LIBOR Transition: Interagency Statement on Reference Rates
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…
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