Amex's immigrant assist, the Libor void, bank failures: Top stories of the week


New tech lets American Express instantly issue cards to immigrants; the end of Libor raises concerns about financial stability; regulators shutter banks in Kentucky and Ohio; and more from this week's most-read stories.


Is the end of Libor a threat to financial stability?


Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.


Regional banks sound alarm over new interest rate benchmark


Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability.


Next step in Libra battle; bank stock rally fizzles


Facebook CEO to face a skeptical House panel on Oct. 23; bank stocks have given up last month’s gains as investors await earnings season.


Red flags worrying lawmakers 11 years after financial crisis


Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.


Libor is ending. We aren't ready


The most widely referenced interest rate benchmark will cease to function after 2021, and the financial system is still coming to grips with that complicated reality.


UBS shuffles top management; Treasury issues Libor tax guidance


The bank elevated three senior executives who could be possible successors to CEO Sergio Ermotti; the move to a new rate benchmark won’t trigger a “tax event.”


Trump warns on Libra; Lenders retreat on farm loans


President says Facebook could face “full banking regulation”; big banks’ farm loan portfolios have shrunk more than 17% since 2015


Fed working group proposes SOFR-based mortgage by 2021


The Alternative Reference Rates Committee promotes the adoption of a new Secured Overnight Financing Rate index rate to replace Libor in pricing hybrid adjustable-rate mortgages within the next two years. The change would be the first application of SOFR to a consumer-loan product.


Losing Libor will be messy


The banking industry isn’t prepared to transition away from a key financial benchmark in 2021, and steps need to be taken now to avoid market disruptions.