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The Alternative Reference Rates Committee released frequently asked questions on its best practices for using Secured Overnight Financing Rate term rates.
Best Practices: The ARRC last month issued the best practices to help entities transition from LIBOR by the Dec. 31 deadline.
Term Rates: Since issuing the best practices, the ARRC formally recommended CME Group’s SOFR term rates to support the transition.
More: A recent Main Street Matters post details the end of LIBOR and the impact of the pending transition on community banks.