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 Alternative Reference Rates Committee updated its recommendations on permissible usage of Term SOFR.
The UK Financial Conduct Authority will require LIBOR’s administrators, the ICE Benchmark Administration ("IBA"), to publish one-, three- and six-month U.S. dollar LIBOR settings beyond June 30, 2023.