- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-03-29T16:43:00
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
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Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
