With the financial industry facing a future without Libor—which is currently being referenced in an estimated $200 trillion of financial contracts worldwide—American Bankers Association VP Hu Benton discussed how the industry is preparing on a recent episode of American Banker’s Bankshot podcast.
“We just never felt like we wanted to join that rhetoric of sameness,” Tim Marshall says of his marketing approach at Bank of Ann Arbor.
Fewer non-employer firms—those without full-time or part-time employees on payroll, which account for 81% of U.S. small businesses—reported profitability in 2018 than employer firms did, according to Small Business Credit Survey figures released today by the Federal Reserve Bank of New York.
The Appraisal Subcommittee of the Federal Financial Institutions Examination Council has approved a waiver request from appraisal licensing requirements for the state of North Dakota.
The second quarter saw substantially stronger demand for residential mortgage loans, according to the Federal Reserve’s latest senior loan officer opinion survey released today.
As urban areas across the country grow and change, community development financial institutions like Metro Bank in Louisville, Ky., are meeting the unique needs of these evolving neighborhoods.
By a two-to-one vote, the National Credit Union Administration board today finalized a controversial proposal to raise the threshold at which credit unions must obtain appraisals for commercial real estate transactions from $250,000 to $1 million.
In an effort to clarify their September 2018 proposal for high-volatility commercial real estate acquisition, development or construction loans, the banking agencies have issued an additional proposal to address the treatment of loans financing the development of land for one-to-four-family residential properties.
House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) wrote to Federal Reserve Vice Chairman for Supervision Randal Quarles this week calling on the Fed to increase its efforts to help banks transition away from the London Interbank Offered Rate to SOFR, the preferred benchmark rate of the Alternative Reference Rates Committee.
As banks prepare to make the transition away from the London Interbank Offer Rate as a benchmark interest rate, the Financial Accounting Standards Board today approved staff proposals to provide relief from onerous accounting processes that would normally be required when contracts are modified.