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SOFR
Dec 15, 2021
We have been talking about the transition away from LIBOR for a few years now and the end date is upon us. No new LIBOR exposures are allowed after December 31, 2021. Many community financial institutions are making progress, but only 24% had set a replacement rate, as of this summer. Is your institution prepared for LIBOR’s end date? Here are a few recently released regulatory expectations, to keep you moving for a successful transition.
Mar 23, 2021
The transition from LIBOR to SOFR has been in the works for a while. But, now is the time to face it head-on. We give you six important steps to take right now to ensure you are compliant by the time LIBOR retires: organize your team, make a plan, communicate with stakeholders, assess exposures, remediate contracts, and set up operational readiness.
Jan 27, 2021
Since many community financial institutions have syndicated loans that are pegged to LIBOR, its discontinuation is especially important. Here are the next steps to take in the move from LIBOR to SOFR, including contract reviewing and using fallback language, for a seamless transition.
Jan 13, 2020
Secured Overnight Financing Rate (SOFR), the designated replacement for the LIBOR rate, faced its first test recently. We provide you with an update.
Sep 24, 2020
The LIBOR-SOFR transition is still happening. We have three steps to help you move forward.
Aug 7, 2020
The coronavirus has been on top of mind lately, yet the transition of LIBOR has not been delayed. We provide steps to keep moving forward with your plans.
Jun 29, 2023
The financial industry has been preparing to transition from LIBOR rates to SOFR rates for over two years. Now that the LIBOR cessation date is here, CFIs may still have questions. We discuss what the SOFR rate options are, how the LIBOR Act could impact your remaining LIBOR-based loans, and where to find helpful resources.
Mar 23, 2022
LIBOR was retired for new contracts at the end of last year. But, many community financial institutions have not started using SOFR, the recommended guidance of the Alternative Reference Rates Committee. Are you one of those institutions? Let’s explore why some institutions are hesitant to transition to SOFR and examine another replacement index option.
Oct 13, 2021
The LIBOR transition is well underway. But, how are financial institutions doing in their progress, with the deadline of January 1, 2022, looming? Some institutions have made firm decisions on the replacement index, while others are considering multiple replacement rates. We explore the findings from a recent accounting firm survey to give you an idea of how you compare to your peers in the LIBOR transition.
Jun 15, 2020
The pandemic seems to have affected the adoption of SOFR. Will this delay the transition from LIBOR to SOFR?
Feb 28, 2019
Banks will soon need to adjust their loans to a new benchmark known as the Secured Overnight Financing Rate (SOFR). What is involved in this transition?
Mar 6, 2023
Though the clock is ticking down to the ultimate cessation of LIBOR, the banking industry’s adoption of SOFR has been slower than regulators might have expected. We discuss reasons for the delay and legislation that can ease the process.
Apr 22, 2021
Time is ticking on the transition from LIBOR to SOFR and it is important to keep moving forward. Regulators have advised that using LIBOR for new contracts after 2021 would create safety and soundness risks. Four important reminders allow you to mitigate these risks and prepare for LIBOR’s discontinuation: assess your LIBOR cessation risk, create a plan, devise a solid timeline, and stay on track.
Dec 11, 2020
The LIBOR transition is underway. We outline ARRC's three qualities for a new benchmark and some key dates to keep you on track.