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.
Lenders need to “pick up the pace” to be ready for the year-end change away from Libor to alternative reference rates, Federal Reserve Vice Chairman for Supervision Randal Quarles, who also chairs the Financial Stability Board, said in a speech today.
The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
The Alternative Reference Rates Committee today published a set of frequently asked questions addressing its recent best practices recommendations related to scope of use for the SOFR Term Rate.
Community banks look to the senior loan market for solutions to liquidity, competition, yield and growth.
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.
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.
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.
Bank lending is not keeping up with deposit growth. Here’s why.
With certain tenors of Libor set to sunset at the end of 2021, the Commodity Futures Trading Commission’s Interest Rate Benchmark Reform Subcommittee today announced that it has voted to recommend that beginning July 26, interdealer brokers replace trading of Libor linear swaps with trading of U.S. dollar linear swaps tied to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.