SOFR Loan Documentation: 8 Things For Borrowers To Think About

Bankers, lawyers and others involved in the loan market’s transition from LIBOR to another reference rate have spent much of the past two years thinking about and drafting fallback provisions—the section of a loan agreement that describes what happens if LIBOR is not available. Now that the likely disappearance of LIBOR is less than a year and a half away, and the Alternative Reference Rates Committee (ARRC) has identified the Secured Overnight Financing Rate […]

By | September 10th, 2020 ||

NYDFS Urges OCC To Withdraw “True Lender” Rule Proposal

The New York State Department of Financial Services (“NYDFS”) urged the OCC to withdraw a proposed rule that would clarify when a national bank or federal savings association is considered to be the “true lender in the context of a partnership between a bank and a third party, such as a marketplace lender.”

The proposed rule would clarify that a national bank or federal savings association is considered to have made a loan if, on the date that the […]

By | September 8th, 2020 ||

OCC Authorizes Closure Of Banks Along U.S. Gulf Coast

The OCC authorized national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices located in areas affected by severe weather along the U.S. Gulf Coast. The OCC proclamation also referred to previously issued supervisory guidance on emergency conditions.
Primary Sources

OCC Press Release: OCC Allows National Banks and Federal Savings Associations along U.S. Gulf Coast to Close

By | September 4th, 2020 ||