On December 7, the Consumer Financial Protection Bureau (CFPB) and Securities and Exchange Commission (SEC) announced regulatory developments with respect to the discontinuation of LIBOR. The CFPB issued a final rule, effective April 1, 2022, facilitating the transition away from LIBOR which establishes requirements for how creditors must select a replacement rate for existing consumer loans referencing LIBOR. Additionally, the agency also released an updated set of FAQs to help market participants address other LIBOR transition topics. The SEC released a statement on key considerations for market participants as they reinforce their transition plans. These include, among other things, disclosure considerations for ABS issuers including relevant requirements under Regulation AB. The SEC also discussed the importance of disclosing the potential impacts of the LIBOR transition to investors.