AFSA Lays Out LIBOR Transition
This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) proposed rule to facilitate the transition away from LIBOR to a replacement index. LIBOR is an index used by creditors to calculate rates for open-end and closed-end products, but is expected to be discontinued after 2021. AFSA’s letter supports the rulemaking and emphasizes the importance of a smooth transition to avoid disruptions in the credit market and promote transparency. The CFPB issuing final guidance well in advance of the expected 2021 LIBOR transition will help avoid uncertainty and market disruptions.
August 5th, 2020
