The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration issued a joint statement related to the upcoming discontinuation of the London Interbank Offered Rate (LIBOR).
The statement highlights the risks posed by a lack of preparation for this transition and asks those in the industry who have relied on LIBOR to continue efforts in using alternative reference rates.
Read on for more details.