News & Analysis as of

Interest Rates

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

Federal Reserve Board Seeks Public Comment on Alternatives to LIBOR

The U.S. Federal Reserve Board is requesting public comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new reference rates intended as alternatives to the...more

The 'End' of LIBOR: Considerations for Market Participants

by Pepper Hamilton LLP on

LIBOR has been referred to as “the world’s most important number,” and $350 trillion in financial products pegged to LIBOR provide strong reason for believing that description to be true. LIBOR, the London Interbank Offered...more

Derivatives In Review - August 2017

LIBOR Discontinuance and the Derivatives Markets - On July 27, the Chief Executive of the UK Financial Conduct Authority announced that, after the end of 2021, the FCA would no longer use its power to persuade or compel...more

The Transition Away from Libor: The Sky is not Falling, but There Are Steps That you Should Take Now to Prepare for When it...

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The 2d Circuit has upheld by a 2-1 margin the insider-trading conviction of former SAC Capital Advisors portfolio manager Mathew Martoma. Martoma’s counsel had challenged the propriety of the jury instructions in light of the...more

New Case Law on Upfront Fees in German Loan Agreements

by Shearman & Sterling LLP on

On 4 July 2017, the German Federal Court of Justice (BGH)—in two separate cases—held that pre-formulated agreements on work fees that are payable independent from the term of the underlying loan and agreed between a financial...more

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

by Ballard Spahr LLP on

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

by Ballard Spahr LLP on

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Preparing for the End of LIBOR

by Barley Snyder on

The U.K. Financial Conduct Authority has stated it intends to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. LIBOR is used regularly as an interest rate index in variable rate loans, and is the...more

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