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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ARuVR Becomes First XR Platform to Be Awarded ‘Accredited’ Provider Status by LPI

- ARuVR® awarded 'Accredited Learning Technologies' provider status for its enterprise-grade Extended Reality (XR) training platform - LPI recognises ARuVR® as forerunner in rapidly growing XR industry

ARuVR®, a multi-award-winning end-to-end Extended Reality (XR) training platform for enterprises, today announced that it has been awarded the status of Accredited Learning Technologies Provider by the LPI (Learning and Performance Institute), the leading global authority on workplace learning and development.

ARuVR® counts Coca-Cola, BT, Royal Air Force, Five Guys, ScotRail, NEOM, Amazon, and PWC among a rapidly growing international customer base and is the first and only XR provider on both the UK Government's CCS digital outcomes and specialists framework, and Crown G-Cloud-approved supplier lists. ARuVR® enables organisations to quickly and easily leverage the location-agnostic convenience and results-driven benefits of XR (Virtual and Augmented Reality) all from a single platform, to create and deliver immersive training programmes. 

ARuVR®'s LPI Accredited Learning Technologies Provider status recognises the company's dedication to high quality and process improvement in providing learning, development, and training services to clients. This accreditation covers the Extended, Augmented and Virtual Reality products and professional services supplied by ARuVR® to their clients on a worldwide basis. ARuVR® followed a rigorous and in-depth process and was assessed on several key performance indicators, including business integrity, client value proposition, delivery capability, quality and performance management, people development, and business stability. ARuVR®'s overall KPI score was near an outstanding 100% across all sections.

Edmund Monk, CEO of the LPI, said: "We have extremely high standards for accreditation, and we are proud to commend ARuVR on their achievement. We work with our accredited organisations to ensure that they not only meet our standards but that they continue to improve. This way, organisations can be confident that they are working with the best." 

The LPI is the foremost accreditation and membership body for the learning and development profession with a global reputation. The accreditation process employs a highly robust framework, developed over many years by learning experts and validated by data from thousands of organisations to measure, benchmark and improve the capability and performance of learning professionals and learning providers.

Frank Furnari, CEO & Founder, ARuVR®, said: "As the market for XR training solutions grows exponentially, we are delighted to be the first in the sector to achieve accreditation status by the LPI. We are committed to providing our global clients with not only the highest levels of quality and service but also to bring AR and VR to the training industry, in a way in which any organisation can embrace and benefit from."

Contact Information:
Andrew Durkin
Director
andrew@mustardpr.com
0044 7887998407


Original Source: ARuVR Becomes First XR Platform to Be Awarded 'Accredited' Provider Status by LPI

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season

"RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
RJ Hampshire #24

RJ Hampshire, Kicking off the 2023 Pro Motocross Championship Season with Keens Buildings and the Rockstar Energy Husqvarna Factory Racing Team

Keen's Buildings, a leading provider of high-quality storage solutions, is thrilled to announce the extension of their partnership with RJ Hampshire #24 for the upcoming 2023 Pro Motocross Championship season. RJ Hampshire, an accomplished rider representing the Rockstar Energy Husqvarna Factory Racing Team, has proven to be an outstanding brand ambassador for Keen's Buildings.

Kevin Keen, CEO of Keen's Buildings, expressed his excitement about the continued collaboration with RJ Hampshire. "We are excited to extend our partnership with RJ for the 2023 Pro Motocross season," said Keen. "RJ has been an incredible asset to our brand, and we are confident in his abilities to excel on the track."

As a prominent figure in the motocross industry, RJ Hampshire has showcased immense talent, determination, and sportsmanship throughout his career. His achievements on the track and his dedication to his craft align perfectly with Keen's Buildings' values and commitment to excellence.

The partnership between Keen's Buildings and RJ Hampshire has proven to be mutually beneficial. It not only highlights the shared passion for motorsports but also underscores the importance of quality, durability, and reliability - qualities that both Keen's Buildings and RJ Hampshire embody.

With the 2023 Pro Motocross season on the horizon, Keen's Buildings and RJ Hampshire are eager to pursue their shared goal of championship success. Kevin Keen has expressed his confidence in RJ's abilities and believes that "RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

The 2023 Pro Motocross Championship, Race Schedule kicks off tomorrow, May 27, 2003, at the Fox Raceway in Pala, CA.

The extended partnership between Keen's Buildings and RJ Hampshire signifies the continued commitment to excellence and the shared vision of pushing boundaries and achieving greatness in the world of motocross.

About Keen's Buildings:

Keen's Buildings is a trusted provider of high-quality storage sheds, metal garages, carports and steel buildings, offering customized solutions to meet diverse storage needs. With over 75,000 installs and an unwavering commitment to craftsmanship, durability, and customer satisfaction, Keen's Buildings has established itself as a leading name in the industry.

About RJ Hampshire:

RJ Hampshire, representing the Rockstar Energy Husqvarna Factory Racing Team, is a highly talented and respected motocross athlete. With an impressive track record and a relentless drive for success, RJ has established himself as a prominent figure in the sport.

Contact Information:
Craig Heineman
Marketing
craigh@keensbuildings.com
(386) 364-7995


Original Source: Keen's Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
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