SOFR

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

08/12/19

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

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

07/16/19

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.

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Trump warns on Libra; Lenders retreat on farm loans

07/12/19

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

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Fed working group proposes SOFR-based mortgage by 2021

07/11/19

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.

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Banks seen breezing through stress tests; Deutsche under investigation

06/20/19

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.

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Losing Libor will be messy

06/04/19

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.

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

06/03/19

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."

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Mexico courts big banks; New York eyes taxi lenders

05/21/19

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

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

04/21/19

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.

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

04/11/19

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

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