Financial firms that have not started their work to transition from the London Interbank Offered Rate and making fallback plans for contracts—especially loans—that currently reference it need to begin right away, the Basel, Switzerland-based Financial Stability Board said in a progress report today on the reference rate transition.
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The House today approved a spending package for the current fiscal year, funding the government through Sept. 30, 2020. The Senate is expected to vote on the spending bills later this week.
The FDIC, Federal Reserve and OCC today finalized a rule implementing a provision of the S. 2155 regulatory reform law regarding the treatment of high volatility commercial real estate.
Business debt is historically high relative to U.S. gross domestic product, with debt increasing most rapidly among the riskiest firms amid weak credit standards, the Federal Reserve said today in its financial stability report.
In an interview with MarketWatch published today, FDIC Chairman Jelena McWilliams expressed concern that banks are continuing to originate loans with contracts tied to the London Interbank Offered Rate, despite the fact that the rate is not guaranteed to be available after 2021.
As expected, the Federal Reserve Bank of New York today announced plans to publish daily three compounded averages of the Secured Overnight Financing Rate, with tenors of 30, 90 and 120 days, as well as a daily SOFR index to allow users to calculate average rates over custom time periods.
More small business owners are using their banks’ mobile apps, and satisfaction with banks reached a record high, according to J.D. Power’s Small Business Banking Satisfaction Survey released today.
U.S. Export-Import Bank Chairman Kimberly Reed said today that she is currently in the process of working through $40 billion in applications that the bank received while it was awaiting reauthorization by Congress.
Recent money market conditions that have seen the Federal Reserve resume regular repo operations for the first time in years should not delay market participants’ preparations to transition away from the London Interbank Offered Rate, New York Fed President and CEO John Williams said today.
The IRS today proposed regulations intended to help market participants transition from the London Interbank Offered Rate to an alternative reference rate.