Market participants should act now to accelerate their transition away from LIBOR, Federal Reserve Vice Chair for Supervision Randal Quarles said.
Quarles: LIBOR definitely expiring at year-end
October 06, 2021 / By ICBA
Market participants should act now to accelerate their transition away from LIBOR, Federal Reserve Vice Chair for Supervision Randal Quarles said.
Market participants should act now to accelerate their transition away from LIBOR, Federal Reserve Vice Chair for Supervision Randal Quarles said.
Remarks: Speaking in Las Vegas, Quarles said the Dec. 31 end of LIBOR is “definitive and immovable” and will not be extended.
Quote: “To be ready for year-end, lenders will have to pick up the pace, and our examiners expect to see supervised institutions accelerate their use of alternative rates,” Quarles said.
More: An ICBA blog post details the end of LIBOR and the impact of the pending transition on community banks.
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