The Consumer Financial Protection Bureau (CFPB) on Friday issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The new interim final rule contains updates to reflect the ...

Issues with pricing legacy USD LIBOR swaptions first became prominent in 2020, when major clearinghouses transitioned from Fed Funds to SOFR discounting for USD swaps.

LCH SwapClear completed its final conversion from Libor to Sofr on 20 May in a significant milestone for the transition of the global interest rate benchmark. According to the business the conversion ...

Any transition to a SOFR-based benchmark rate described above will only apply if Discover does not exercise its option to redeem the Subordinated Notes in August 2023.

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 ...

Banks had been using Libor— the London Interbank Offered Rate —since the 1980s. But the Libor became untrustworthy, beginning with interest-rate policies that worsened the 2008 financial crisis.

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 ...

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, ...

Annex C provides details on such USD LIBOR-linked instruments that will transition, pursuant to the terms of such instruments, to 3-month Term SOFR following June 30, 2023.

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 ...