Update on collateral reporting and policy
We have several updates to pass along regarding collateral.
First, LIBOR-linked loan collateral reporting has been postponed. New requirements to report additional information on adjustable-rate loans linked to the London InterBank Offered Rate (LIBOR), originally effective March 31, 2020, will be postponed until September 30, 2020. Members do not need to request approval to postpone LIBOR-linked collateral reporting.
Second, due to stresses in the current economic environment, we realize that members may need to work with their customers to provide temporary forbearance on loan repayment obligations. In order to assist members in this process, the FHLB has temporarily amended its loan collateral eligibility criteria. These changes are effective through December 31, 2020.
For full details on these changes, see the March 26 email, which can also be found in the Inbox within Members Only. All changes have also been incorporated in our Collateral Guide, also available in Members Only.