Banking

RBC Capital Markets hired Paul Sheldon, founder of the advisory firm S L Capital Strategies, as a managing director in the municipal finance student loan group.

The bank won't say what led to Stratford Shields' firing; his representative accused the firm of engineering the ouster.

Wells Fargo will replace Stratford Shields, who is out following an administrative leave.

The Senate's approval of the Kansas banking commissioner leaves the board with two remaining seats to fill as the administration's nominees for the vacancies await votes.

The Treasury Department Inspector General for Tax Administration plans to audit the IRS' use of a much-feared enforcement tool under which it can impose penalties for the misconduct of municipal bond transaction participants such as underwriters, lawyers, municipal advisors or their firms.

Recently announced streamlining and rumored budget cuts and layoffs at SIFMA are causing market participants to worry about its commitment to municipal securities.

With municipal yields rising more than they have in years, investors see a rare opportunity for fourth-quarter tax swaps.

Another wave of states is expected to begin implementation Jan. 1, according to the National Conference of State Legislatures.

The amount of outstanding variable rate demand bonds rose to $142.4 billion in the second quarter of this year, a gain over $142.2 billion in the first quarter and the end of a decade-long decline, Moody’s Investor Service said in a recent report.

Muni market groups claimed victory after federal banking regulators moved to treat munis like all other types of Level 2B HQLA.