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ABA: The American Bankers Association
Compliance News

Fed Official to Host Weekly Conference Call on Libor Transition

The Alternative Reference Rates Committee announced yesterday that David Bowman, a senior adviser at the Federal Reserve Board, will host a weekly conference call for market participants to answer questions about the ongoing transition away from the London Interbank Offered Rate. Each conference call will take place on Fridays beginning this week from 2 to 3 p.m. EST. Participants may dial 855-377-2663 and enter code 54087034.

Bowman recently appeared on the ABA Banking Journal Podcast to discuss what bankers need to know about the Libor transition, including why the ARRC selected the Secured Overnight Funding Rate as its preferred alternative, the urgency of reviewing bank portfolios to ensure contracts contain Libor fallback language and supervisory expectations regarding SOFR use and transition planning.