Federal Reserve Board Vice Chair Randal Quarles warned firms that there are "safety and soundness" risks associated with the continued use of the London Inter-Bank Offered Rate in new transactions after 2021.
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The Federal Reserve Board issued guidance for examiners who will assess supervised firms' LIBOR transition plans.
The Federal Reserve Board, the FDIC and the OCC encouraged banks to begin transitioning loans away from LIBOR "without delay," and reiterated that they are not endorsing a specific replacement rate for LIBOR for loans.
The Federal Reserve Bank of New York, in cooperation with the Treasury Office of Financial Research, began publishing Secured Overnight Financing Rate compound averages for tenors of 30, 90 and 180 days as well as a SOFR Index.
The Federal Reserve Bank of New York will publish Secured Overnight Financing Rate compounded averages, as well as an index for three tenors, beginning on March 2, 2020.