Regulatory Alerts2021-10-20
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SR 21-17: Interagency Statement on Managing the LIBOR Transition
The Board of Governors of the Federal Reserve System, FDIC, OCC, NCUA, and CFPB issued a joint statement emphasizing the expectation that supervised institutions continue progressing toward an orderly transition away from LIBOR. The agencies clarified the meaning of new LIBOR contracts, considerations for assessing alternative reference rates, and expectations for fallback language to ensure adequate preparation. Failure to prepare for LIBOR's discontinuance could undermine financial stability and create litigation, operational, and consumer protection risks.
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