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.
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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.
The CFPB issued a final rule to facilitate the transition to 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.