Fed’s hard sell on SOFR; Consumers dialed in on phone banking


A Fed-led working group may pressure Wall Street to adopt SOFR; challenger banks with smartphone-based accounts soar.


Mnuchin adds to anti-Libra chorus; Fed’s Williams touts SOFR


The Treasury Secretary says Facebook’s cryptocurrency plan creates national security issues; the New York Fed chief tells financial firms to stop dragging their feet and move on from Libor.


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.


Banks seen breezing through stress tests; Deutsche under investigation


Banks shouldn’t have trouble this year, but the rules may change next year; U.S. authorities are probing possible AML compliance violations at the German bank.


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.


Transition from Libor to new benchmark should begin now: Fed’s Quarles


Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management."


Mexico courts big banks; New York eyes taxi lenders


New president suggests less regulation and meets with bank leaders; state and city check for illegal lending activity.


Can New York state ease benchmark switch for legacy Libor contracts?


An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.


Small banks’ tech discontent; Preparing for the end of Libor


Small banks rise up against “onerous contracts and sometimes mediocre digital offerings”; Quarles warns banks to speed up preparations for Libor sunset.