Mission Critical
How military veterans are helping bank boards think strategically, react nimbly and work as a team.
Browsing: Commercial Lending
Growing into Growth
How one community bank has added directors as its business complexity increased.
ABA, Trade Groups Call for Legislation to Address ‘Tough Legacy’ Contracts
With several tenors of Libor scheduled to sunset at the end of the year and the remainder in June 2023, the American Bankers Association and a group of financial trade organizations urged lawmakers to advance legislation to address “tough legacy” contracts—those that do not have appropriate contractual fallback language to facilitate the transition to an alternative reference rate.
Survey: Banks Delivered for Small Businesses with PPP
Eighty-two percent of small businesses said they maintained or gained trust with their bank in 2020 amid the COVID-19 pandemic, and an even greater majority—85%—believe that their needs are being met by their current bank, according to a new survey from consulting firm West Monroe this week.
OCC’s Hsu: Regulators See No Future for ‘Zombie’ Libor
With several tenors of Libor scheduled to sunset at year-end, Acting Comptroller of the Currency Michael Hsu today emphasized that regulators will not allow “new Libor exposures—zombie or otherwise—after Dec. 31, 2021, and we mean it.” Hsu was referring to the belief by some that some form of Libor will survive after that date as “synthetic Libor” or “zombie Libor.”
Survey: 79% of Firms Have Libor Transition Plan in Place
The majority of financial services firms, 79%, have some internal Libor transition plan in place, according to a new survey from Bloomberg and the Professional Risk Managers’ International Association.
Federal Banking Regulators Urge Continued Transition Away From Libor
In a joint statement today, the federal and state banking regulators emphasized that supervised institutions are expected to continue to transition away from Libor ahead of the scheduled Dec. 31, 2021 sunset of several Libor tenors.
OCC Releases Updated Libor Transition Self-Assessment Tool
As banks prepare for the forthcoming cessation of Libor, the OCC today released an updated self-assessment tool for banks to evaluate their preparedness for transitioning away from Libor to an alternate reference rate, such as the Secured Overnight Financing Rate.
ARRC Recommends Slowing Use of Libor to Ease Transition
The Alternative Reference Rates Committee today recommended that all market participants slow their use of Libor over the next six weeks to ease the year-end change to alternative reference rates.
HUD Seeks Input on Libor Transition for ARMs
With certain tenors of Libor set to cease publication in December—and with the majority of adjustable rate mortgages insured by the Federal Housing Administration based on Libor—the Department of Housing and Urban Development is seeking feedback on how it can transition away from Libor to an alternative rate.