LIBOR

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Fed Actions on LIBOR

Federal Reserve Board adopts final rule that implements Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on SOFR (Secured Overnight Financing Rate) that will replace LIBOR in certain...

Jan. 1 signals big changes with RBC, CCULR, LIBOR

(Dec. 23, 2021) When credit unions open their doors for business on Jan. 3, a revised regulatory landscape will stretch before them with three regulatory changes that took effect Jan....

April 1 is date to pick consumer loan LIBOR replacement

(Dec. 10, 2021) Creditors must select by April 1 replacement indices for existing LIBOR-linked consumer loans, which include closed- and open-end credit provisions that require a link to an index...

Bill aims to reduce risk of reference rate transition

(Dec. 10, 2021) Minimizing the risk of disruptive litigation and adverse economic impacts associated with the transition away from the LIBOR reference rate is the aim of legislation passed by...

Regulators ramp up guidance on LIBOR transition

(Oct. 22, 2021) Actions credit unions, banks and nonbanks alike should consider taking to ensure safe-and-sound practices during the transition away from the LIBOR reference rate were outlined in joint...

‘Time to move’ from LIBOR, group recommends

(Oct. 15, 2021) It’s “time to move” from LIBOR now by slowing the use of the reference rate by year’s end to foster a smooth completion of the rate’s overall...

BRIEFLY: LIBOR is over – so is ‘magical thinking,’ Fed supervisor tells group; Have a great holiday weekend!

(Oct. 8, 2021) LIBOR is coming to an end – for the most part, at the end of this year – and it’s time to stop “magical thinking” that it...

Regulators note concern over LIBOR transition

(Aug. 27, 2021) Concern over reports that nonfinancial corporations are not, in most cases, being offered alternatives to the soon-to-be-defunct LIBOR reference rate was expressed by leaders of agencies overseeing...

BRIEFLY: ‘Every tool’ now available to transition from LIBOR; Agencies expand paid tax leave credit for vaccinations

(July 30, 2021) Market participants now “have every tool they need to transition from LIBOR,” the vice chair of the Federal Reserve said this week, as a Fed-backed group developing...

Group updates steps to take in face of LIBOR demise

(June 4, 2021) Steps that should be taken now and through the rest of the year by those with exposure to the soon-to-be-defunct LIBOR are outlined in a “roadmap” issued...

Summary outlines key points of LIBOR letters

(May 28, 2021) An overview of the letter to credit unions on the future of the LIBOR reference rate is the latest summary to be posted by NASCUS; it is...

Letters: stop using LIBOR ASAP

(May 21, 2021) Stopping the use of LIBOR as a reference rate as soon as possible as a year-end expiration date looms is encouraged for all federally insured credit unions,...