Acting Comptroller of the Currency Michael J. Hsu emphasized that federal financial regulators mean it when they call for no new LIBOR exposure after December 31, 2021, including any "synthetic" or "zombie" LIBOR.
News & Insights
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.
In remarks at the Structured Finance Association Conference, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles warned that the FRB will intensify its focus on financial institutions' transition planning as LIBOR cessation nears.
ISDA will review and amend its fallback language following receipt of letters from the Financial Conduct Authority and the Federal Reserve Board expressing concern regarding ISDA's fallback language for credit-sensitive rates.
The FDIC issued FAQs on the impact of LIBOR transitions on regulatory capital instruments.