Amidst COVID-19 concerns, there are ongoing regulatory considerations that require attention. Through our direct involvement in the market and regulatory affairs for all segments of the commercial lending business, AFS has been at the forefront of the coming mandatory transition to SOFR, working closely with the ARRC and other industry leaders to provide clarifications on LIBOR and SOFR. Although the ICE Benchmark Association (IBA) announced in November that the USD LIBOR would continue until June 2023 (apart from 1-week and 2-month LIBOR), they still intend to discontinue LIBOR for the EURO, Sterling, Swiss Franc, and Yen in 2021. The ARRC still highly recommends that business loans should stop originating loans in LIBOR as of the original deadline of June 30, 2021. OCC/FDIC banking agencies gave a hard stop as of December 31, 2021 or as soon as practicable. Get the latest and keep on track for the transition with regular LIBOR Update webinars. Download and listen to past webinars.
Presented on 1/20, this webinar included important updates on: · AFS support, including Observation Shift methods · SOFR news · ARRC activities · AFS LIBOR Transition Survey results · Billing Statement overview · Cessations Notice overview
9/9/20: Getting Ready for SOFR...Transition Time is Here AFS presented updates on the steps and timing to finally start the transition from LIBOR to SOFR. 5/20/20: AFS is Helping Banks “Spring” into SOFR During this webinar, AFS experts provided the latest updates and gave live demos of how AFS systems are helping clients “spring” into SOFR. 4/9/20: LIBOR to SOFR Transition Efforts During COVID-19 Questions about the #LIBOR transition? Not sure if you’re ready? At AFS all systems are GO and we’re staying abreast of the latest LIBOR transition developments. 2/20/20: LIBOR Update This webinar included updates from the ARRC Bank Working Group, AFS LIBOR Survey results, AFS system developments to ensure compliance with new SOFR guidelines and AFS code delivery calendar. 12/4/19: LIBOR Update AFS reviewed the November 2019 ARRC Bank Working Group presentation "Overview of Interest Calculations Methodologies for Business Loans." And visit our LIBOR FAQ page for more insight into this critical topic.