FSB: Continued Engagement Needed on Libor Transition
With the COVID-19 pandemic highlighting the “fundamental weakness” in the London Interbank Offered Rate, financial…
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Agencies Reiterate That Banks May Use ‘Appropriate’ Non-SOFR Libor Alternatives
The federal banking agencies today issued a statement reiterating that they are not endorsing a specific replacement rate for the London Interbank Offered Rate.
Agencies: No Plans to Recommend Credit-Sensitive Element to SOFR
The U.S. financial agencies do not plan to recommend a credit-sensitive element to the Secured Overnight Financing Rate or a credit-sensitive rate, agency heads said in a letter to a group of regional banks yesterday.
New York Fed’s Held: ‘Libor Countdown Has Not Stopped’
Despite the pandemic, financial institutions should not expect a delay in the Dec. 31, 2021, date when publication of the London Interbank Offered Rate can no longer be relied upon, Federal Reserve Bank of New York General Counsel Michael Held said at an investor conference today.
ARRC Updates Libor Fallback Language for Business Loans
The Alternative Reference Rates Committee today released updated recommended fallback language for newly originated bilateral business loans that reference the London Interbank Offered Rate.
ARRC Releases SOFR ‘Starter Kit’
As part of its ongoing work to facilitate the transition by financial market participants away from the London Interbank Offered Rate, the Alternative Reference Rates Committee today released a “starter kit” of resources on the Secured Overnight Financing Rate.
ARRC Chairman Addresses SOFR Concerns in Bloomberg Op-Ed
In a Bloomberg op-ed on Friday, Tom Wipf—chairman of the Federal Reserve’s Alternative Reference Rates Committee and vice chairman of international securities at Morgan Stanley—pushed back against several common misconceptions about the Secured Overnight Financing Rate, the ARRC’s preferred replacement for the London Interbank Offered Rate.
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.