11.30.20
On Monday, November 30, the ICE Benchmark Administration (IBA) announced it would be releasing a consultation regarding the discontinuation of the one-week and two-month USD LIBOR immediately following the December 31, 2021 publication, and the discontinuation of the remaining USD LIBOR tenors following the June 30, 2023 publication. While U.S. and U.K. regulators welcomed the intent to consult, the Federal Reserve (Fed), the Office of the Comptroller (OCC), and the Federal Deposit Insurance Corporation (FDIC) also released a joint statement urging banks to stop using LIBOR in their contracts “as soon as practicable.” SFA’s statement on the various releases can be found here.