prior to the deadline set forth in the LIBOR Act (i.e., the earlier of June 30, 2023, and the date required under the loan documents). However, if that contract falls under the scope of the LIBOR Act and you are not the “determining person,” then you should contact the borrower and consider entering into a separate amendment of the subject loan agreement to ensure alignment with any related hedge transactions. As noted above, parties may elect for a contract to not be subject to the LIBOR Act by mutual agreement. Selena Samale is an attorney in Stinson LLP’s Banking & Financial Services Practice Division. She can be reached at selena.samale@stinson.com. 1. Defined by CME Group as “an individual or entity that is a counterparty or guarantor to the applicable cash transaction or derivative transaction with the licensee of CME Term SOFR.” 2. LIBOR contracts that are commercial or multifamily mortgage loans purchased or guaranteed, in whole or in part, by an FHFA-regulated entity (as defined in 12 U.S.C. 4502(20)) and Federal Family Education Loan Program (FFELP) Asset-Backed Securitization (ABS) are treated differently under the LIBOR regulations. For brevity, a discussion of these types contracts is omitted from this article. For more information, see 12 C.F.R. § 253.4(b)(3)-(4). Upcoming CBA Events AUG. 8 SEPT. 14 SEPT. 25–28 Save the Date! MAY 22–24 Center For Bank Advocacy Application Deadline Denver, CO Bank Security Training Virtual 2023 Western States Fall D.C. Fly-In Washington, D.C. 2024 Bankers Summit Colorado Springs, CO CBA’s Center for Bank Advocacy is a comprehensive 10-month program designed to develop the next generation of banking leaders. Attendees will enjoy a program that includes monthly sessions with accomplished and notable presenters. Each session builds upon the experiences and knowledge gained in the previous class. Register at www.coloradobankers.org. With recent increases in crime and bank robberies in our city, it is imperative for bankers to be prepared for these unforeseen situations. Join CBA for a virtual training focusing on robbery awareness and procedures, active shooter training, the four L’s of physical security, and more. Join CBA, and five other western state bankers associations (AZ, NV, MT, UT, WY), as we travel to Washington, D.C. to meet with agencies, regulators and our members of Congress. We encourage bankers who are passionate about representing the banking industry to join us at our nation’s capital. The fourth annual Banker Summit, co-hosted by the Colorado and Arizona Bankers Associations at The Broadmoor in Colorado Springs, Colorado. Colorado Banker 20
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