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Agencies Issue Statement on LIBOR Transition

Joint Release

Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

November 30, 2020

For release at 9:00 a.m. EST

WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.

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Contact(s)
David Barr, (703) 622-4790

Last Updated: November 30, 2020