After June 30, U.S. Bank will replace three-month LIBOR with three-month CME term SOFR as the reference rate for certain outstanding floating rate or fixed-to-floating rate debt securities, preferred stock represented by depositary shares, income trust securities and preferred stock. read more

MAY 17, 2023 - 7:07 am

A research report from SDL, part of RWS Holdings, highlighted the immense pressure that major financial services organizations are under to ensure they are ready to transition away from LIBOR — which underpins approximately $400 trillion worth of contracts — by the end of 2021. read more

MAR 15, 2021 - 6:20 am

LTi Technology Solutions will now provide support for the LIBOR to SOFR transition in all versions of its flagship product, ASPIRE V5. While the official end of LIBOR is still several months away, LTi is taking this action now with the goal of ensuring efficient replacement. read more

JAN 25, 2021 - 6:28 am

The Financial Accounting Standards Board issued a proposed accounting standards update that would clarify the scope of the FASB’s recent reference rate reform guidance. Stakeholders are asked to review and provide input on the proposed ASU by Nov. 13. read more

NOV 4, 2020 - 7:13 am

The Wall Street Journal reported that the Federal Reserve will not use the Main Street Lending Program to promote SOFR, its LIBOR replacement of choice. read more

MAY 4, 2020 - 6:50 am

The Financial Accounting Standards Board issued an Accounting Standards Update that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. read more

MAR 13, 2020 - 6:50 am

The FASB approved an ASU to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. read more

NOV 14, 2019 - 6:55 am

The Wall Street Journal reported that the FASB has proposed to extend by three years the implementation deadline of CECL for small public lenders, private lenders and nonprofits. read more

JUL 23, 2019 - 6:40 am

As the 2021 end of the LIBOR approaches, banks, accountants and regulatory bodies are still struggling to find a replacement standard that is immune to the same manipulation that brought about LIBOR’s demise, reports Bloomberg Tax. read more

MAR 25, 2019 - 6:55 am

The Federal Financial Institutions Examination Council will hold a webinar on December 6, 2018 to promote awareness and understanding of efforts to develop alternative reference rates to LIBOR. read more

NOV 20, 2018 - 6:30 am

Bloomberg reported that Libor is attempting to fend off a challenge to its throne as the global benchmark for dollar-based assets from suddenly scrutinized SOFR. read more

MAY 7, 2018 - 6:55 am