Post-Libor, Banks Benefit from More Choice
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.
Browsing: Commercial Lending
Survey: Firms Facing Challenges in Libor Transition
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.
Congress Passes ABA-Backed Bill Addressing Tough Legacy Libor Contracts
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.
Podcast: How Multigenerational Directors and Engaged Employees Drive Bank Independence
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.
Tester: Libor Fix Legislation Is in Must-Pass Spending Bill
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.
ABA-Backed Bipartisan Bill to Ease Libor Fixes Introduced in Senate
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.
Republican Lawmakers Call for Changes to CFPB’s Section 1071 Proposal
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
Podcast: Providing Liquidity for Small Businesses Amid Supply Chain Kinks
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.
Study: Small, Midsize Business Lending Fraud Rises
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.
ARRC Chairman: Legislations Needed to Address Libor Legacy Contracts
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.