SR 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.

US Federal

Federal Reserve Board