The Consumer Financial Protection Bureau issued a joint statement with four other federal regulatory agencies, and state bank and credit union regulators, as a reminder that use of the LIBOR index ends on June 30, 2023.
The statement reiterates the agencies’ expectations that financial institutions with LIBOR exposure should complete their transition of remaining LIBOR contracts as soon as practicable. The CFPB is urging banks and nonbanks alike to continue their efforts to adequately prepare for the sunset. Read the Interagency Statement.