Today marked the start of the first phase of the Commodity Futures Trading Commission’s “SOFR First” initiative, which it recommended for switching trading conventions from Libor to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative, and by some measures, SOFR swaps accounted for 50% of total activity.
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Bank lending is not keeping up with deposit growth. Here’s why.
The more that banks can be proactive in preparing for inquiries, the better they will be able to defend themselves.
From its origins as one of the original “mobile banks” in the 1990s—designed to serve truckers across the country through a network of truck stops—TAB Bank has evolved into an innovative digital bank serving businesses across sectors and around the country.
The Alternative Reference Rates Committee today made two significant announcements today. In the first, the ARRC recommended conventions and use cases for employing the forward-looking Secured Overnight Financing Rate term rates that are expected to be formally recommended by the ARRC in the coming days.
With the right blend of people, empowerment, customized solutions and technology, banks are well-positioned to be heroes by growing with small businesses and supporting their efforts.
The Small Business Administration has issued a procedural notice on how lenders can apply for SBA to purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.
As expected, the Consumer Financial Protection Bureau today finalized a rule to facilitate streamlined loan modification efforts and establish a temporary COVID-19 emergency pre-foreclosure period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
The Federal Reserve will extend for a final time its Paycheck Protection Program Liquidity Facility until July 30, the agency announced today.
Today, a panel of representatives from the FDIC, OCC, the Federal Reserve and the Consumer Financial Protection Bureau discussed a range of issues during third day of ABA’s Regulatory Compliance Conference. Among the topics on the agenda was the newly enacted Juneteenth holiday—observed on Friday, June 18.