The Federal Reserve Board issued guidance for examiners who will assess supervised firms' LIBOR transition plans.
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The OCC released a LIBOR Self-Assessment Tool for community banks to use to gauge the appropriateness, execution, and oversight and reporting of the banks' LIBOR transition plan.
In its annual review of financial stability and systemic risk, the Financial Stability and Oversight Council highlighted COVID-19-related financial stresses.
On November 18, the ICE Benchmark Administration and the UK Financial Conduct Authority published separate announcements on the future of the London Inter-bank Offered Rate.
The Federal Reserve Board, the FDIC and the OCC encouraged banks to begin transitioning loans away from LIBOR "without delay," and reiterated that they are not endorsing a specific replacement rate for LIBOR for loans.