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Commentary by Steven Lofchie

In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way trades.

At a Financial Stability Oversight Council meeting on June 11, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles encouraged the move toward the Secured Overnight Financing Rate and warned banks that the use of USD LIBOR quotes available after December 2021 for new products would create safety-and-soundness risks.