Hillary Phelps is a partner and member of Chapman's National Public Finance Department. She serves as bond counsel, disclosure counsel, and underwriter’s counsel for a wide variety of tax-exempt and taxable financings throughout the country, focusing primarily on higher education, municipal, and not-for-profit transactions. Hillary advises clients with respect to various municipal securities issues, including post-issuance compliance and related regulatory matters. Additionally, Hillary devotes a significant amount of her practice to new and developing areas of finance, including broadband finance and property assessed clean energy (PACE) finance.

Hillary’s career started at Chapman. Prior to rejoining the firm, she served from 2015 to 2019 as senior counsel in the Office of Municipal Securities at the U.S. Securities and Exchange Commission (SEC), which is responsible for administering SEC rules on the practices of broker-dealers, municipal advisors, investors, and issuers in the municipal securities area, focusing on rulemaking, legislation, and policy formulation. While at the SEC, Hillary was instrumental in advancing a number of SEC municipal disclosure initiatives, including proposing and finalizing amendments to Rule 15c2-12 and coordinating the inaugural SEC conference on municipal disclosure.

In addition to her experience at the SEC, Hillary previously served on the Municipal Securities Rulemaking Board’s (MSRB) Market Transparency Advisory Group, which advised the MSRB Board of Directors on strategic initiatives to modernize and enhance the EMMA website and related systems in support of market transparency.


National Association of Bond Lawyers

  • 119th Congress Strategic Plan Working Group, 2024
  • Securities Law and Disclosure Committee, Vice Chair, 2023-24
  • Financial Data Transparency Act Task Force, 2023-24
  • Nominating Committee, 2023
  • The Institute
    • Chair, 2023
    • Vice Chair, 2022




Loyola University Chicago School of Law, J.D., cum laude, 2009

Colgate University, B.A., Political Science and Economics, cum laude, 2003

Notable Engagements



  • Moderator, “Underwriters’ Counsel Forum,” National Association of Bond Lawyers The Institute, April 4-5, 2024
  • Presenter, “Issuer Disclosure Standards,” Government Finance Officers Association Debt Management Best Practices Seminar, November 10, 2023
  • Panelist, “Current Disclosure Topics,” U.S. Securities and Exchange Commission Municipal Securities Disclosure Conference, May 10, 2023
  • Panelist, "The Role of Partnerships in Meeting America’s Broadband Challenges,” Broadband Communities Summit, May 1, 2023
  • Panelist, “Electronic Disclosure,” National Association of Bond Lawyers Tax and Securities Law Institute, March 3-5, 2021
  • Presenter, "SEC Enforcement and the Importance of Disclosure," Illinois Association of School Business Officials Debt A-Z Academy, November 22, 2019
  • Presenter, "Municipal Market Discussion," NextGen MuniFinance NYC, October 22, 2019
  • Panelist, "Rising Stars Tell It All: How the Next Generation Will Shape the Municipal Disclosure and Business Environment," The Bond Buyer's California Public Finance Conference, September 23-25, 2019

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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