As if lenders didn’t have enough to deal with these days with the deluge of borrower requests for forbearance and payment relief, they continue to face a ticking clock on the transition away from ...

OLDWICK, N.J.--(BUSINESS WIRE)-- The transition from the long-standing London Interbank Offered Rate (LIBOR) reference rate, used to help set other interest rates, to the Secured Overnight Financing ...

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 ...

BUFFALO, N.Y., June 14, 2023 /PRNewswire/ -- M&T Bank Corporation (MTB) (NYSE: MTB, M&T) announced today that CME Term SOFR will be the replacement reference rate for certain outstanding floating rate ...

MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (FHN) (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term ...

The Financial Stability Board has released a progress report to the G20 on LIBOR transition, encouraging financial authorities to set global consistent milestones that will accelerate moves away from ...

As if they didn’t have enough to deal with, banks are faced with a succession of serious challenges over the next two years as they face up to the reality of the end of Libor. Firstly, they must ...

During the transition of the London InterBank Offered Rate (LIBOR) to the approved substitute benchmark in the United States, the Secured Overnight Financing Rate (SOFR), a basic question was raised ...

Two years after the U.K. Financial Conduct Authority announced an end date for the London interbank offered rate, there has been an alarming lack of progress in preparing for a conversion to a new ...