Trust-preferred securities, commonly known as TruPS, could cause a wave of restructuring among community banks as many key payment deferral windows are closing in the coming months. TruPS, which are hybrid securities with debt- and equity-like characteristics, were a popular capital-raising tool for community banks in the 2000s, and many were pooled into CDOs. TruPS issuers may defer payments for up to five years, and many community banks took advantage of that possibility during the financial crisis. As those deferral windows come to a close, some banks will be unable to resume payments--and may need to restructure their debt. Meanwhile, hedge fund investors in TruPS CDOs are taking an increasingly activist stance. The Deal's Sarah Pringle interviewed The Deal's Lisa Allen about this trend.