Agencies issue joint statement on LIBOR transition

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.