While policymakers continue planning for the end of LIBOR, financial firms should focus this year on ending new uses of the benchmark interest rate, Fed Vice Chair for Supervision Randal Quarles said in a speech.
What's Next: The U.K. Financial Conduct Authority this month said it will cease publishing LIBOR on a representative basis for the one-week and two-month USD LIBOR settings immediately after Dec. 31, 2021, and for the remaining settings immediately after June 30, 2023.
ICBA Position: ICBA serves on the Alternative Reference Rates Committee—which is implementing the transition and recommending the alternative Secured Overnight Financing Rate—and encourages community banks to prepare for the transition from LIBOR.