Congress Passes ABA-Backed Bill Addressing Tough Legacy Libor Contracts
The Senate late Thursday night passed an omnibus spending package that included a bipartisan, American Bankers Association-backed bill to address “tough legacy” Libor contracts.
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House Clears Omnibus Spending Bill Containing ABA-Advocated Provisions
The House today approved an omnibus appropriations package that includes several banking-related provisions, including ABA-backed legislation that would address “tough legacy” contracts that currently reference Libor.
Tester: Libor Fix Legislation Is in Must-Pass Spending Bill
A bipartisan, ABA-advocated bill to address “tough legacy” Libor contracts is included in the omnibus spending bill that Congress is expected to pass in the coming days, Sen. Jon Tester (D-Mont.) said at the ABA Washington Summit today.
ABA-Backed Bipartisan Bill to Ease Libor Fixes Introduced in Senate
With two tenors of U.S. dollar Libor no longer being published the remainder set to cease by June 30, 2023, four senators this week introduced a bill that would address “tough legacy” contracts that reference Libor but cannot be easily changed.
ARRC Chairman: Legislations Needed to Address Libor Legacy Contracts
In a Barron’s op-ed today, Tom Wipf, chairman of the Alternative Reference Rates Committee, emphasized the need for legislation to address legacy contracts that have no effective means to replace Libor.
IRS Releases Final Regs on Tax Implications of Post-Libor Modifications
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
Podcast: Navigating the Beginning of the End for Libor
5… 4… 3… 2… 1… The banking industry is in the final New Year’s Eve countdown to the cessation of two U.S. dollar Libor tenors, with the remainder set to cease in 2023.
FSOC: Climate Risk Tops Financial Stability Priorities
Climate-related risks rank among the top priorities for the Financial Stability Oversight Council, according to the FSOC annual report released today.
House Advances ABA-Supported Libor Legislation
By an overwhelming bipartisan vote of 415-9 today, the House passed H.R. 4616, the Adjustable Interest Rate (Libor) Act, an ABA-advocated bill that would address “tough legacy” contracts that currently reference Libor, which will cease to be published by June 2023.
CFPB Finalizes Reg Z Libor Proposal
As the industry prepares for the discontinuation of Libor, the CFPB today finalized changes to Regulation Z designed to facilitate the transition to alternate reference rates. The final rule amends open-end and closed-end provisions to provide examples of replacement indexes for Libor indexes that meet Reg Z standards.