Regulatory Alerts2021-03-09
Added · Updated
SR 21-7: Assessing Supervised Institutions' Plans to Transition Away from the Use of the LIBOR
The Federal Reserve issued SR 21-7 to guide examiners in assessing supervised firms' progress in transitioning away from LIBOR reference rates. The letter requires firms to demonstrate readiness to cease entering into new LIBOR-based contracts by December 31, 2021, with examiners instructed to issue supervisory findings for those failing to meet this deadline. Separate examiner guidance is provided based on whether institutions hold less than or $100 billion or more in total consolidated assets to address varying levels of exposure complexity.
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