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The coronavirus has been on top of mind lately, yet the transition of LIBOR has not been delayed.
Will this delay the transition from LIBOR to SOFR?
FinCEN issued an advisory on pandemic fraud scams and schemes.
As bankers get back to work in the branch, there are questions to answer.
Secured Overnight Financing Rate (SOFR), the designated replacement for the LIBOR rate, faced its first test recently.
Returning back to the office after the pandemic might not be far off.
Banks will soon need to adjust their loans to a new benchmark known as the Secured Overnight Financing Rate (SOFR).
Several large banks have estimated that the SOFR index could range between 10bps lower (based on historical averages) to 20bs lower (based on current Libor-Fed Funds basis) than LIBOR.
Many community financial institutions are looking for ways to help their customers with loan modifications.
In continued support of businesses, the Fed announced its Main Street Lending Program.