The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. ...more
4/20/2021
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Consumer Financial Products ,
Financial Contracts ,
ICE Benchmark Administration (IBA) ,
Interest Rates ,
ISDA ,
Legacy Contracts ,
Libor ,
Loans ,
New Legislation ,
Secured Overnight Funding Rate (SOFR)
Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule. ...more
The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more
The Office of the Comptroller of the Currency (OCC) issued a proposed rule on July 20 that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more