The IRS today proposed regulations intended to help market participants transition from the London Interbank Offered Rate to an alternative reference rate.
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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.
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.
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.
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.
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.
The Securities and Exchange Commission late Friday issued a statement warning of the potential consequences for financial markets if the London Interbank Offered Rate, or Libor, is discontinued.
The Alternative Reference Rates Committee yesterday released a white paper that shows how to use an average of the Secured Overnight Financing Rate to structure adjustable-rate mortgages in a way that’s comparable to current ARM loans.
Testifying before the House Financial Services Committee today, Federal Reserve Chairman Jerome Powell said he and his colleagues “don’t expect a severe downturn” in the near future, but warned that a “cross-current” of trade uncertainties and slowing global growth could require a more accommodative monetary policy stance.
The Alternative Reference Rates Committee today released a document offering preliminary considerations for the use of risk-free rates in interdealer cross-currency swaps.