Market participants should act now to accelerate their transition away from LIBOR, Federal Reserve Vice Chair for Supervision Randal Quarles said.
Remarks: Speaking in Las Vegas, Quarles said the Dec. 31 end of LIBOR is “definitive and immovable” and will not be extended.
Quote: “To be ready for year-end, lenders will have to pick up the pace, and our examiners expect to see supervised institutions accelerate their use of alternative rates,” Quarles said.
More: An ICBA blog post details the end of LIBOR and the impact of the pending transition on community banks.