CFPB Issues Final Rule to Facilitate Transition from LIBOR

CFPB Issues Final Rule to Facilitate Transition from LIBOR

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

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Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.