CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR

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WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the Federal Reserve Board System. This interim final rule will further facilitate the orderly transition of those consumer loans that currently use the LIBOR index to other indices in anticipation of the planned cessation U.S. Dollar (USD) LIBOR after June 30, 2023.

In the wake of the financial crisis , the public learned that a number of large international banks conspired to set the LIBOR rate in order to conceal weaknesses in the banks and to boost their bottom line. Some of these institutions would later admit to criminal practices and pay billions of dollars in penalties.

On March 15, 2022, Congress enacted the LIBOR Act. Among other things, the LIBOR Act directs the Federal Reserve Board to identify a replacement index based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including spread adjustments, to replace the 1-month, 3-month, 6-month, and 12-month USD LIBOR indices. The changes apply to any LIBOR contracts that do not otherwise specify a replacement rate fallback provision or method for selecting a fallback rate. The Federal Reserve Board issued a final rule to implement the LIBOR Act on January 26, 2023. That rule became effective on February 27, 2023.

Prior to the enactment of the LIBOR Act, the CFPB published the Facilitating the LIBOR Transition final rule in the Federal Register on December 8, 2021. That rule provides examples of certain indices, including spread-adjusted SOFR-based indices, that may meet the applicable standards under Regulation Z (Truth in Lending Act) to replace the 1-month, 3-month, and 6-month USD LIBOR indices. However, the CFPB reserved judgment about whether to include references to a 1-year (or 12-month) USD LIBOR index and its SOFR-based replacement index because no such replacement index had yet been recommended.

The CFPB’s interim final rule amends and updates the Facilitating the LIBOR Transition final rule. Specifically, the CFPB is now conforming Regulation Z with the LIBOR Act and the Federal Reserve Board’s implementing regulation by, among other things, adding references to the SOFR-based replacement for the 12-month LIBOR index. This interim final rule does not in any way alter or modify the CFPB’s determination in the 2021 LIBOR Transition final rule in relation to the prime rate as a replacement index.

This interim final rule is effective May 15, 2023. Comments must be received on or before 30 days after publication in the Federal Register.

Read Facilitating the LIBOR Transition Consistent with the LIBOR Act (Regulation Z).

Read more about how the end of LIBOR may affect consumers with adjustable-rate loans

Find resources to understand, implement, and comply with regulatory requirements when transitioning from the LIBOR index.

Read the CFPB’s LIBOR Transition FAQs.

Consumers can submit complaints about financial products or services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

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The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.

Official news published at https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-rule-to-facilitate-orderly-wind-down-of-libor/

Images courtesy of PixaBay

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Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

THE BELOVED TEXAS ICEHOUSE WILL CELEBRATE THREE DECADES OF GIVING BACK TO LOCAL COMMUNITIES WITH SPECIALS 30 YEARS IN THE MAKING

Willie's Grill & Icehouse, the brand that brings the classic icehouse experience to communities across Texas, is celebrating its 30th anniversary this year. The brand will celebrate throughout December with a discount that harkens back to the origins of the icehouse, as well as a commitment to continue their tradition of financially supporting communities across the state.  

The restaurant, known for its family-friendly atmosphere and icehouse classics, closes out its third decade of service with more than $1.5M in monetary donations to various charities and public services within the cities where the brand operates. 

Among the philanthropic programs are the Willie’s Grill & Icehouse Spirit Nights, in which local community charities are given a portion of the proceeds from a specific day’s overall sales. Their commitment to public servants is another important piece of the brand’s mission, as seen through their community sponsorships. Throughout the year, Willie’s Grill & Icehouse offers a 10% discount to first responders, teachers, firefighters, and nurses at all locations. Local law enforcement departments are also treated to 50% off their meals throughout the year at Willie’s. During their grand opening celebrations, Willie’s Grill & Icehouse hosts VIP soft openings where they invite educators, nurses, law enforcement, and other essential workers to dine for free throughout the day. Finally, all locations offer the Fire & Icehouse Lager throughout the year and a portion of the proceeds is donated directly to local fire departments. 

All Willie’s customers are in luck throughout the month of December, as the brand is offering a Texas-sized discount on one of their original menu items. Every Monday, Tuesday, and Wednesday throughout December, Willie's will offer their original Cheese Willie Burger, the menu item that the brand was built on, for only $6.30 in honor of their milestone anniversary. The promotion, a ‘thank you’ to customers for their years of support, is valid for both in-store and online orders.

"We are thrilled to be celebrating 30 years of serving Texans our icehouse classics and welcoming families through our doors," said Greg Lippert, CEO of Willie's Restaurants. "Giving back to our communities has always been a pillar of who we are, and we look forward to continuing the tradition as the brand moves into our next era. We invite all customers to come and enjoy a delicious Cheese Willie Burger at a discounted price throughout December as a thank you from all of us at Willie’s Grill & Icehouse."

Contact Information:
Rachel Austin
Publicist
rachel@hometownsocial.net


Original Source: Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

THE BELOVED TEXAS ICEHOUSE WILL CELEBRATE THREE DECADES OF GIVING BACK TO LOCAL COMMUNITIES WITH SPECIALS 30 YEARS IN THE MAKING

Willie's Grill & Icehouse, the brand that brings the classic icehouse experience to communities across Texas, is celebrating its 30th anniversary this year. The brand will celebrate throughout December with a discount that harkens back to the origins of the icehouse, as well as a commitment to continue their tradition of financially supporting communities across the state.  

The restaurant, known for its family-friendly atmosphere and icehouse classics, closes out its third decade of service with more than $1.5M in monetary donations to various charities and public services within the cities where the brand operates. 

Among the philanthropic programs are the Willie’s Grill & Icehouse Spirit Nights, in which local community charities are given a portion of the proceeds from a specific day’s overall sales. Their commitment to public servants is another important piece of the brand’s mission, as seen through their community sponsorships. Throughout the year, Willie’s Grill & Icehouse offers a 10% discount to first responders, teachers, firefighters, and nurses at all locations. Local law enforcement departments are also treated to 50% off their meals throughout the year at Willie’s. During their grand opening celebrations, Willie’s Grill & Icehouse hosts VIP soft openings where they invite educators, nurses, law enforcement, and other essential workers to dine for free throughout the day. Finally, all locations offer the Fire & Icehouse Lager throughout the year and a portion of the proceeds is donated directly to local fire departments. 

All Willie’s customers are in luck throughout the month of December, as the brand is offering a Texas-sized discount on one of their original menu items. Every Monday, Tuesday, and Wednesday throughout December, Willie's will offer their original Cheese Willie Burger, the menu item that the brand was built on, for only $6.30 in honor of their milestone anniversary. The promotion, a ‘thank you’ to customers for their years of support, is valid for both in-store and online orders.

"We are thrilled to be celebrating 30 years of serving Texans our icehouse classics and welcoming families through our doors," said Greg Lippert, CEO of Willie's Restaurants. "Giving back to our communities has always been a pillar of who we are, and we look forward to continuing the tradition as the brand moves into our next era. We invite all customers to come and enjoy a delicious Cheese Willie Burger at a discounted price throughout December as a thank you from all of us at Willie’s Grill & Icehouse."

Contact Information:
Rachel Austin
Publicist
rachel@hometownsocial.net


Original Source: Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M
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