The Consumer Financial Protection Bureau (CFPB) published a final rule that facilitates the transition away from the LIBOR interest rate index for consumer financial products.
The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. Starting in June 2023, LIBOR can no longer be used for existing financial contracts.
You can access the LIBOR Transition Rule, the Executive Summary, the LIBOR Transition FAQs, the Unofficial Redline, and the updated sample forms at https://bit.ly/3dCNouQ