April 28th, 2023
The CFPB issued an Interim Final Rule related to the LIBOR transition.
The 2023 LIBOR Transition Interim Final Rule updates the CFPB’s previous 2021 LIBOR Transition Rule to make changes consistent with the Adjustable Interest Rate Act of 2021 (LIBOR Act), enacted in March 2022. Those changes include 1) conforming the terminology used to identify the replacement indices and 2) adding an example of a 12-month LIBOR tenor replacement index that meets certain standards in Regulation Z.
The CFPB has also provided a Fast Facts summary of the 2023 LIBOR Transition Interim Final Rule and updated the LIBOR Transition FAQs to reflect these changes.
You can access the 2023 LIBOR Transition Interim Final Rule, Fast Facts, and LIBOR Transition FAQs here: http://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/. back...
The 2023 LIBOR Transition Interim Final Rule updates the CFPB’s previous 2021 LIBOR Transition Rule to make changes consistent with the Adjustable Interest Rate Act of 2021 (LIBOR Act), enacted in March 2022. Those changes include 1) conforming the terminology used to identify the replacement indices and 2) adding an example of a 12-month LIBOR tenor replacement index that meets certain standards in Regulation Z.
The CFPB has also provided a Fast Facts summary of the 2023 LIBOR Transition Interim Final Rule and updated the LIBOR Transition FAQs to reflect these changes.
You can access the 2023 LIBOR Transition Interim Final Rule, Fast Facts, and LIBOR Transition FAQs here: http://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/. back...
