SOFR

Facebook CEO to face a skeptical House panel on Oct. 23; bank stocks have given up last month’s gains as investors await earnings season.

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.

Some countries are toying with digitizing their currencies; NY Fed chief defends SOFR despite recent concerns about repo market volatility.

A Fed-led working group may pressure Wall Street to adopt SOFR; challenger banks with smartphone-based accounts soar.

The Treasury Secretary says Facebook’s cryptocurrency plan creates national security issues; the New York Fed chief tells financial firms to stop dragging their feet and move on from Libor.

President says Facebook could face “full banking regulation”; big banks’ farm loan portfolios have shrunk more than 17% since 2015

Banks shouldn’t have trouble this year, but the rules may change next year; U.S. authorities are probing possible AML compliance violations at the German bank.

The banking industry isn't prepared to transition away from a key financial benchmark in 2021, and steps need to be taken now to avoid market disruptions.

Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management."

New president suggests less regulation and meets with bank leaders; state and city check for illegal lending activity.

An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.

Small banks rise up against “onerous contracts and sometimes mediocre digital offerings”; Quarles warns banks to speed up preparations for Libor sunset.

The flagship division is on course to miss next year’s financial projections; Investors may be using SOFR swaps as a hedge against expected volatility.

Bank’s involvement and complex financing draw ire of Barclay shareholders; banks report financial deceit by those who know seniors.

The possible replacement for Libor's volatility raises concern about its viability; new Fed governor says community banks punished for crisis the did not cause.

An effort to increase awareness of the transition to a new benchmark rate, and nudge banks to start preparing, is expected to intensify in 2019.

Heightened competition from nonbanks, the rise of populism and the uncertainty surrounding Libor’s demise are just some of the short- and long-term threats facing big banks, risk executives say.

Few bankers can claim to have created a new financial market. But JPMorgan Chase Chief Regulatory Officer Sandie O’Connor can.

The London interbank offered rate will likely be replaced by a new reference rate that critics say is better suited for the derivatives market than it is for commercial lending.