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June 14, 2021

At a Financial Stability Oversight Council meeting on June 11, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles encouraged the move toward the Secured Overnight Financing Rate and warned banks that the use of USD LIBOR quotes available after December 2021 for new products would create safety-and-soundness risks.

November 09, 2020

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.

March 20, 2019

In the Winter 2018 issue of Supervisory Insights, the FDIC provided information to help financial institution management navigate a potential transition away from LIBOR. In an article titled "Transitions in Financial Instrument Reference Rates," the FDIC advised institutions to go beyond simply selecting interest rates and instead to focus on evaluating the impact of the risks associated with a potential transition in reference rates with regard to areas such as information technology, management information systems and accounting, among others. In addition, the FDIC noted, there are "no plans