LIBOR – NASCUS

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BRIEFLY: ‘Every tool’ now available to transition from LIBOR; Agencies expand paid tax leave credit for vaccinations

(July 30, 2021) Market participants now “have every tool they need to transition from LIBOR,” the vice chair of the Federal Reserve said this week, as a Fed-backed group developing...

Group updates steps to take in face of LIBOR demise

(June 4, 2021) Steps that should be taken now and through the rest of the year by those with exposure to the soon-to-be-defunct LIBOR are outlined in a “roadmap” issued...

Summary outlines key points of LIBOR letters

(May 28, 2021) An overview of the letter to credit unions on the future of the LIBOR reference rate is the latest summary to be posted by NASCUS; it is...

Letters: stop using LIBOR ASAP

(May 21, 2021) Stopping the use of LIBOR as a reference rate as soon as possible as a year-end expiration date looms is encouraged for all federally insured credit unions,...

BRIEFLY: Fact sheet on LIBOR demise published; Powell inflation indicators only ‘transitory’

(April 30, 2021) A two-page fact sheet that lays out what’s behind the demise of the London Interbank Offer Rate (LIBOR), a widely used rate used for such lending products...

BRIEFLY: New comms staffer at NCUA; Hiring of people of color up at agency; LIBOR legacy contract legislation advocated; Biden reportedly preparing order to assess climate change ‘financial risk’

(April 16, 2021) Samuel Schumach was tapped as deputy director for external affairs and communications at NCUA this week by agency board Chairman Todd Harper. Schumach previously served as legislative...

BRIEFLY: NCUA LICU grants available; NY legislation on LIBOR signed into law

(April 9, 2021) Approximately $1.5 million in awards to support digital services and cybersecurity, mentoring of small minority depository institution (MDI) credit unions, and service to underserved communities will be...

‘No scenario’ for continued use of LIBOR, Fed governor asserts

(March 26, 2021) The Federal Reserve’s top supervisor this week made it clear that the future of LIBOR as a reference rate for such products as adjustable-rate mortgages will be...

BRIEFLY: MA earns reaccreditation; Tool aims to ease bank LIBOR transition; happy President’s Day!

(Feb. 12, 2021) Congratulations to the Massachusetts Division of Banks (credit union supervision) on being reaccredited by NASCUS. Established in 1989, the NASCUS Accreditation Program administers and assures quality standards...

BRIEFLY: Banking agencies urge stop to LIBOR use now

(Dec. 4, 2020) Banks, “as soon as practicable,” should cease entering into new contracts that employ LIBOR as a reference rate in loan contracts, the three federal banking agencies said...

Momentum growing for abandonment of LIBOR

The forward motion to officially sideline LIBOR (London Interbank Offering Rate) as a reference rate for such financial products as adjustable mortgages and others continued this week with two top...