Risk Factors Update Summary
- The Bank now maintains borrowing capacity with the Federal Reserve Bank of Philadelphia.
- The Federal Reserve significantly increased the benchmark federal funds rate since early 2022.
- The FCA intends to stop persuading banks to submit rates for LIBOR after December 31, 2021.
- The most commonly used U.S. dollar LIBOR settings will no longer be published on a representative basis after June 30, 2023.
- Transitioning to SOFR as the preferred alternative to LIBOR could create considerable costs and additional risks.
- Failure to manage the transition from LIBOR could have a material adverse effect.
- Increased regulation of data practices could limit business growth or harm the Corporation.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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