Board of Governors of the Federal Reserve System

As the global effort to transition away from LIBOR continues, the Federal Reserve is working with both domestic and foreign supervisors to ensure that supervised institutions are prepared. To mitigate potential risks and promote a smooth transition away from LIBOR, the Federal Reserve has emphasized the importance of preparation and transitioning to the market.

Presentation by Vice Chair for Supervision Quarles on LIBOR at the Financial Stability Oversight Council Meeting (PDF) (June 11, 2021)

SR Letters

• SR 23-2/CA 23-3, Joint Statement on Completing the LIBOR Transition
• SR 21-17/CA 21-15, Interagency Statement on Managing the LIBOR Transition
• SR 21-07, Assessing Supervised Institutions' Plans to Transition Away from the Use of the LIBOR
• SR 20-29, Treatment of Certain Legacy Swaps Affected by Brexit and the Swap Margin Rule
• SR 20-27, Interagency Statement on LIBOR Transition
• SR 20-25, Interagency Statement – Reference Rates for Loans
• SR 20-22, ISDA IBOR Fallback Protocol and IBOR Fallback Supplement
• SR 20-17, Federal Financial Institutions Examination Council Issues Joint Statement on Managing the LIBOR Transition

Speeches

• Vice Chair for Supervision Randal K. Quarles, "Goodbye to All That: The End of LIBOR" (October 5, 2021)
• Vice Chair for Supervision Randal K. Quarles, "The FSB in 2021: Addressing Financial Stability Challenges in an Age of Interconnectedness, Innovation, and Change" (March 30, 2021)
• Vice Chair for Supervision Randal K. Quarles, "Keynote Remarks at 'The SOFR Symposium: The Final Year'" (March 22, 2021)
• Vice Chair for Supervision Randal K. Quarles, "The Next Stage in the LIBOR Transition" (June 3, 2019)
• Vice Chair for Supervision Randal K. Quarles, "Progress on the Transition to Risk-Free Rates" (April 10, 2019)
• Vice Chair for Supervision Randal K. Quarles, "Introductory remarks at the Alternative Reference Rates Committee Roundtable" (July 19, 2018)

Testimonies

• Mark Van Der Weide, General Counsel, "The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing, and Other Financial Products" (April 15, 2021)
• Vice Chair for Supervision Randal K. Quarles, "Supervision and Regulation Report" (March 22, 2021)