Cabinet News & Views

After a long journey, tomorrow marks the end of the transition away from LIBOR.

But as we know, and as we’ve been reminded for the past few years by my colleague Lary Stromfeld, a market-leading legal voice on LIBOR transition, life without LIBOR won’t look all that different than it does today. We’re not back in 1999 when, as many of us remember, unfounded fears about Y2K nearly paralyzed our organizations’ operations. As Lary tells us, the sun will indeed come out on Saturday. Be sure to read Lary’s “Commencement Speech.” I’m sure you’ll enjoy it.

For those in the U.S. celebrating Independence Day on Tuesday, have a great Fourth of July weekend. Enjoy the barbecues, pool and beach trips, hikes and, of course, fireworks. Happy 247th birthday to our nation.

Daniel Meade
Partner and Editor, Cabinet News and Views

A LIBOR Commencement Speech

By Lary Stromfeld

Partner | Financial Regulation

The London Interbank Offered Rate (LIBOR) will stop being published on the basis of panel bank quotes and will be replaced by alternative replacement rates after June 30, 2023. In the spirit of the season, below is the commencement speech I would imagine giving.

By Daniel Meade

Partner | Financial Regulation

Yesterday, the Federal Reserve Board issued the aggregate and individual results of the supervisory stress test (also known as the Dodd-Frank Act Stress Test or DFAST, as these tests are required by Section 165 of the Dodd-Frank Act), which assesses whether banks are sufficiently capitalized to absorb losses during a severe recession.

By Mercedes Kelley Tunstall

Partner | Financial Regulation

The Financial Action Task Force, which is focused on leading global initiatives to tackle money laundering and terrorist financing, issued a report regarding the implementation of its recommended standards addressing AML concerns in the cryptocurrency space over the last four years.

By Mercedes Kelley Tunstall

Partner | Financial Regulation

The Federal Trade Commission filed an amicus brief in a case before the Seventh Circuit that was brought on appeal by the Consumer Financial Protection Bureau against a Chicago-area lender, Townstone Financial, for violations of the Equal Credit Opportunity Act.