Complete Story
07/22/2014
Community Banks Could Be Walloped by New LIBOR Licensing Fees
| ICBA is investigating a new $16,000 annual fee that apparently will be charged to all banks and other financial institutions that make reference to the LIBOR index in their loan or investment documents. The licensing fee is being assessed by the Intercontinental Exchange, which purchased the rights to LIBOR following the British Bankers Association’s LIBOR manipulation scandal. ICBA will make several recommendations to ICE in an effort to protect community banks from the harsh impact of the new usage fees and licensing policies, which went into effect July 1. |
