Libor leaders: Webster Bank aims to clear big SOFR hurdles

Small Connecticut-based lender is focusing on client education and fallbacks

The bank intends to draw on support from industry groups, external lawyers and bigger dealers

This article is part of a Risk.net series on the practical aspects of Libor transition. Find the rest of the coverage here.

In Hartford, Connecticut, when it rains, it poos. And no, that’s not a typo.

Any time more than a quarter-inch of rain falls on Hartford and its neighbouring towns, it overwhelms the area’s antique sewer system – waste floods into basements and streets, as well as local rivers and streams. In total, this happens about 50 times a year, saturating the area with around one