CFPB Issues Final Rule To Facilitate Transition From LIBOR

National Mortgage Professional, Dec. 7, 2021–David Krechevsky
The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. Under the rule, no new financial contracts may reference LIBOR as the relevant index after the end of 2021. Starting in June 2023, LIBOR can no longer be used for existing financial contracts.
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