41 unchanged sentences
Change in Control Limitations .
−Removed: Subject to certain exceptions, the Change in the Bank Control Act ("Control Act") and regulations promulgated thereunder by the Federal Reserve, require any person acting directly or indirectly, or through or in concert with one or more persons, to give the Federal Reserve 60 days' written notice before acquiring control of a bank holding company.
+Added: Subject to certain exceptions, the Change in Bank Control Act ("Control Act") and regulations promulgated thereunder by the Federal Reserve, require any person acting directly or indirectly, or through or in concert with one or more persons, to give the Federal Reserve 60 days' written notice before acquiring control of a bank holding company.
Pursuant to the Control Act, the Federal Reserve has the authority to prevent any such acquisition.
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territories or protectorates having laws permitting a Michigan bank to establish a branch in such jurisdiction, and (5) the establishment by foreign banks of branches located in Michigan.
−Removed: Replacement of LIBOR .
−Removed: In 2017, the Chief Executive of the United Kingdom Financial Conduct Authority, which regulates the London Interbank Offered Rate ("LIBOR"), announced that it intended to stop persuading or compelling banks to submit rates for the calibration of LIBOR after 2021.
−Removed: On March 5, 2021, LIBOR’s administrator announced end dates for publication of LIBOR:
−Removed: December 31, 2021 for one-week and two-month USD LIBOR maturities and non-USD LIBOR maturities, and June 30, 2023 for all other tenors.
−Removed: Federal bank regulators issued guidance indicating that banks should "cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021."
−Removed: The Federal Reserve and the Alternative Reference Rates Committee ("ARRC"), a steering committee comprised primarily of large U.S.
−Removed: financial institutions, have identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities, as a potential alternative to LIBOR, and the Federal Reserve announced final plans for the production of SOFR.
−Removed: In July 2021, the ARRC formally recommended the CME SOFR Term Rates.
−Removed: Whether SOFR will become a LIBOR replacement and the ultimate future of LIBOR remain uncertain.
−Removed: Some financial institutions have indicated an intent to use other rates in addition to SOFR.
−Removed: However, both Fannie Mae and Freddie Mac announced in 2020 that they would cease purchasing and issuing LIBOR-based products by the end of 2020 and began accepting mortgages based on SOFR.
−Removed: We formed a cross-functional project team to lead this transition from LIBOR to an adoption of reference rates that include SOFR.
−Removed: Implementation of successor indices may lead to additional documentation requirements, compliance measures, financial impacts, and technology-related challenges, as well as potential disputes or litigation with customers and creditors.
−Removed: We utilized the timeline guidance published by the ARRC to develop and achieve internal milestones during this transitional period.
−Removed: We discontinued the use of new LIBOR-based loans and interest rate derivatives as of December 31, 2021, according to regulatory guidelines.
Inflation Reduction Act of 2022 .
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We do not expect that this new excise tax will have a material impact on our operations or results.
−Removed: BUSINESS (continued)
Future Legislation
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.