WASHINGTON — A diverse group of associations with ties to the municipal bond market expects to publish a paper early next year that will give state and local governments guidance on how and when to disclose loans they receive directly from banks.

Led by the National Federation of Municipal Analysts, the effort comes amid increased regulatory scrutiny of "bank loans" by the Municipal Securities Rulemaking Board, which urged muni bond issuers in April to voluntarily post information about them on its EMMA system.

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