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Directors' Resource Center
Technical Assistance Video Program


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Evaluation of Municipal Securities

This series of videos on the evaluation of municipal securities was developed by FDIC staff and is designed for community bank management, particularly those involved in the supervision of the securities portfolio, including members of the investment and asset/liability management committees.

  1. Overview & Industry Trends
  2. Investment Policies & Procedures
  3. Basic Analysis
  4. Expanded Analysis
  5. Review & Additional Resources

I. Overview & Industry Trends
This first video provides a general overview of supervisory expectations and recent industry trends.

Approximate run time: 12:15

Link to YouTube Video

Presentation Materials - PDF


II. Investment Policies & Procedures
The second video in this series discusses the importance of investment policies and procedures as well as regulatory expectations related to municipal security investments.  This video also outlines an appropriate independent review program for a bank’s investment activities.

Approximate run time: 07:27

Link to YouTube Video

Presentation Materials - PDF


III. Basic Analysis
The third video in this series discusses a basic method for analyzing municipal securities that can be used for pre-purchase analysis and on-going monitoring, including an assessment of credit risk, interest rate risk, and liquidity risk.  This basic framework may be sufficient for lower-risk municipal bonds, and can also be used to identify higher-risk bonds where expanded analysis is warranted.  This video also provides a list of resources to assist in the overall risk management process.

Approximate run time: 17.16

Link to YouTube Video

Presentation Materials - PDF


IV. Expanded Analysis
The fourth video in this series discusses an expanded pre-purchase credit analysis and ongoing credit monitoring framework for municipal bonds, including economic conditions, financial conditions, fiscal responsibility, and rating agency reports.  The expanded analysis process should be used to evaluate any bonds with complex or unique features or higher risk characteristics to ensure the bond meets the bank’s creditworthiness standards.  This video also provides a list of resources to assist in the overall risk management process.

Approximate run time: 12:42

Link to YouTube Video

Presentation Materials - PDF


V. Review & Additional Resources
The final video in this series provides a general overview of the preceding presentations, supervisory expectations, and outstanding regulatory guidance.  This video also includes a list of resources.

Approximate run time: 05:42

Link to YouTube Video

Presentation Materials - PDF




Last Updated 11/26/2013 supervision@fdic.gov