For many smaller banks, having a credit-sensitive component that reflects their cost of borrowing is critical. They need a rate that reflects their credit risk.
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While financial services firms are “largely on track” for a successful transition away from Libor, half of them are still facing challenges related to systems and operations readiness, according to a new survey from Bloomberg.
The Senate late Thursday night passed an omnibus spending package that included a bipartisan, American Bankers Association-backed bill to address “tough legacy” Libor contracts.
For nearly 200 years, Millbury National Bank has stayed independent as a commercially focused community bank in Massachusetts. Part of that independent tradition owes to the bank’s history of multigenerational stewardship.
A bipartisan, ABA-advocated bill to address “tough legacy” Libor contracts is included in the omnibus spending bill that Congress is expected to pass in the coming days, Sen. Jon Tester (D-Mont.) said at the ABA Washington Summit today.
With two tenors of U.S. dollar Libor no longer being published the remainder set to cease by June 30, 2023, four senators this week introduced a bill that would address “tough legacy” contracts that reference Libor but cannot be easily changed.
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
Amid persistent inflation and supply chain kinks, small businesses are finding more and more that “cash is king,” especially as their suppliers are likelier to ask for cash up front.
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.
In a Barron’s op-ed today, Tom Wipf, chairman of the Alternative Reference Rates Committee, emphasized the need for legislation to address legacy contracts that have no effective means to replace Libor.