The CFPB set a comment deadline of June 12, 2023 for an interim final rule amending Regulation Z ("Truth in Lending") to facilitate the transition from LIBOR.
The CFPB adopted an interim final rule to facilitate the transition from LIBOR and reflect the enactment of the Adjustable Interest Rate (LIBOR) Act and related Federal Reserve Board actions.
Bank regulators reminded firms that USD LIBOR will cease on June 30, 2023, and that firms should act quickly to complete transition efforts.
In its 2022 Annual Report, the Financial Stability Oversight Council offered recommendations touching on (i) digital assets, (ii) climate-related financial risks, (iii) investment fund disclosure, (iv) Treasury markets, (v) cybersecurity and (vi) LIBOR transitions.
The Federal Reserve Board adopted a final rule, Regulation ZZ, to implement the LIBOR Act and establish benchmark replacements for contracts that reference certain tenors of U.S. dollar LIBOR.