03/08/2018 | Press release | Distributed by Public on 03/08/2018 16:21
Washington, D.C (March 8, 2018)-The Independent Community Bankers of America® (ICBA) today thanked Federal Reserve Board Chairman Jerome Powell and Federal Reserve Bank of New York President and CEO William Dudley for inviting ICBA to represent community banks on the reconstituted Alternative Reference Rates Committee (ARRC).
'ICBA thanks Jerome Powell and William Dudley for reaching out to ICBA to represent community banks on the ARRC. As the only advocacy organization that exclusively represents community banks, ICBA is well suited for this position,' ICBA President and CEO Camden R. Fine said. 'The new committee will help ensure a successful transition from U.S. dollar LIBOR to the use of alternative reference rates, and ICBA will do its best to ensure a smooth transition for community banks as LIBOR is eventually phased out.'
The ARRC, a private-sector organization sponsored by the Federal Reserve Board and New York Fed, was originally convened by the Fed in 2014 and reconstituted in February 2018. The objective of the reconstituted ARRC is to ensure the successful implementation of a transition plan and serve as a forum to coordinate and track planning across cash and derivatives products as market participants currently using U.S. dollar LIBOR consider transitioning to alternative reference rates.
The Independent Community Bankers of America®, the nation's voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.