7.1.20
On Wednesday, July 1, the Federal Financial Institutions Examination Council (FFIEC) released a statement indicating that the institution, consisting of the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and CFPB, will be taking an increased focus on transitioning away from LIBOR. While no new regulations or policies were announced with this statement, the FFIEC recommended institutions begin to take key steps to ease the transition away from LIBOR including: 1) Identifying and quantifying LIBOR across all product lines, 2) Assessing LIBOR’s current risk exposure, 3) Finalizing key transition plans and milestones, 4) Having management assess what revisions need to be made, 5) Assigning LIBOR to an internal transition council, and 6) Reporting progress on LIBOR transition to the necessary board of directors or management.