News & Analysis as of

Interest Rates

Tax Refunds in South Carolina? Don’t Plan On (Much, If Any) Interest.

by Nexsen Pruet, PLLC on

One little known fact in South Carolina business and politics is that every year the South Carolina General Assembly uses a budget proviso to deny taxpayers interest that should be paid on tax refunds. Instead, the interest...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

M&A Tax Aspects of Republican Tax Reform Framework

by McDermott Will & Emery on

The outline of pending tax reform provisions remain vague, but a significant impact on M&A activity is expected by way of corporate tax cuts, interest deductibility, changes to the expensing of capital investments, a...more

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Planning For The End of LIBOR

by Holland & Knight LLP on

By 2021, it is likely that LIBOR will no longer exist, and even more likely that it will no longer be the leading global benchmark interest rate. This news comes from the U.K. Financial Conduct Authority’s (FCA) announcement...more

FCA Announces Discontinuation of LIBOR

by Hogan Lovells on

As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Here’s a headache Amazon may not have counted on for the much-touted Whole Foods venture: a data breach of its very own – WSJ and MarketWatch - The 2d Circuit has refused to upend a lower court’s 2015 order that Nomura and...more

The Transition Away From USD LIBOR for Swaps - A Report for U.S. Market Participants

by Moore & Van Allen PLLC on

With the Financial Conduct Authority (the “FCA”) announcing in July 2017, essentially, its intent to no longer persuade or compel panel banks to make LIBOR submissions by the end of 2021, the future of LIBOR, and its role in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Equifax CEO Richard F. Smith is out as the fallout continues from the massive cyberbreach of the consumer credit reporting agency that exposed the personal information of as many as 143 million people....more

Acting Comptroller Noreika comments on Madden “fix,” other OCC initiatives

by Ballard Spahr LLP on

In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act allows the national bank to charge. ...more

Section 7C

by Hogan Lovells on

Raising the red flag on low interest and interest free loans to trusts - Over the years, trusts have consistently proved to be a reliable and attractive vehicle for many, offering flexibility and benefits with regard to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Lights Out for LIBOR by 2021

by Ropes & Gray LLP on

Questions regarding the sustainability and desirability of the London Interbank Offered Rate (LIBOR) have prompted the UK Financial Conduct Authority (FCA) to urge the phasing out of LIBOR and a transition to alternative...more

The likely replacement for Libor may be just as prone to abuse

by WilmerHale on

Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable”...more

Federal Reserve Board Publishes Request for Comment on LIBOR Alternatives

On August 30, 2017, the Federal Reserve Board published in the Federal Register its request for comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new...more

Flex commission prohibition

by Dentons on

A new law commencing on 1 November 2018 prohibits arrangements where introducers are provided with a delivery rate to which introducers can add a margin to determine the borrower rate – subject to some exceptions. Lenders,...more

Wealth Management Update - September 2017

by Proskauer Rose LLP on

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Best in Law: Which Interest Rate Applies in Bankruptcy? With Low Federal Rates, It Matters, BB&K Attorney Thomas Eastmond Writes...

by Best Best & Krieger LLP on

While the question of what interest rate applies to a claim in bankruptcy might seem, at first glance, to be straightforward — it is not. Depending on the circumstances, a creditor might be entitled to no interest at all,...more

The Transition Away from LIBOR

by Bryan Cave on

LIBOR, or the London Interbank Offered Rate, is a benchmark utilized in a variety of financial transactions (including the setting of interest rates in credit agreements). It was intended to be an average of the rates at...more

Orrick's Financial Industry Week In Review

Federal Reserve Seeks Comments on LIBOR Alternatives - On August 24, 2017, the U.S. Federal Reserve requested public comments on a plan for the New York Federal Reserve and the Office of Financial Research to come up with...more

Federal Reserve Board Requests Public Comment on Proposed LIBOR Replacement

On August 24, the Federal Reserve Board (the Board) requested public comment on a proposal for the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates...more

London Interbank Offered Rate to Be Replaced By End of 2021

The U.K.’s Financial Conduct Authority (FCA) recently announced that the London Interbank Offered Rate (LIBOR) is to be phased out by the end of 2021 and replaced with a more reliable alternative. LIBOR is a daily...more

Texas House Bill 1774 and Hurricane Harvey

by Jackson Walker on

Our hearts and thoughts go out to all of our employees, clients, and friends affected by Hurricane Harvey and the devastation caused by the storm. Your personal safety, and that of your family and loved ones, is our top...more

FCA announces plan to scrap LIBOR before 2022

by WilmerHale on

In the wake of multiple criminal and regulatory investigations into alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (“FCA”) has...more

Minnesota AG Sues Lending Firms for Scamming Seniors and Veterans

by Goodwin on

On August 17, 2017, the Associated Press announced that Minnesota’s Attorney General is suing two lending firms (with the same Nevada address) for allegedly pressuring veterans and senior citizens into signing over large...more

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