Comments Due to NAFCU: Federal Reserve - Regulation Implementing the Adjustable Interest Rate (LIBOR) Act
NAFCU would like to highlight the following:
- Starting in June 2023, LIBOR can no longer be used for existing financial contracts.
- This proposed regulation is being issued pursuant to the Adjustable Interest Rate (LIBOR) Act (the LIBOR Act).
- The regulation identifies which contracts must use the Board-selected benchmark replacement.
- The regulation proposes different benchmark replacement rates for derivatives, cash transactions, and covered government-sponsored enterprise (GSE) contracts.
Comments due to NAFCU: August 18, 2022
Comments due to Federal Reserve: August 29, 2022
NAFCU will send comments on behalf of its members to the Federal Reserve by its deadline (August 29, 2022).