The NCUA remains committed to incorporating efficiencies into its examination and supervision program to address the effects of the COVID-19 pandemic on credit unions and their members. As the economic impact of the COVID-19 pandemic evolves, the NCUA will continue to provide the necessary guidance. Under its Letter to the Credit Unions, 21-CU-02 issued in January 2021,…
read article →On November 30, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the Agencies) issued a joint statement to encourage banks to transition away from U.S. dollar (USD) LIBOR as reference rate as soon as practicable. Failure to prepare…
read article →The London Interbank Offered Rate (LIBOR) has been an interest or reference rate benchmark frequently used by financial institutions to price assets, liabilities, and other financial instruments for decades. Although viewed as a benchmark used primarily by large institutions, LIBOR can important for small institutions as well. At some point after 2021, LIBOR is expected…
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