On November 30, ICE Benchmark Administration Limited (IBA) announced that it will hold a consultation on its intention to (1) cease the publication of the one week and two month USD LIBOR settings after December 31, 2021, but (2) continue publishing the remaining USD LIBOR settings until June 30, 2023.
Continue Reading Possible Life After 2021 for Some US Dollar LIBOR Tenors

The Office of the Comptroller of the Currency (OCC) published a final rule on October 27 that adopts a “bright line test” for determining when a national bank or federal savings bank (bank) is the “true lender” in connection with a loan originated pursuant to a third-party partnership (Final Rule). Under the Final Rule, a Bank makes a loan when it, as of the date of origination, (1) is named as the lender in the loan agreement; or (2) funds the loan. In cases where one bank is named as the lender in the loan agreement and another bank funds the loan, the bank named as the lender in the loan agreement is deemed to have “made” the loan.
Continue Reading OCC Issues Final “True Lender” Rule

On October 20, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), and the National Credit Union Administration (each, a Banking Agency, and collectively, the Banking Agencies) published a proposed rule (the Proposed Rule) that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the Banking Agencies on September 11, 2018 (the 2018 Statement). The 2018 Statement provided that regulatory guidance did not have the force and effect of law and did not create binding obligations on the public.
Continue Reading Banking Agencies Issue Proposed Rule Addressing Role of Supervisory Guidance

In connection with the requirements set forth in Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Section 1071), the Consumer Financial Protection Bureau (CFPB) released on September 15, both a high-level summary (Summary) and a more detailed outline of the proposals it is considering (Outline) to implement Section 1071’s mandate that the CFPB require financial institutions to “compile, maintain, and submit to the [CFPB] certain data on applications for credit for women-owned, minority-owned, and small businesses.”
Continue Reading CFPB Publishes Proposals to Implement Small Business Lending Data Collection Rulemaking

On July 29, the Attorneys General for the States of California, Illinois and New York (State AGs) filed suit seeking declaratory and injunctive relief in the US District Court for the Northern District of California (Complaint) against the Office of the Comptroller of the Currency (OCC), the primary federal regulator for national banks and federal savings banks (each, a Bank), in connection with the OCC’s issuance of its final “valid when made” rule that was effective on August 3 (VWM Rule).
Continue Reading California, Illinois and New York File Suit Against OCC’s “Valid When Made” Final Rule

On June 30, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York published another document to assist capital markets participants in their transition away from use of LIBOR as a transactional interest rate.
Continue Reading ARRC Publishes Additional LIBOR Replacement Materials