ABA Data Bank: Libor Replacement Rates Banks Plan to Use
Half or more of banks surveyed plan to use the SOFR daily, SOFR term structure, SOFR arrears compounding, and/or BSBY reference rates to replace Libor.
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Financial Services Committee Passes Several ABA-Backed Bills
By a voice vote on Thursday, the House Financial Services Committee passed H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
Consumer Sentiment Drops in July
Consumer Sentiment was 81.2 in July according to the University of Michigan Consumer Sentiment Index.…
Treasury Expands Paid Leave Tax Credit for COVID-19 Vaccinations
To encourage more Americans to get vaccinated against COVID-19, the Treasury Department today announced that it will allow certain eligible employers to claim tax credits for providing paid time off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination.
J.D. Power: Consumer Satisfaction with Mortgage Servicers Rises
Customer satisfaction with mortgage servicers industrywide increased six points to 787 on a scale of 1,000 during the pandemic, according to the J.D. Power 2021 Primary Mortgage Servicer Satisfaction Study released today.
ARRC Completes Key Milestone in Libor Transition, Recommends SOFR Term Rates
In a highly anticipated move today, the Alternative Reference Rates Committee formally recommended CME Group as the administrator for a Secured Overnight Financing Rate term rate—a major milestone in the transition away from Libor.
Second Quarter GDP Grew 6.5%
Real GDP increased at a seasonally adjusted annual rate of 6.5% during the second quarter…
Umpqua Survey: Optimism Rises among Small, Middle-Market Firms
Despite persistent pandemic-related uncertainties, optimism among small and middle market businesses is on the rebound, according to Umpqua Bank’s 2021 Business Barometer released today. More than half of middle market firms—55%—said they expect economic conditions to improve, up from just 33% a year ago, and 52% of small firms said they also expect improvement.
SBA Issues Guidance on Direct PPP Loan Forgiveness
The Small Business Administration today released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
Fed: Vaccination Progress Continues to Strengthen Economy
Progress on vaccinations has continued to strengthen indicators of economic activity and employment, the Federal Open Market Committee said today, adding that while the sectors most adversely affected by the pandemic have shown improvement, they have not fully recovered.