The End Of LIBOR: Transitioning To An Alternative Interest Rate Calculation For Mortgages, Student Loans, Business Borrowing, And Other Financial Products, Mark Van Der Weide, General Counsel, Before The Subcommittee On Investor Protection, Entrepreneurship, And Capital Markets, Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.
The End Of LIBOR: Transitioning To An Alternative Interest Rate Calculation For Mortgages, Student Loans, Business Borrowing, And Other Financial Products, Mark Van Der Weide, General Counsel, Before The Subcommittee On Investor Protection, Entrepreneurship, And Capital Markets, Committee On Financial Services, U.S. House Of Representatives, Washington, D.C. Date
14/04/2021
Chairman Sherman, Ranking Member Huizenga, and members of the subcommittee, thank you for the opportunity to appear today. My testimony will discuss the importance of ensuring a smooth, transparent, and fair transition away from LIBOR (formerly known
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On March 9, 2021, the US Board of Governors of the Federal
Reserve System ( FRB ) issued SR 21-7,
Assessing Supervised Institutions Plans to
Transition Away from the Use of the LIBOR, providing
guidance to its bank examiners on how to assess the progress of
supervised institutions in preparing to transition away from U.S.
dollar (USD) LIBOR as a reference rate.
1 This guidance is
intended to complement the
Interagency Statement on LIBOR Transition
that FRB issued in November 2020, which encouraged supervised firms
to cease entering into new contracts that reference LIBOR as soon