"When FINRA and MSRB rules which cover similar functions differ in their application, it raises compliance costs for dealers and raises the risk of inadvertent noncompliance," the Bond Dealers of America said in its letter.

The Maryland Economic Development Corporation and the Internal Revenue Service have reached a resolution in a tax squabble over a bond issuance where proceeds of the sale were not spent within a three-year time window.

Ed Fierro, a partner at Bracewell, said "making any changes to the rule is a very lengthy process."

A sweeping Illinois bill to loosen local government audit requirements is on pause, but its backers hope to push the legislation through next session.

Affirmation of Otero County's ratings comes as a state law threatens bonds it sold for a detention facility used by federal immigration enforcement.

Ormonde said a significant portion of his practice will remain focused on California tax matters even as he works with colleagues across the firm's SALT team.

Moody's Ratings upgraded Detroit's issuer and general obligation unlimited tax bond ratings to A3 after S&P bumped Detroit to BBB-plus from BBB.

They are seeking legislation on transportation, water and other topics.

The former Massachusetts congressman "was a true champion for the municipal bond market," GFOA's Emily Brock said.

Proposed FEMA reforms could further increase financial strain for state and local governments after natural disasters.

Texas Attorney General Ken Paxton's ongoing audit compliance probe led to more than 130 cities being prohibited from raising their property tax rates.

The Senate voted 54-45 to confirm Kevin Warsh to lead the central bank. Warsh will take the reins from Jerome Powell, who said he will remain on the Federal Reserve Board.

Alaska Housing Finance Corp. had its Aa1 ratings affirmed by Moody's ahead of plans to issue debt.

Northwest Nazarene University, an Idaho private Christian college, had its ratings outlook revised to positive.

By harmonizing its gift rule with FINRA's amended gift rule, the MSRB "aims for consistency in the application of MSRB and FINRA rules among dealers that are FINRA members," the MSRB's Ernesto Lanza said. 

The board also approved issuing a request for comment relating to disclosure documents for 529 plans and other municipal fund securities.

"Clearly, issuers still need access to this very important financing tool," said State of Michigan Treasurer Rachael Eubanks, who also serves as this year's president of the National Association of State Treasurers.

Fitch Ratings cited Sacramento City Unified School District's fiscal challenges in downgrading its issuer default rating to junk and assigning a negative outlook.

The state's expectation of a deficit in the coming biennium budget was cited in the outlook revision.

"Retiring these terms eliminates unnecessary ambiguities associated with their use in MSRB rules," MSRB Board Vice Chair Wendell Gaertner said.