The Federal Reserve Board set an August 29, 2022 deadline for comments on proposed rules to establish benchmark replacements for contracts that reference certain tenors of U.S. dollar LIBOR.
The Federal Reserve Board proposed rules to implement the Adjustable Interest Rate Act. The proposed rules would establish benchmark replacements for contracts that reference certain tenors of U.S. dollar LIBOR.
In a joint statement, the Federal Reserve Board, the CFPB, the FDIC, the National Credit Union Administration and the OCC, as well as state bank and credit union regulators, emphasized the importance of continued progress in transitioning away from LIBOR.
In remarks at the Structured Finance Association Conference, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles warned that the FRB will intensify its focus on financial institutions' transition planning as LIBOR cessation nears.