Interim final rule contains updates to reflect a new law and Federal Reserve Board regulation. The Consumer Financial Protection Bureau (CFPB) on Friday issued an interim final rule amending the ...
Wells Fargo (NYSE:WFC) on Friday provided information for the transition of its outstanding U.S. dollar instruments based on LIBOR (London Interbank Offer Rate). After June 30, the lender said, ...
LSEG’s post-trade division, LCH SwapClear, successfully completed the second and the final conversion last week, following the first USD Libor conversion event last month. LCH SwapClear completed its ...
RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services (NYSE: DFS) and Discover Bank (collectively “Discover”) have certain outstanding preferred stock and debt securities, listed in this ...
From here on out, your consumer or business loan rate will be set by a new standard. Replacing Libor, the obsolete benchmark for loan rates, is SOFR, the Secured Overnight Financing Rate. Its full-on ...
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What was the LIBOR rate, and what happened to it?
LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
With the upcoming cessation of the London Inter-Bank Offered Rate (LIBOR), the industry is now focused on taking the necessary steps to transition away from the LIBOR benchmark to alternative indices, ...
MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that, after June 30, 2023, 3-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor ...
After years of transition efforts, the benchmark interest rate for nearly all commercial loans for the past 40 years (LIBOR) has been phased out and replaced in most agreements with a new benchmark ...
The Federal Housing Administration (FHA) issued on Tuesday Mortgagee Letter (ML) 2023-09, which implements its final rule that shifts away from the London Interbank Offered Rate (LIBOR) index for ...
Rachel Witkowski is an award-winning journalist whose 20-year career spans a wide range of topics in finance, government regulation and congressional reporting. Ms. Witkowski has spent the last decade ...
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