, Le Meridien, Philadelphia, PA
  • January 14 & 15, 2016 – NFMA Advanced Seminar on Education, Arizona Biltmore, Phoenix, AZ
  • May 10 – 13, 2016- NFMA 33rd Annual Conference, Westin Michigan Avenue, Chicago, IL
  • May 16 – 19, 2017 NFMA 34th Annual Conference, Mandarin Oriental, Washington, DC

Submit your event here.

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