NABL’s new leadership taking on FDTA

The National Association of Bond Lawyers intends to play a key role in the implementation of the Financial Data Transparency Act, a contentious issue that’s been bedeviling the muni community since it was first proposed. 

“We are also putting together a taskforce to serve alongside our industry partners and help craft market-wide messaging around the implementation of the FDTA,” said new NABL President Carol Juang McCoog of Hawkins Delafield & Wood. “These first steps for our industry into the world of structured data are extremely important. NABL will serve as a key contributor in the implementation of the FDTA.”

The comments came as McCoog’s new leadership role became official Wednesday at the group’s annual Workshop event in Chicago. The FDTA has been derided by muni leaders as a costly disclosure burden for issuers. The law, passed last year as part of a larger spending package, tasks regulators with determining a machine-readable standard for disclosure information submitted to EMMA.

Though the law comes with a lengthy implementation process, issuers are still wary of the apparent requirement of them to reconfigure their disclosure procedures.

McCoog began ascending the NABL leadership ladder ten years ago when she volunteered to work on a report on pension disclosure. “I was able to see firsthand how NABL could really lead on an industry-wide initiative,” she said. “Shortly after that project wrapped-up, I was asked to serve as the vice chair of the NABL Securities Law & Disclosure Committee.” 

McCoog is an avid soccer fan and player who is fond of sports metaphors. During her acceptance speech she said, “I would be remiss if I didn’t note another game changer, which is my presidency. I’m honored to be the first person of color to serve as NABL’s president.”

Her husband Phil and her parents who emigrated to the U.S. from Taiwan in 1968 as graduate students attended the speech.  McCoog’s family also includes a daughter, Olivia and son, Parker.  

Keeping an eye on Congressional stalemate is now also part of McCoog’s responsibilities. As of Thursday there has still been no resolution on a new leader for the House after Republican nominee Rep. Jim Jordan of Ohio failed to get enough votes on two ballots.

“We’re tracking the Speaker race quite closely” she said. “Congress has several looming deadlines, not the least of which is keeping the government open beyond Nov. 17. A drawn-out race only makes these timelines more challenging. We look forward to working with whomever is elected. Our main hope is that Congress can quickly return to the work ahead.” 

The Workshop was produced as an in-person only event this year as NABL reckons with sharing information in post pandemic ways. Toward that end, the organization is in the midst of re-thinking how they structure their educational arm. 

“We are changing the format of one of our major conferences, The Institute,” said McCoog. “Rather than the traditional panel presentation sessions, we will hold a series of guided discussion forums to allow attendees to collaboratively discuss a range of public finance topics and share experiences.” 

McCoog’s plan includes separating NABL’s Education and Member Services Committee into two distinct committees. “One examining how we attract and retain a new generation of bond lawyers, and a second focused on how we educate them,” she said. “Ultimately, I want everyone practicing bond law, newbies and veterans, to see joining and participating in NABL as a no-brainer.” 

McCoog is a partner at Hawkins, based in Portland, Oregon, and joined the firm in 2011. The firm has produced two other NABL presidents, Howard Zucker and John McNally.  

McCoog’s twenty years of experience in public finance includes serving as bond counsel, underwriters’ counsel, and disclosure counsel. She’s worked with general obligations bonds, short-term financings, certificates of participation, full faith and credit obligations, urban renewal tax increment financings, pension bonds, and revenue bonds. 

She has also served as bond counsel on conduit revenue bonds for manufacturing facilities, solid waste disposal facilities, and non-profit facilities. All her undergraduate and graduate work was completed at the University of Washington and the University of Washington School of Law.