Browsing: Commercial Lending

Commercial Lending

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.

Commercial Lending

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.

Commercial Lending

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.”

Commercial Lending

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.

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