The CFPB issued the 2023 LIBOR Transition Interim Rule updating the CFPB’s 2021 LIBOR Transition Rule. The Interim rule makes changes consistent with the Adjustable Interest Rate Act of 2021 (LIBOR Act), enacted in March 2022. The changes include conforming the terminology used to identify the replacement indices and adding an example of a 12-month LIBOR tenor replacement index that meets certain standards in Regulation Z. The rule adoption is effective May 15, 2023.
Click to view the CFPB LIBOR Transition FAQs: https://www.tenaco.com/wp-content/uploads/2023/04/CFPB-LIBOR-Transition-FAQs-04-28-23.pdf
Click to view the CFPB LIBOR Transition Interim Final Rule: https://www.tenaco.com/wp-content/uploads/2023/04/CFPB-LIBOR-Transition-Interim-Final-Rule-04-28-23.pdf
