The Treasury Department and IRS proposed regulations
that would avoid adverse tax consequences from switching from interbank offered rates, such as LIBOR, to alternative reference rates.
The proposal responds to guidance from the New York Federal Reserve's Alternative Reference Rates Committee, which is implementing the transition from LIBOR and lauded the proposal
ICBA serves on the ARRC and encourages community banks to begin preparing for the transition. The ARRC recently released an implementation checklist
to help market participants transition from LIBOR.