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Benchmarks Consumer Financial Products

GeoDataVision

New CRA Retail Lending Test Benchmarks

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The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more

GeoDataVision

How to Figure Out How the New CRA Affects Your Bank

GeoDataVision on

I’ve written at least a dozen articles about the dramatic impact the new CRA is going to have on banks. Until now, only about 1.2% of bank CRA examinations end with a failing grade. But, by the estimates of the regulators, if...more

Cadwalader, Wickersham & Taft LLP

Benchmarks Beyond January 2024 - 2024 Update on the Cessation of CDOR and SIBOR

As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as...more

Ballard Spahr LLP

Fed Resumes Raising Interest Rates With 25bp Bump

Ballard Spahr LLP on

Summary - After pausing last month in its ongoing series of rate increases, the Federal Reserve Board today bumped up its benchmark interest rate, the fed funds rate, by .25% to a range of 5.25% to 5.50%—a 22-year high....more

Cadwalader, Wickersham & Taft LLP

What Are the Alternatives? April 2023 - Current State of Play of Alternative Currency Benchmark Rates

As we finish the last season of LIBOR replacement, the fund finance market is busy amending our loan documents to include SOFR as the interest rate benchmark for U.S. dollar loans. While the cessation date for USD LIBOR is...more

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more

Cadwalader, Wickersham & Taft LLP

Federal Reserve Issues Proposed Rules under LIBOR Act

On July 19, the Federal Reserve issued a notice of proposed rulemaking (“NPR”) that would implement the Federal LIBOR Act. The NPR focuses primarily on identifying the particular version of SOFR that will apply to legacy...more

Cadwalader, Wickersham & Taft LLP

Be Bold - January 2022 | Issue No. 159 - Four Bold Predictions for 2022

Hitting the year-end deadlines was hard. Your kind words eased that pain like a week’s vacation on a remote island with no wifi. I have saved every single one of those emails, texts and LinkedIn messages and filed them away...more

Morgan Lewis

New York Enacts Legislative ‘Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?

Morgan Lewis on

The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. ...more

Mayer Brown Free Writings + Perspectives

The New York LIBOR Legislative Solution Becomes Law

On April 7, 2021, the proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or...more

Cadwalader, Wickersham & Taft LLP

Five Bullet Points in the LIBOR Transition That Happened in March (That You Want to Act Like You Know All About in Case Your Boss...

March was a big month for the LIBOR endgame. There were several big announcements, some important (but technical) developments, and new deadlines. Simply put, the March developments matter to the fund finance community...more

Hogan Lovells

Financial institutions general regulatory news, February 2021 # 4

Hogan Lovells on

Operational resilience: developments in the financial services sector in the UK - In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new...more

Goodwin

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

Foodman CPAs & Advisors

Are Financial Institutions Creating a Corporate Governance Strategy to handle the End of Libor?

The London Interbank Offered Rate (LIBOR) expires at the end of 2021.  Used since the early 1980s, LIBOR is the most referenced global short-term interest rate, and a “standard benchmark”....more

Cozen O'Connor

Transitioning for the End of LIBOR

Cozen O'Connor on

In July 2017, Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA), announced that by the end of 2021, the FCA would no longer seek to compel or persuade panel banks to submit quotes for LIBOR....more

Orrick, Herrington & Sutcliffe LLP

LIBOR Primer

The reference rate provided by selected panel banks to the LIBOR administrator, ICE Benchmark Administration (IBA) and that is used to establish interest rates on many loans, notes, bonds and other financings, derivatives,...more

Orrick, Herrington & Sutcliffe LLP

SIFMA LIBOR Transition Briefing: Transition to Alternative Reference Rates - Key Takeaways

SIFMA hosted a briefing on July 15 at which presenters from the NY Fed, FCA, ARRC, Wells Fargo, Freddie Mac, Fannie Mae and SIFMA discussed the progress that has been made thus far in preparing for the transition from LIBOR...more

Orrick, Herrington & Sutcliffe LLP

Takeaways from the June 3 ARRC Roundtable

I attended the recent ARRC roundtable discussion on the LIBOR to SOFR transition and was struck by the tenor of urgency in the discussion – urgency to begin operational preparations for the transition; urgency to inventory...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

On second thought, Wall Street does have some questions about the specifics of the pause in the trade war that apparently emerged from the G-20 sidelines this weekend.  And when Wall Street has questions—well, not a banner...more

Hogan Lovells

The future of the LIBOR benchmark rate

Hogan Lovells on

Since the loss of liquidity in the inter-bank market following the global financial crisis and more recently the emergence of LIBOR-manipulation concerns, regulators have announced plans for reforming benchmark rates. Given...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - LIBOR "Transition" - While there is a way to go until the end of 2021 when panel banks will no longer be required to provide LIBOR quotes to the FCA, we expect to see more and more...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Agencies Propose Simplifying Regulatory Capital Rules - On September 27, 2017, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency announced a proposed...more

Orrick - Finance 20/20

EBA Consults on its Benchmark Rate Under the MCD

Orrick - Finance 20/20 on

The Mortgage Credit Directive (2014/17/EU) (MCD) requires that creditors create two illustrative examples for variable rate mortgages on the basis of a benchmark rate specified by the EBA. Consequently, the EBA has developed...more

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