Dechert Advises Stifel on Oregon Community Credit Union’s US$275 Million Automotive ABS Deal
Dechert LLP advised Stifel, Nicolaus & Company, Incorporated (Stifel) as the initial purchaser on Oregon Community Credit Union’s (OCCU) inaugural automotive asset-backed securities deal, which closed on October 20, 2022.
This is OCCU’s first issuance of auto loan ABS and the fourth among credit unions.
Dechert had also been involved as underwriter’s counsel in the three previous securitizations of auto loans by credit unions: representing Stifel in the prime auto loan securitizations from GTE Financial Credit Union in 2019; Unify Financial Credit Union in 2021; and representing J.P. Morgan as structuring lead on PenFed’s automotive ABS sale in August 2022.
Stifel is a full-service brokerage and investment banking firm.
OCCU offers investing, mortgages, home equity, auto loans and other loans, banking accounts, online banking, and debit and credit card services.
The Dechert team advising Stifel included finance partner Andrew Pontano, counsel Joshua Strathman and associates Meghan Redding and Sarah Sidwell.
Dechert is a leading global law firm with 22 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.