Regulatory AlertsSR 23-2: Joint Statement on Completing the LIBOR Transition
The Board of Governors of the Federal Reserve System, along with four other U.S. financial regulators, issued a joint statement reminding supervised institutions that U.S. dollar LIBOR panels will cease on June 30, 2023. The agencies reiterate their expectation that institutions with USD LIBOR exposure must complete the transition of remaining contracts away from LIBOR as soon as practicable. Failure to adequately prepare for this discontinuance poses significant risks to financial stability, safety and soundness, and may result in litigation, operational, and consumer protection issues.
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SR 23-2 / CA 23-3: Joint Statement on Completing the LIBOR Transition
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF SUPERVISION AND REGULATION
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
SR 23-2 / CA 23-3
April 26, 2023
TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK AND INSTITUTION SUPERVISED BY THE FEDERAL RESERVE
SUBJECT:
Joint Statement on Completing the LIBOR Transition
Applicability: This letter applies to all institutions supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets.
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau (collectively, the agencies) issued a statement to remind supervised institutions that U.S. dollar (USD) LIBOR panels will end on June 30, 2023. The agencies also reiterate their expectations that institutions with USD LIBOR exposure should complete their transition of remaining LIBOR contracts away from LIBOR as soon as practicable. As noted in prior interagency statements, failure to adequately prepare for LIBOR’s discontinuance could undermine financial stability and institutions’ safety and soundness and create litigation, operational, and consumer protection risks.
Reserve Banks are asked to distribute this letter to the supervised organizations in their districts and to appropriate supervisory staff. In addition, questions may be sent via the Board’s public website. 1
signed by Michael S. Gibson Director Division of Supervision and Regulation
signed by Eric S. Belsky Director Division of Consumer and Community Affairs
Attachments:
Joint Statement on Completing the LIBOR Transition
Notes:
See
http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text.
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Last Update: April 26, 2023