Commentary by Nihal Patel
The Financial Stability Oversight Council and the Financial Stability Board considered the "post-LIBOR transition landscape" and steps forward to ensure market resilience.
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.