SR 21-12:

Answers to Frequently Asked Questions on the Transition Away from London Interbank Offered Rate (LIBOR)

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551

DIVISION OF
SUPERVISION AND REGULATION

SR 21-12
July 29, 2021

TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK AND INSTITUTIONS SUPERVISED BY THE FEDERAL RESERVE

SUBJECT:

Answers to Frequently Asked Questions on the Transition Away from London Interbank Offered Rate (LIBOR)

Applicability:  This guidance applies to all financial institutions supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets.

The Federal Reserve is issuing frequently asked questions (FAQs) to assist its supervised firms in the transition away from using the LIBOR as a reference rate.

This letter announces the initial set of FAQs on this topic, which are included in the attachment to this letter.  The Federal Reserve may periodically update the FAQ document; therefore, institutions are encouraged to check the Board’s public website for new FAQs or revisions to a previously issued FAQs.

Reserve Banks are asked to distribute this letter to the supervised firms in their districts and to appropriate supervisory staff.  In addition, supervised firms may send questions regarding this topic via the Board’s public website.1

signed by
Michael S. Gibson
Director
Division of
Supervision and Regulation

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Last Update: July 29, 2021