ARRC Recommends Libor Fallback Language for Residential ARMs
The Alternative Reference Rates Committee today issued its recommended fallback language for residential adjustable-rate mortgages that reference the London Interbank Offered Rate.
Browsing: Reference rates
McWilliams Expresses Concern about New Loans Tied to Libor
In an interview with MarketWatch published today, FDIC Chairman Jelena McWilliams expressed concern that banks are continuing to originate loans with contracts tied to the London Interbank Offered Rate, despite the fact that the rate is not guaranteed to be available after 2021.
New York Fed Seeks Comment on Publication of SOFR Term Rates, Index
As expected, the Federal Reserve Bank of New York today announced plans to publish daily three compounded averages of the Secured Overnight Financing Rate, with tenors of 30, 90 and 120 days, as well as a daily SOFR index to allow users to calculate average rates over custom time periods.
N.Y. Fed’s Williams: Repo Market Turmoil No Reason to Delay Libor Switch
Recent money market conditions that have seen the Federal Reserve resume regular repo operations for the first time in years should not delay market participants’ preparations to transition away from the London Interbank Offered Rate, New York Fed President and CEO John Williams said today.
IRS Proposed Rule Would Help Ease Transition Away from Libor
The IRS today proposed regulations intended to help market participants transition from the London Interbank Offered Rate to an alternative reference rate.
Survey Finds Cost of Funds Top of Mind for Community Bankers
Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey released today by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors.
FHFA Directs FHLBs to End Dependence on Libor
With the future of the London Interbank Offered Rate uncertain beyond 2021, the Federal Housing Finance Agency today directed the Federal Home Loan Banks to begin planning to phase out Libor-based transactions.
N.Y. Fed Chief: Don’t Wait for Term SOFR to Begin Rate Transition
Market participants should not wait for term versions of the Secured Overnight Financing Rate to begin adopting it in contracts, Federal Reserve Bank of New York President John Williams said at an event today.
ARRC Publishes Checklist for Institutions Transitioning from Libor to SOFR
The Alternative Reference Rates Committee today issued an implementation checklist to help institutions working to transition away from the London Interbank Offered Rate to the Secured Overnight Financing Rate, the ARRC’s recommended replacement for Libor.
FASB Proposes Guidance to Ease Libor Transition
As banks work to reduce their dependence on the London Interbank Offered Rate, the Financial Accounting Standards Board yesterday proposed guidance that would help ease the potential effects of reference rate reform on financial reporting.