ABA Banking Journal Podcast

Bank executive insights, unique business strategies, regulatory updates from D.C., and fun banking stories—all this and more on the free ABA Banking Journal Podcast, brought to you in 20-minute episodes each week by the American Bankers Association’s award-winning podcast team.

With the London Interbank Offered Rate — which underpins more than $350 trillion in mortgages, commercial loans, bonds and derivatives worldwide, including $200 trillion in U.S. dollar-denominated financial instruments — not guaranteed to be sustained after 2021, what should banks be doing now to prepare for a transition away from the widely used benchmark?

On the latest episode of the ABA Banking Journal Podcast, Federal Reserve official David Bowman and ABA staff expert Hu Benton discuss:

  • Need-to-know background on why Libor has become unsustainable as a benchmark rate
  • Why the Alternative Reference Rates Committee selected the Secured Overnight Funding Rate, or SOFR, as its preferred alternative
  • What bankers need to know about how SOFR behaves differently from Libor and why they will need time to get used to it
  • The urgency of reviewing bank portfolios to ensure contracts contain fallback language should Libor cease permanently
  • Supervisory expectations regarding SOFR use and planning for the Libor transition
  • How bankers can get involved in the ARRC’s public consultation process on the transition and learn more

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Meet your hosts

Shaun Kern
Senior Counsel
ABA

Monica C. Meinert
Deputy Editor
ABA Banking Journal

Joan Gregory Saenz
SVP, Congressional
Relations, ABA

Evan Sparks
Editor-in-Chief
ABA Banking Journal

 

 

 

 

 

 

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