President Biden on March 15 signed into law the Adjustable Interest Rate (LIBOR) Act, which aims to reduce uncertainty regarding the effect of ending LIBOR on existing USD LIBOR transactions, as part of an omnibus spending...more
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)
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
The challenges of complying with both the US rules and the EU rules.
Both United States and European Union laws now require 5 percent credit risk retention for securitization transactions. While the jurisdictional scope...more
2/27/2017
/ Asset-Backed Securities ,
Dodd-Frank ,
EU ,
Hedging ,
Interest Rates ,
Multi-Jurisdictional Litigation ,
Qualified Residential Mortgages (QRB) ,
Risk Retention ,
Securities Act of 1933 ,
Securitization ,
Sponsors